Analysis of the value of textile and apparel industry, it is enough to read this article

Chapter 1 Industry Overview

The textile and clothing industry includes two types of textiles and clothing. Textiles are the general names of spinning and weaving, but with the continuous development and improvement of the textile knowledge system and discipline system, especially after non -weaving textile materials and three -dimensional composite weaving technologies, the current textiles are not only traditional handmade spinning gauze yarn yarn gauze He weaving, also includes clothing, industrial, decorative textiles produced by non -woven fabric technology, modern three -dimensional weaving technology, modern electrostatic nano -forming technology. Therefore, modern textile refers to a multi -scale structural processing technology of a fiber or fiber set. Clothing refers to the general name of clothes, shoe, bag, toy jewelry.

Figure textile and clothing industry industrial map

Source: Asset Information Network Qianji Investment Bank

According to relevant reports, the total amount of Chinese textile industry fiber has more than half of the world; textile and clothing exports account for more than 1/3 of the world’s. The textile industry’s status as a pillar industry and an important livelihood industry is even more prominent. As of the end of 2019, the total fiber processing reached 16.2031 million tons. In 2018, the export volume of Chinese textiles and clothing was US $ 276.73 billion, accounting for more than 36%of the world. The number of legal person units, total assets, and total operating income of the textile and apparel industry account for 9.5%, 4.8%, and 5.4%of the industry, respectively. The export volume of textiles and clothing accounts for 12%of the exports of goods in the country; the net exchange of textiles and clothing was US $ 25.19 billion, accounting for 71.1%of the national trade surplus.

Figure China GDP and textile and clothing industry main business income comparison map

Source: Asset Information Network Qianji Investment Bank

The number of people in the textile and apparel industry was 11.032 million, accounting for 9.6%of the country’s industry, and the number of practitioners of wholesale and retail can reach 16.12 million. There are 13,876 industrial enterprises in textiles and clothing and clothing industry.

Diagram dynamic deduction

纺织服装行业价值分析,看这篇就够了

China is the world’s largest textile and apparel producer and exporter. It has the largest and most complete industrial system from raw materials, design and development to textile printing and processing, three major terminal manufacturing, and retail. Stabilize the world at the forefront of the world.

Figure textile and clothing process process

Product use is divided into clothing and industrial use:

▷ Labor: Various clothing; decoration: curtains, sand publishing, table cloth, etc.;

▷ Industry: sanitary products, filter cloth, canvas, geomantic cloth, tire curtain cloth, etc.

Chapter 2 Business Model and Technology Development

2.1 Industrial Chain Value Chain Business Model

The textile and clothing industry includes the clothing manufacturing and clothing trade industry. The textile and clothing manufacturing industry is based on textile fabrics. After cutting, various male, female clothing and children’s clothing are sewn. The textile and apparel trading industry is a clothing trader to purchase garments from clothing manufacturers or higher -level traders and sell to end customers or next -level traders.

The National Bureau of Statistics classified the textile industry into three categories: textile industry, textile and clothing, shoes, hat manufacturing, and leather, fur, feather (velvet) and its products. According to the standards of the total industrial output value, the textile and clothing industry is the two most important links in the entire textile industry. Among them, the textile and clothing industry is classified in textiles, clothing, shoes, and hat manufacturing.

According to the classification of the National Bureau of Statistics, according to the different finished products, the textile and apparel industry can be divided into: 1. Men and women’s long and short coats, long capes, coats with wind hat, windproof short coat; , Men’s no swallow tail dresses; 3. Set up clothes, single tops, pants, skirts, cheongsams, shirts; 4. Men and women’s long -pajamas, pajamas, long lining skirts, pajamas and bathrobes; 5. Children and baby clothing; 6. All kinds of sportswear, swimwear, skiwear and other knitted track and field clothing, ski shirts and other products; 7. Vocational clothes, labor protection clothes, minority clothing; Wait.

According to the analysis of the securities industry, the textile industry includes the textile industry, textile and apparel, chemical fiber manufacturing, and textile equipment manufacturing. From the perspective of empirical research on the securities industry, it is generally divided into men’s, women’s, home textiles, shoe and hats, leisure clothes, silk, printing dyeing, cotton spinning, other textiles, other clothing, wool spinning, auxiliary materials and other sub -industries.

According to the regulations of the China Clothing Association, the textile and apparel industry can be subdivided into women’s industries such as women’s clothing, men’s clothing, children’s clothing, sports and leisure clothes, professional clothing, down jackets, underwear, clothing auxiliary materials, clothing and other sub -industries.

