Summary Of Research Report On Textile And Garment Industry In 2012

< p > < strong > Event < /strong > < /p >.

< p > < strong > latest textile export data: < /strong > < /p >

< p > 1-12 months in 2012, China's textile and apparel exports totaled US $254 billion 921 million, of which the export volume of textiles and clothing was US $95 billion 776 million and US $159 billion 145 million, up 2.84%, 1.18% and 3.87%, respectively. The growth rate decreased by 17.20, 21.7 and 14.48 points respectively compared with that of 2011; < /p >

< p > December, the export volume of Chinese spun garments in the single month was 24 billion 100 million US dollars, an increase of 10.8% compared with the same period last year. < a href= "//www.sjfzxm.com/news/index_c.asp" > textile > /a > product, < a href= "//www.sjfzxm.com" > clothing < /a > exports amounted to 8 billion 572 million US dollars and 15 billion 529 million US dollars respectively, up 3.3% and 15.52% respectively.

< /p >

< p > < strong > comment < /strong > < /p >.

＜p＞　　2012 年纺服出口增速2.84%，基本符合我们之前对全年0 增长的预期，欧美需求不旺是主因：作为我国传统的纺织品服装出口国，美国次贷危机、欧洲＜a href="//www.sjfzxm.com/news/index_cj.asp"＞欧债危机＜/a＞的先后爆发，明显冲击了我国纺服的出口;目前美国经济虽然有所复苏，但由于中国劳动力成本上升趋势不可扭转，全球纺织服装生产基地的转移已经开始，大量订单流向东南亚和印度等国，2012 年1-11 月份，对美国出口的纺服额累计同比增长3.14%，低于2011 年11%的水平;较之于美国的缓慢复苏，欧债危机的持续仍在对欧盟地区的消费热情形成打击，2012 年1-11 月份，对欧盟出口的纺服额累计同比下滑12.83%，远低于2011 年增长19.8%的水平;从出口走向来看，历年向欧美的出口占我国纺服总出口额的35%左右，但2012 年该比例下降至28%;＜/p＞

< p > specific to the industry's business operations, from the industrial research, the main manufacturing enterprises such as Lu Tai, Weixing, Jia Linjie and other orders have improved. On the one hand, overseas demand has picked up, but it may be more from the integration of the industry. After nearly 2 years of industry integration and adjustment, manufacturing capacity has begun to decrease. These are the foundation for leading enterprises to feel the slight pick-up of orders from September this year. But from the perspective of performance improvement, due to slow recovery, it is difficult to significantly improve the overall gross margin level of manufacturing textile enterprises, the inverted cotton price difference at home and abroad, and the rising labor cost always affect the efficiency of enterprises, and the improvement of enterprise efficiency is slow.

< /p >

Looking ahead to 2013, we maintained that the textile and clothing exports in the 13 years may still be comparable to the 12 year level. On the one hand, the US needs slow recovery, and the bottom of the European Union and Japan is hovering. On the other hand, orders continue to flow to Southeast Asia and India.

For enterprises, the business environment will be better than 12 years. On the one hand, the industry integration will improve the competitive environment. On the other hand, the fear of industry chain will gradually fade away, and the normal operation of enterprises will also help improve efficiency.

< /p >

< p > < strong > investment recommendation < /strong > /p >

< p > we still continue to invest in the January monthly report. Manufacturing enterprises are more fully released due to risk, and at present, overseas demand has begun to recover slowly, and industrial integration has already achieved initial results. Especially since the middle of 2012, the net operating cash flow of textile and chemical fiber sub sectors made mainly by manufacturing has continued to be higher than net profit levels, showing a more healthy reporting quality.

Therefore, we believe that manufacturing enterprises in 2013 are expected to enhance profitability, the probability of continued decline in performance is very small.

< /p >

< p > according to our judgement on the fundamentals of 2013, the bottom of the manufacturing enterprises has arrived. We suggest that investors should pay attention to manufacturing leading enterprises, such as Taihe new material, Weixing, Lu Tai A, and leading enterprises of chemical fiber board, such as Australian ocean technology, Huafeng spandex and Tong Kun stock.

< /p >