In The Three Quarter, The Garment Retailing Industry Is Revival.

In the three quarter, the high-end apparel industry has benefited from the upgrading of garment consumption, and the textile industry continued to grow steadily.

Sustained and rapid development of the field.

According to the disclosure of the performance of the China Daily, from the perspective of sub sectors: 1) the three quarterly results of the global electricity supplier companies are beautiful, and the overseas online retail market is developing rapidly. The cross-border electricity supplier industry relies on the advantages of the supply chain and continues to grow at a high speed.

2) the high-end women's clothing brand has been established as a good trend. Under the upgrading of consumption, the positioning of "high quality and high quality" promotes the growth of terminal stores to maintain about 20% growth.

The multi brand management advantages of leading companies are gradually highlighting, and the head effect of new channels promotes the concentration of industries.

3) the men's clothing industry has been remarkably resuscitation. The adjustment of stores has led to an increase in average store efficiency and strong growth in high-end brands.

4) the contribution of home textile industry to online sales is significant, and the expansion of leading companies' home extension gradually starts to exert themselves.

5) textile industry's export demand has recovered weakly, and overseas and Xinjiang's new low cost production capacity has been released to promote steady growth.

6) casual wear

The adjustment is continuing and the terminal store efficiency is down by about 5%.

7) the decline of outdoor sports performance and the expansion of the tourism industry.

From the perspective of brand channel attributes, the department stores channel has picked up, the electricity supplier channel has driven sales growth, and is firmly optimistic about the new retail mode.

1) the recovery of the department stores is obvious, and the channel has been improved after 16 years of decline. In the three quarter, the high-end brand clothing of department stores is higher than that of the voice brands, such as voice, song, and so on.

The growth trend is obvious.

2) the electricity supplier channel has become the main driving force of revenue growth. The sales channel of the leading company's electricity supplier channels has reached 10-40%. The online high growth has been able to stimulate the overall growth; the cooperation between the brand and the platform has been promoted in an all-round way, and the drainage has been increased through various marketing methods.

3) the status of shopping centers is further strengthened. Leading white horse sea LAN home and Semir costumes promote comprehensive cooperation with shopping mall channels, increase resources tilt and expand the core business circle.

4) the street shops continue to be under pressure, and all brands adjust their stores to the street stores. It is suggested that the seven wolves and nine herd kings with obvious improvement in effectiveness should be paid attention to.

Brand clothing retail recovery continued, textile exports grew steadily, cotton prices remained stable.

1) the domestic retail market has been improving continuously, and online sales have maintained a high growth: there are hundreds of large retail enterprises across the country in the three quarter of 17 years ago.

An increase of 2.8% over the same period last year, an increase of 4.8pct compared with the same period last year; online retail sales of goods and services maintained a high growth rate; the first three quarters grew by 34.2% year-on-year, up by 8.1pct over the same period last year; the sales volume of clothing shoes and hats in the first three quarters increased by 7.2% over the same period last year, and the growth rate was flat compared with the same period last year, and the industry as a whole has recovered steadily.

2) the overall export side remained warm: the first three quarters of textile and apparel export data maintained a positive growth, a year-on-year increase of 0.9%, of which textile exports steadily increased, the cumulative year-on-year growth of 2.9%; clothing export data showed negative growth, a cumulative decline of 0.4% over the same period; two items increased by 6.6pct, 7.2pct over the same period last year.

3) the cotton price of upstream supply side is stable: as of October 31st, the cotton price 328 index rose 1.3% compared with the beginning of this year; the accumulative turnover rate of cotton reserve is 73.6% this year, and the average price is 14731 yuan / ton, and cotton price is basically stable.

Specific to the key companies, the three quarterly net profit realized high growth or recovery in 2017: 1) online penetration continued evolution: cross border pass (three quarterly growth rate 81.5%), self run platform Gearbest maintained high speed development revenue growth 102.1%, third party business was affected by short-term factors, slight slowdown in growth rate; Antarctic electricity supplier (growth rate 68.4%, category expansion promoted GMV growth rate to 79.1%); Kai Run shares (growth rate 45.3%, intelligent manufacturing and independent brand dual force); Maison culture (growth rate 101.2%, build IP derivatives ecosystem).

2) the revival of high-end women's clothing: Song Li Si (124.3% growth, strong recovery of the main brand, new brand and table driving high growth).

Positive fashion (18.7% growth, strong growth in the main brand and emerging brands).

Pacific bird (revenue grew by 9.7%, net profit fell by 28.7%) due to inventory impairment.

3) men's clothing adjustment effect is remarkable: 9 Mu Wang (deducting non profit growth rate 20.1%, closing inefficient stores, adding new store flagship stores to make significant adjustments), seven wolves (net profit growth 47.6%, channel inventory adjustment bottoming, store adjustment completed), and (three) quarter growth 47.9%.

Demand, terminal channel expansion).

Industry outlook and investment advice: we continue to recommend high-end women's wear and men's wear leading to continuous improvement in the performance, firmly optimistic about the field of electricity supplier, continue to recommend: 1) electricity supplier growth stocks benchmark cross border + Antarctica: Cross-border

The development of Jingdong for the overseas edition of the standard is further developed. The electricity supplier has benefited from the rapid growth of the cross border policy dividend, and the Antarctic electricity supplier GMV continues to grow at a high level, which is expected to push the system upgrades in the future to promote the pparency of the relationship between the retailer and the company.

2) multi brand development of women's wear: Taiping bird's dress adjustment and the inflection point of inventory reduction have already brought high elasticity to subsequent performance; the development trend of the main brand is good, and the new brand, pannas, has actively opened up stores; the acquisition of brand and its thickening performance by geelis; 3) the resurrection of men's dragon head: Hai Lan's home has made full use of the e-commerce platform and shopping center's emerging channels, and has been developing continuously to create multi brand management group.

The seven wolves and the nine herd Wang channel were close to the end of the inventory, the store adjustment contributed to the growth; 4) the high-end sports: the high-end positioning and clear terminal sales of rapid growth, the expansion of store expansion, the outburst of performance, and the expansion of the tourism market to contribute to the future growth point.

Layout next year, we propose to focus on: 1) electricity supplier: cross border links, Antarctic electricity providers; 2) traditional white horse bottoming out: Hai Lan's home; 3) multi brand women's wear Faucet: Taiping bird, Ann fashion, Song Li Si.