纺织服装行业价值分析,看这篇就够了

Figure textile and clothing industry industrial flow chart

纺织服装行业价值分析,看这篇就够了

The complete industrial chain system of the Chinese textile industry (Chinese processing capacity accounts for the world’s proportion)

纺织服装行业价值分析,看这篇就够了

The important core factors of the textile and apparel industry are midstream and upstream textile manufacturing parts, which are mainly exported to export markets. The key point of its core is: enterprise equipment (automation capabilities), research and development capabilities (technical level), cost and scale, order stability ; Lower brand retail parts: mainly based on domestic domestic sales markets, the core of its core is: brand, product (design), channel, supply chain, etc.

Upstream textile raw materials: mainly divided into natural fibers and chemical fibers, and the production of chemical fibers is relatively high.

The main body of the midstream is a clothing textile company. There are many links in the Chinese clothing textile industry, including the production of yarns, cloth and fabrics. The production process of different links is different. Most clothing and textile companies are involved in some of them. Ru Tai Textile, a listed textile company, is mainly engaged in fabric production and downstream clothing production in the industry. Natural fiber, chemical fiber and other raw materials are processed by clothing and textile companies to make fabrics. Costume and textile companies will provide fabrics to the industry’s downstream clothing companies, and clothing companies process them into finished clothing finished products and sell them to consumers.

The downstream of the Chinese clothing and textile industry industry chain is a clothing company and consumers. The clothing companies further processed the fabrics produced by clothing and textile companies into finished products and sold them to consumers. In recent years, with the increase in Chinese residents ‘income, the proportion of clothing in residents’ consumption has increased, which has prompted clothing companies to further increase the demand for clothing textiles.

Picture textile and clothing industry upstream and downstream map

Figure supply chain management

2.2 Technology Development

The innovation of textile clothing comes from the comprehensive innovation brought about by textile raw materials, textile technology, clothing design, marketing, big data and informatization.

纺织服装行业价值分析,看这篇就够了

picture

Textile raw material classification

Textile process classification

▷ EPFL develops new elastic fibers or changes smart clothing. The fiber can detect the losal pressure and response, and can withstand nearly 5 times the deformation before restoring the initial shape. These characteristics are enough to ensure that it is perfectly used in smart clothing, prosthetic limbs, and the artificial nerves of robots.

LEDs and sensors are directly knitted into textile fibers, or they can achieve health monitoring.

The new nano -sensor gives birth to wearable smart textiles.

South Korean researchers used natural silk to develop high -temperature -resistant electronic textiles.

UBC researchers solved the problem of wrinkle of textile composite materials.

2.3 Policy Supervision

The competent authorities of the textile and apparel industry include: the National Development and Reform Commission, the Ministry of Commerce, the Ministry of Industry and Information Technology, and other government ministries and commissions, the China Clothing Association, the China Textile Industry Federation, the China Commercial Federation, the National Commercial Information Center of China, the China Chain Management Association, China Popular Color Association and other national industry self -regulatory organizations. The National Development and Reform Commission is mainly responsible for the formulation of industrial policies, the administrative guidance of product development and promotion, project approval and industrial support funds. Planning and major policies, implementation of supervision and inspection, etc.

The Ministry of Commerce and its subordinate institutions are the competent authorities of the domestic clothing industry’s import and export business and franchise business. They are mainly responsible for the supervision and management of domestic and foreign trade and international economic cooperation and franchise.

纺织服装行业价值分析,看这篇就够了

The Ministry of Industry and Information Technology is mainly responsible for formulating and organizing and implementing industry development planning, monitoring and analysis of industry operation dynamics, and statistical information related to the industry.

China Clothing Association, China Textile Industry Federation, China Commercial Federation, National Business Information Center, China Chain Management Association, China Pop Color Association, etc. are national industry self -discipline organizations in my country’s clothing and clothing retail industry. The legitimate rights and interests of the industry and enterprises, and the adjustment and upgrading of the industrial structure.

Policies and regulations include the Ministry of Industry and Information Technology’s “Thirteenth Five -Year Plan” Science and Technology Progress Outline of the Ministry of Industry and Information Technology and the “Thirteenth Five -Year Plan for the Textile Industry” Thirteenth Five -Year Plan “, the” 13th Five -Year Plan “Development Outline of the China Clothing Industry” The “Construction Textiles (2011-2020)”, “Made in China 2025”, and the Ministry of Commerce “Guiding Opinions on Promoting Chinese Brand Consumption” and other policy documents.

