News from First Textile Network: The stock market ends in 2023! The latest market value rankings of global textile, clothing, and chemical fiber listed companies are also released! Monitoring data from the First Textile Network shows that as of December 31, 2023, the total market value of 281 listed companies was 4,257.581 billion yuan, a decrease of 12.345 billion yuan from the previous year’s 4,269.926 billion yuan.
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Among them, there are 8 companies with a market value of more than 100 billion, namely Nike, Lululemon, Wanhua Chemical, Anta Sports, Dex Outdoor, Shenzhou International, Rongsheng Petrochemical and Prada, there are 41 tens of billions of companies, including Skechers, Ralph Lauren, Birkenstock Holding plc, Angpa, Tapestry Inc, VF, PVHCorp, Li Ning, Levi’s, Capri Holdings Ltd, Gideon Sportswear, and Crocodile Chi, Tongkun Co., Ltd., Bosideng, Taobao, Columbia Outdoor, Samsonite, Huafon Chemical, Heilan House, Youngor, Zhejiang Longsheng, Zhongfu Shenying, Under Armor, Kontoor Brands Inc, Hengyi Petrochemical, Steve ·Madden, Xinfengming, ErmenegildoZegnaNV, Carter, Biyinlefen, Semir Clothing, Taihe New Materials, Yue Yuen Group, Jihua Group, Wacoal Holdings (ADR), Honghua Digits, Oxford Industrial, Hanes Brand Clothing , G-III Apparel Group Ltd, Xtep International and Jack Shares. Cai Xin, an analyst at Southwest Securities, said that according to the latest financial reports of international brands, the year-on-year inventories of Adidas, PUMA, Nike, Fast Retailing and other brands have all declined significantly, and the growth rate of U.S. apparel wholesale/retail inventories has declined. As the reduction of downstream inventory comes to an end, the order demand of upstream manufacturing companies has gradually reached an inflection point. The market share of some leading textile manufacturing companies with solid advantages in production capacity, delivery time, R&D and design is expected to further increase. From observation, the textile manufacturing sector was under greater pressure from January to July, mainly affected by the destocking of downstream brands, and order growth slowed down. Since July, as the downstream destocking has come to an end, the order expectations for textile manufacturing companies have improved, and textile manufacturing The sector’s yield rate has rebounded; the apparel and home textile sector’s yield rate has been generally stable, mainly because brand apparel and home textiles are mainly consumed offline. In the first three quarters of 2023, the offline consumption scene has been restored and the brand marketing rhythm has resumed. The revenue growth rate of each brand’s apparel has increased. Improvement, generally maintained double-digit growth in the second and third quarters; in addition, sales expenses gradually stabilized, and the sales expense ratio of most brand apparel companies fell back in the third quarter, and the expense rate was within the historical normal range. Brand apparel made profits in the first three quarters Capabilities remain robust. Looking ahead, there is still room for leading brand stores to sink, demand in business leisure, outdoor and other subdivisions continues to be released, and there is still broad room for growth. At the same time, inflation in Europe and the United States has accelerated since September 2023, and market expectations for interest rate cuts in Europe and the United States in 2024 have further strengthened. Although the U.S. consumer confidence index fell after economic data came under pressure, it is generally better than the same period in 2022. From the perspective of inventory levels, the inventories of U.S. apparel and apparel fabric wholesalers have continued to fall since June 2023, and retailer inventories have also entered a stable level. Destocking has been basically completed, and upstream supplier orders are expected to be gradually restored. Cai Xin admitted frankly that the growth of operating income of the textile manufacturing sector in the first three quarters of 2023 is still under pressure, mainly because some overseas downstream brands are still in the destocking cycle and upstream supply chain orders have declined. Looking forward to 2024, the destocking of downstream clothing and apparel brands is coming to an end, gradually driving upstream manufacturing-end order margin improvement, and accessories, fabrics, etc. have reached a performance inflection point; the fluctuations in the operating income and profit growth rate of the clothing and home textile sector are greatly affected by the base, among which leading brands With stronger risk resistance and more stable growth, it is expected that revenue and profit growth will stabilize in 2024.
Zhao Zhongping, a researcher at China Merchants New Consumption, judged that after currently going through a destocking phase of about 4-5 quarters, the inventory levels of leading brands such as Nike and Uniqlo are gradually becoming benign; combined with the adjustment of Nike’s management in 2023 (increased importance of product research and development), 2024 Due to the increasing demand for Olympic sports, it is expected that traditional brands will launch or warm up new technologies in 2024. Terminal consumer demand is expected to be stimulated. Superimposed on the increase in customer share of head manufacturers such as Huali and Shenzhou in the past three years, head manufacturers are expected to be the first to achieve performance and valuation repairs.
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