Chapter III industry valuation, pricing mechanism and global leading enterprises

纺织服装行业价值分析,看这篇就够了

3.1 Comprehensive financial analysis and valuation method of industry

Figure Comprehensive Financial Analysis

Map industry valuation and historical comparison

The textile and apparel industry valuation method can choose the P/E ratio valuation method, the PEG valuation method, the market ratio valuation method, the market rate, the P/S market sales rate valuation method, the EV/SALES marketing rate valuation method, the RNAV Reward the valuation method of net assets, EV/EBITDA valuation method, DDM valuation method, DCF cash flow valuation method, NAV net asset value valuation method, etc.

Textiles and clothing companies get international markets or well -known brands will get higher valuation and stable returns. The market for pure textile and clothing manufacturing companies gives a very low PE/PB valuation.

Table of Shenzhou International [02313.HK] as an example to decompose products and sales areas

3.2 Development, risk and price drive mechanism

In the long run, domestic labor and environmental protection costs are on, and the competitiveness of textile manufacturing has declined. Textiles and clothing are typical labor -intensive industries. With the continuous improvement of the domestic minimum wage level and the gradual strengthening of environmental protection requirements, the comparative advantages of domestic labor -intensive industries have gradually narrowed, and production capacity has gradually shifted to Southeast Asia. From a domestic point of view, yarn output and cloth output have basically maintained a downward trend since 18 years, and domestic textile manufacturing companies have continued to increase their losses.

Figure textile clothing main business income

E -commerce companies have become the most growing company in the industry. In recent years, Tao brand, social e -commerce, cross -border e -commerce, selected e -commerce, and live broadcast e -commerce have risen, and have become the brightest star in this traditional “decline” industry.

Functional products have shown a significant “extreme cost -effective” trend. Consumers value the function and quality of the product itself, the pursuit of cost performance, and the brand premium given is getting lower and lower. Companies that are prone to larger volumes, such as sub -industries such as luggage, underwear, home textiles; while fashion products, consumers consider more feelings and preferences when consumed, not only because of the functional functionality of the product, but also consumption. Emotional identity and the drive of trends have become important factor in consumer decision -making. Such products, brand tone and design innovation are particularly important. Such products are not easy to e -commerce, and it is difficult to form a large -scale company with a single brand.

Picture of China Textile Industry Circle Economic Development Basic Model Chart

Table textile and clothing part of the representative company

Picture of domestic textile manufacturing companies losing proportion of losses

Tu domestic sports shoes and clothing market size (100 million yuan) and year -on -year growth (%)

▷ RMB ingredients and foundry enterprises: Industries with labor -intensive types are characterized by the characteristics of distribution and large scale gaps in my country. In recent years, with the advancement of supply -side reforms and the integration of the industrial chain, the industry concentration has gradually increased. It is expected that the future advantageous resources will continue to flow to large enterprises, large enterprises will further extend the upstream and downstream industrial chain, orders will gradually concentrate, and the industry market share will continue to increase. In contrast, companies with weak competitiveness and smaller scale can only seek new development through means of resource reorganization, brand innovation, and diversification of channels.

纺织服装行业价值分析,看这篇就够了

▷ Functional brand enterprises: It is expected to produce China Uniqlo, Decathlon, Snacks, etc. In such enterprises, cost -effectiveness and new channels are crucial.

▷ Personalized brand enterprises: It is expected that China LVMH, Rongfeng, Kaiyun Group, etc. are expected to produce each personalized market through brand acquisitions.

纺织服装行业价值分析,看这篇就够了

The Chinese textile and clothing industry chain is perfect, and all links have the opportunity to emerge from world -class companies.

Figure textile clothing value transmission chain

3.2.1 Upstream development and drive

The upstream raw auxiliary material manufacturing is dominated by the export market and has obvious manufacturing attributes. The original auxiliary material manufacturing is a textile manufacturing sector, which mainly refers to the processing of initial raw materials such as cotton and hemp filament and chemical raw materials into fabrics and accessories. At present, my country’s original auxiliary materials manufacturing enterprises are mainly exported. The core competitiveness of leading enterprises is mainly reflected in four aspects: advanced production equipment, strong technical barriers, strong cost control capabilities, and scale effects.

▷ Raw materials: Including natural materials and chemical fiber, natural materials are mainly divided into cotton spinning, wool spinning, other raw materials (hemp, leather, etc.).

▷ Accessories: Mainly zippers, buttons, etc.

▷ Dyeing and dyeing: It mainly involves the process of dyeing and organizing raw materials (cotton, wool), yarn and gray cloth.

▷ Cotton spinning: Affected by cotton prices and exchange rates, the industry is already in maturity, the domestic cotton spinning industry has entered a mature, and the growth rate of revenue profit has slowed down.

▷ Mao spinning: The high -end segment industry ushered in concentration. The wool textile industry chain includes upstream animal husbandry, mid -tier wool spinning yarn, and downstream wool textiles. In the early days of my country’s woolen spinning industry, the coarse spinning industry was dominated. With the gradual development of the market, hair essential spinning companies gradually occupied the mainstream position. The main profit model of the capacity of the coat is to obtain a relatively stable processing fee through the fine processing of wool. The wool spinning industry is a traditional industry. The lengthy industrial chain has greatly affected the price fluctuations of wool, while weaving and clothing companies are greatly affected by the needs of terminal consumers. China is the largest wool processing country with wool processing volume accounting for 35%of the world, while Australia is the largest woolen wool supply country. my country’s wool spinning industry is highly market -oriented and the industrial chain is complete, which can produce and process products of different quality and various categories.

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

picture

纺织服装行业价值分析,看这篇就够了

▷ Other natural raw materials and auxiliary materials: leather, silk, hemp, buttons, etc. The current growth of the leather industry is slowly limited by the slowing sales growth of downstream leather shoes and other products, as well as the prevalence of animal protectionism, and the development is not stable.

The cocoon silk industry is small in scale, and the world’s major production capacity is concentrated in China. From the perspective of the capacity structure of various places in China, after 2005, the national policy level promoted the policy of Dongsangxi movement, and encouraged the development of cocoon silk industries in Guangxi, Yunnan, and Sichuan.

The chiefs of the hemp textile industry must include fibrous fiber, linen, large (Han) hemp, yellow) hemp, leaf fiber and other textile companies. The industry space is not large.

The textile industry’s auxiliary materials mainly include new products such as buttons and zippers. The auxiliary materials market is currently stagnant. A -share listed companies are absolute leaders in the national auxiliary materials industry.

▷ Dyeing and dyeing: cyclical industry related to environmental policies. There are many sub -industries under the name of the printing and dyeing industry, of which the cotton fabric printing and dyeing factories are set up alone. The quality of operation of the printing and dyeing industry has continued to improve, and its profitability is stable. In terms of capacity distribution, the production capacity is mainly concentrated in the five coastal provinces, especially Zhejiang, especially Xiaoshan and Shaoxing in Zhejiang, but the proportion of leading enterprises is not high. Environmental policies have a significant impact on the supply side of the printing and dyeing industry, and it is also the most periodic sub -industry in the spinning sector. Because of its high pollution, in addition to the need to pay attention to the price of raw materials such as dyes, additives and other raw materials, the production capacity of printing and dyeing enterprises, and downstream demand, special attention should be paid to the huge impact of environmental protection policies on the industry. Generally speaking, during the period of major conferences and the tightening period of environmental protection policies, the industry will have large -scale temporary production capacity shutdown, which will cause the supply to shrink rapidly and the prices of printing and dyeing rising. In addition, the fluctuation of upstream dye prices also directly affects the price of dyeing dyeing and dyeing.

纺织服装行业价值分析,看这篇就够了

▷ The research method of the original auxiliary materials industry: the price and exchange rate of raw materials and exchange rates are the most critical, and the research methods of cotton spinning, wool spinning, and the silk industry are strong. The cost of raw materials accounted for almost 70%of the cost of cotton spinning yarn, wool spinning yarn and raw wire production. Therefore, the price of cotton, wool and cocoon is an important indicator of studying these industries. Due to the proportion of listed textile companies, the proportion of exports of more than 50%is generally more than 50%, and most of them are settled in the US dollar, and the exchange rate change of the RMB against the US dollar is also an important factor. Finally, industrial policies also have a great impact on mature fully competitive industries. For manufacturing companies, it mainly focuses on production capacity, output, order volume and product price, raw material price and other indicators.

纺织服装行业价值分析,看这篇就够了

3.2.2 midstream development and drive

The production of midstream clothing has three modes: OEM/ODM/OBM, and the gross profit margin has increased in order. At present, from the perspective of my country’s industry terminal revenue, about 60%come from export processing and manufacturing, 40%of domestic sales brand retail, and the proportion of the latter has gradually increased.

▷ OEM model gross profit margin of 5-10%, most domestic clothing manufacturing companies adopt this model. OEM is the original device manufacturing. In this model, manufacturing companies only need to perform production and processing according to customer needs, and earn processing fees; design, development, publicity, and control of sales channels are responsible for product brand owners.

▷ ODM mode gross profit margin is slightly higher than OEM, which can reach 10-20%. ODM is the original design and manufacturing. Such manufacturing companies need to be designed and produced at the same time according to customer needs. The core competitiveness is reflected in actively discovering customer needs and designing products that can satisfy terminal consumers.

▷ OBM mode has the highest gross profit margin and can reach 35-50%. OBM is Own Brand Manufacturing, which is manufactured by its own brand. Such companies have independent brands, have their own sales channels and commercial operations, and directly face terminal consumers, so the level of gross profit margin is the highest.

Brand companies in the textile and apparel industry are divided into functional products and fashion products.

纺织服装行业价值分析,看这篇就够了

Functional products are similar to products in the food and beverages and home appliances. Consumers pay more attention to the functions and essences of the product itself, make consumer decisions rationally, and are unwilling to pay too high premiums for the brand.

Fashionable products, whether consumers pay attention to “fashion” when consumer consumption, whether they have emotional identity, and are willing to pay more for their favorite design and brands. It is a relatively emotional decision. It is often willing to pay a high premium for the brand. Women’s clothing, casual clothing, sports clothing, designer brands, etc. are fashionable products. When studying such companies, we mainly consider: the brand’s life cycle, the market space of a single brand, design team, brand tone, channel, and whether multiple brand operations.

Bags, underwear, functional clothing, infant and children, home textiles, some men’s clothing and other men’s products are functional products. When studying such companies, we mainly consider: product cost -effectiveness, functionality, purchase channels, and industry space. Overview of the luggage industry: The initial growth rate is fast, the space is large, the concentration is low, and it is expected to be branded and large in the future. The domestic luggage market is fiercely competitive. The business model is mainly ODM/OEM. The industrial chain is concentrated in upstream accessories and midstream foundry.

Overwear industry overview: The growth rate remains two digits, the industry is highly scattered, and the leading market share is low. my country’s underwear industry is highly scattered, and the leading market share is low. Due to the low entry threshold and strong industry profitability, many small and medium -sized enterprises have entered the market. The market share of the company with the highest industry revenue is only 2.8%, while the market share of the industry in the United States, the United Kingdom, Japan and other countries has exceeded 15%.

Overview of the infant industry: huge development potential, and market demand continues to rise. Overview of the children’s clothing industry: The expansion of the second child policy market is in the development stage of prosperity, but the fierce concentration of many brands is low.

纺织服装行业价值分析,看这篇就够了

Overview of the home textile industry: The market size has grown steadily, the barriers enter the barriers, and the industry concentration is low. No brand products occupy the main market.

Women’s clothing: Brands are scattered, showing a trend of multi -brand groups. The retail sales of the domestic women’s clothing industry are constantly rising, and the growth rate is maintained at about 7%. The listing of women’s clothing on the market has brought a significant increase in performance. The number of women’s listed companies is quite large. Due to the different design styles and positioning, the scale is generally small.

Men’s clothing: increased scale, and the performance has risen. The market scale of the domestic men’s clothing industry has continued to grow, and the concentration of the industry has continued to increase.

Leisure outfit: The industry has grown rapidly, and the growth rate exceeds the industry as a whole.

纺织服装行业价值分析,看这篇就够了

Shoe industry: The industry is in the adjustment period, the leather shoes industry has slowed down, and the women’s shoes market has entered a stage of low -speed growth.

In addition to the classic consumer product research framework, functional products have shown a significant “extreme cost -effectiveness” trend. Due to the relative standards of model quality, the purpose is to meet consumers’ specific purposes. Improvement risk. Such functional products are more likely to e -commerce, and more prone to companies with larger volume. For example, such as luggage, underwear, home textiles and other sub -industries.

3.2.4 downstream development and drive

The domestic sales of downstream brand clothing are mainly domestic sales markets, and have obvious retail attributes. The core competitiveness of brand clothing sales companies is reflected in brand positioning, strong product design capabilities, channel construction, and supply chain management. Because brand operations and commercial channel operations can accounted for the commercial value (40-50%and 30-40%) in the clothing production and sales industry chain, respectively higher than the processing and production links (10-20%), the brand owner The gross profit margin is significantly higher than the manufacturing industry. In recent years, the gross profit margin of Chinese clothing brands has been around 40-50%, while the gross profit margin of the clothing manufacturing industry is only about 15%.

Figure textile service retail sales change

纺织服装行业价值分析,看这篇就够了

Source: Asset Information Network Qianji Investment Bank

In terms of brand clothing, the research method is roughly the same as the retail industry, and it is necessary to pay special attention to the control of asset quality such as inventory and accounts receivable. Most of the brand clothing is retail stores with direct or agency models. Channels are distributed in street stores, shopping malls, shopping malls, and e -commerce platforms. From the perspective of store operations, it is roughly the same as other retail. From different channels, there are some differences in the operation of online stores and physical stores. From the company’s overall perspective, it is also necessary to pay attention to the quality of the balance sheet and the cash flow sheet.

The key indicators operated by the clothing brand physical stores include stores, rent deductions, store display, product design, marketing services, etc. From the perspective of operators and investors, the geographical location, rent or deduction point of the store, sales per square meter, sales revenue contributed by each clerk, number of VIP members, joint sales rate, repurchase rate, and official price sell out Index and other indicators need to be examined. From the perspective of consumers, the size of the store, decoration display, background music, product design, discount rate, sales staff’s speech, etc. all affect their consumption psychology.

The key indicators of e -commerce channels include active users, conversion rates, retention, repurchase and GMV. Active users are a basic indicator with three levels: DAU (daily active users), WAU (weekly active users) and MAU (monthly active users); transformation is a very important indicator. E -commerce operations need to pay attention to the main path, the main path, The secondary path is even fine to the conversion rate of each category/SKU; the retention rate must be studied at different time cycles, including the next day retention rate, 3, 7, and 30 days; See, the number of repurchase users, the repurchase rate and the amount of repurchase; GMV is the most important indicator, and the operation of e -commerce channels is eventually centered on this. GMV = UV *conversion rate *customer unit price.

The supply chain industry has broad market space, and small and medium -sized enterprises and Internet companies have strong demand. The clothing market is huge, providing a broad market space for supply chain management services.

Textiles and clothing e -commerce grows from high speed to steadily, and the Matthew effect of the e -commerce industry has become stronger. B2B e -commerce accounts for the highest proportion, and mobile online shopping is growing rapidly. The competition in major platforms is fierce. The scale of online retail transactions has continued to rise, and the proportion of social retail has gradually increased. The vertical field is booming, and the cost -effective and content e -commerce rise of Pinduoduo headlines and Douyin.

Cross -border e -commerce: Cross -border export prosperity is high. Cross -border imported e -commerce is lower than retail e -commerce. Cross -border exports are better than cross -border imports, and continue to be optimistic about cross -border export e -commerce. For example, the national e -commerce empire with brand authorization operations as the core. The future growth space comes from the replication of its business model. The core competitiveness of the business model comes from the powerful supply chain integration capabilities.

Because the nature of the e -commerce industry is obviously different from the traditional channel business system. Therefore, the core indicators of attention will inevitably be different. In the large e -commerce industry, the core indicators of different models, such as trading e -commerce platforms and e -commerce operating enterprises may also be different. Based on this, we have established a two -dimensional coordinate system from the front end (close to the user end) to the back end, from directly affecting profitability to indirect affecting profitability. Research system.

By focusing on and detecting these core indicators, we can basically have a certain understanding of the growth and health of an e -commerce company, thereby governing the changes in the industry. The main monitoring indicators include: GMV (total retail sales), number of online stores, SKU (inventory inlet metering unit), number of users and active users, the number of dealers, customer unit price, conversion efficiency and conversion rate, commission deduction point, traffic, traffic Index, key opinion leader (KOL), etc.

The increase in sales of textiles and clothing in 200 large shopping malls nationwide declined

3.2.4 Development risk

The risks of the textile and apparel industry mainly come from: the macroeconomic decline, the impact of foreign brands, international trade restrictions and sanctions, and e -commerce brings close -ups. Fluctuations affect the raw auxiliary material company.

The market driving factors include: fixed -increase driver, lifting driver, controlling equity driver, topic driver, transformation driver, etc.

3.2.5 Price Driver factor

纺织服装行业价值分析,看这篇就够了

Driving factor

▷ The scale of the raw material market and the continuous progress of technology has driven the development of the industry; the raw material market of China’s clothing and textiles has continued to improve in terms of scale and technology in recent years, laying the foundation for the development of the clothing and textile industry. As an important natural fiber, its market price and exchange rate fluctuations will directly affect the development of the clothing and textile industry.

▷ Residents’ clothing consumption has increased, and the stable growth of clothing demand for clothing has led to the continuous increase in the income of Chinese residents, the increase in clothing consumption expenditures, and the continuous expansion of the scale of the clothing and textile industry.

▷ Technological progress promotes the development of the industry with the advent of the 4.0 era of the industry, as well as the application and development of the Internet, big data, AI, the Internet of Things and other technologies, the clothing and textile industry has made significant progress in product production, sales channels, product development and other aspects, etc. Essence

Constraints

▷ Labor costs have risen, and environmental protection expenditure rising clothing and textile industries as labor -intensive industries. With the decrease in China’s labor population and the increase in residents’ income levels, the willingness to engage in manufacturing in the manufacturing industry has decreased. Enterprise Development.

纺织服装行业价值分析,看这篇就够了

The overall lack of innovation capabilities in the industry. At present, the level of technology is low. At present, the overall innovation capabilities of the Chinese clothing and textile industry are lacking, and the technology is backward. The main reason is that the technical threshold of clothing and textiles is low. There are many companies entering the industry. There are a large number of small and medium -sized enterprises in the market. Institutions with R & D and innovation capabilities lack awareness of cooperation and technology sharing. The transformation rate of scientific and technological achievements is low.

▷ Slows economic growth and the external environment is unstable. At present, China’s economic development has entered a new normal, and macroeconomic growth has slowed down.

3.3 Competitive analysis

纺织服装行业价值分析,看这篇就够了

The textile and apparel industry competes around the industry chain. China is one of the most complete countries in the world’s textile and apparel industry chain, and the possibility of world -class companies in various industrial chains has the possibility of birth.

▷ Upstream original accessories enterprises and foundry companies: Most of these companies are labor -intensive enterprises. In recent years, domestic labor costs are high. Southeast Asian countries have become the global textile and apparel industry industry transfer town due to low labor costs and tax discounts. To a certain extent, this has affected the small and medium -sized enterprises in the industry in China, but we learned through industry surveys that the industry chain of the Southeast Asian textile and apparel industry is not complete (such as insufficient printing and dyeing capacity, lack of factory management experience, etc.). Many large companies in China The low -cost advantages of Southeast Asia, Southeast Asia quickly deployed in Southeast Asia+China ’s domestic industrial chain resources+management experience of Chinese domestic enterprises+stable customers of Chinese domestic enterprises, so that many Chinese companies can get new growth opportunities.

Source: Asset Information Network Qianji Investment Bank

▷ Functional brand enterprises: The cost -effective “new domestic goods” are booming. Understanding consumption is an important manifestation of domestic consumption upgrade. Heavy functional products are easier to compete with foreign brands. Beginning, the textile and apparel industry is also expected to be born in the luggage, functional clothing, underwear and other industries.

▷ Personalized brand enterprises: With reference to foreign personalized brand enterprises, there are two main types of enterprises. One is ZARA, such as “fast” to meet the needs of customers with different days, one is the kind of luxury groups. M & A multiple brands to meet different personalized markets, we are pleased to see that China is also rising in this field.

Figure textile clothing value transmission chart

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

Some fast -growing companies continue to invest in establishing their own brands, acquiring international brands, and diversification of products.

纺织服装行业价值分析,看这篇就够了

Table with Anta Sports [02020.HK] as an example of the income structure decomposition

Figure textile and apparel industry supply and demand decision -making competition and cooperation mechanism

The textile and apparel industry belongs to the light industry manufacturing, with a long industrial chain. The upstream textile processing has the characteristics of the manufacturing industry. The downstream brand clothing has the characteristics of the retail industry. Because the upstream sub -industry is related to cotton and oil, it has a certain period of cyclicality. Except for the peak sales season in the fourth quarter, there are no obvious characteristics.

Analysis of the five -force in the textile and apparel industry:

纺织服装行业价值分析,看这篇就够了

1/ Potential industry new entry: For the textile and apparel industry, due to the low barriers to entering the industry itself, its potential industry new entry includes many sources of corporate sources, such as new material fabrics and clothing processing enterprises, textile industries to the industry to the industry Enterprises extended downstream of the chain and all companies with strong capital strength, advanced management concepts, fashion design ideas, and international technology.

2/ Breath threat: Because clothing is a necessity of the people’s lives, there is no impact of alternatives as a whole, so the potential threat of the alternative of the industry can basically be ignored. However, in the market segment, due to the changes in the development and development of new materials and new technologies, the update of some products will be replaced, which is an inevitable trend.

3/ Buyer’s ability to discuss bargaining: For the clothing industry, due to the decline in foreign demand, the continuous financial debt crisis in economically developed regions such as Europe and the United States will affect its demand for clothing imports: at the same time, due to Vietnam and other clothing with low -cost environment The competition for the exporting country to the international clothing trade market will largely affect my country’s clothing products export prices to a large extent. A large number of domestic enterprises are forced to shift from foreign trade to domestic sales. In the case of relatively stable domestic markets, enterprises are likely to by reducing product prices to win more markets, which leads to a decline in profits.

4/ Supplier’s ability to negotiate: The supplier of the clothing industry is mainly suppliers in the upstream textile industry. The products provided by the supplier are serious, the competition is fierce, the price fluctuates small, and there is generally no special requirements for the use of raw materials. Therefore Most of the industry suppliers do not have a strong bargaining ability.

5/ Competition between existing competitors: Competitions in the clothing industry are more competitive, and the market share is more concentrated. In the case of a significant increase in demand, competition within the industry has further intensified, and brands, prices, quality, and services will become the main focus of competition. Competitors with strong comprehensive strength will take the lead in the market.

3.4 Chinese Enterprise Ranking

纺织服装行业价值分析,看这篇就够了

Figure 2020 “Fortune” China’s Fortune 500 rankings

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

Figure A shares and Hong Kong stock listed companies

▷ Shandong Weiqiao Entrepreneurship Group Co., Ltd. is a large -scale enterprise with 11 production bases that integrate textiles, dyeing, clothing, home textiles, and thermal power industries. Since eight consecutive years in 2012, he has been selected into the Fortune 500. Weiqiao Textile Co., Ltd. [02698.HK Weiqiao Textile] is mainly engaged in the production and sales of cotton yarn, gray cloth and denim. The company’s subsidiaries include Weihai Weiqiao Textile Co., Ltd., Binzhou Weiqiao Technology Industrial Park Co., Ltd., and Shandong Rato Textile Co., Ltd. The company also engaged in production and sales of polyester fiber gauze and related product business through its subsidiaries.

▷ Yador: The company is a diversified and international group that is mainly based on the three major sectors of brand clothing, real estate development, and financial investment. The company has five brand -name products with shirts, suit, trousers, jackets and ties, and has obvious advantages among domestic peers. The company is one of the companies that have developed rapidly in my country’s clothing industry in recent years. The comprehensive strength and profitability are at the forefront of clothing companies. It is the first clothing company in China to have shirts and suits. After exemption, the processing process is introduced to the country.

▷ Zhejiang Hengyi Group Co., Ltd. The long -term textile history has once again shot dazzling light on our generation “as the original heart, and established the” petrochemical+”strategic idea of ​​petrochemical industry, petrochemical trade, petrochemical finance, and petrochemical logistics. The capabilities of 10,000 tons of crude oil and an annual production of 1.5 million tons of PX, 500,000 tons, 13.5 million tons of PTA, 8.2 million tons PET, 600,000 tons DTY, 400,000 tons CPL, and 465,000 tons of PA6.

Tuhengyi Group’s business layout

3.5 Important competitors in the world

纺织服装行业价值分析,看这篇就够了

Picture of foreign listed enterprises

Nike (Nike) [NKE.N]: Nike is a world -renowned sports goods manufacturer, formerly known as blue belt sports products. The company’s sporting goods are all inclusive, such as clothing, shoes, sports equipment, etc.

Wufu Company (VF) [VFC.N]: Fufu is one of the world’s largest listed garment companies. It mainly operates denim, underwear, sportswear, outdoor products and work clothes. It has a variety of brand clothing such as Lee, Nautica, Wrangler, Vanity Fair, NORTH FACE.

Adidas [addf.oo]: Adidas is the global leader of the sports goods industry, core brand Adidas and Reebok. Adidas and its subsidiaries are designed, developed, developed, produced and sold a series of competitive and sports products. The company’s business scope includes Western Europe; North America; North America; Greater China Russia/CIS; Latin America; Japan; Middle East, South Korea, Southeast Asia/Pacific; TayLorMade-Adidas Golf; CCM hockey Runtastic and other centralized management business. Each market includes distribution and sales of retail customers and terminal consumers wholesale, retail and e -commerce business activities.

▷ ZARA: It was a subsidiary of Spain in 1975 in Spain. ZARA is the third -ranking clothing company in Spain and has more than 2,000 clothing chain stores in 87 countries. ZARA is loved by global fashion youth, but the excellent design price of the designer brand is lower. In short, it is to let civilians embrace High Fashion. Inditex is the number one in Spain, surpassing the US GAP, Sweden’s H & M, and Denmark KM to become the world’s number one clothing retail group.

▷ Lu Weixuan Xuan Louis Vuitton Group (LVMH),

Full name Louis Vuitton Moët

Hennessy (French Joy Hennessy -Louis Vuitton Group) is a luxury company. Business activities are divided into five major business groups: wine and spirits, fashion and leather products, perfumes and cosmetics, watches and jewelry, and selective retail. The activities of wine and spirits include champagne and wine branches, Cognac and spirits. The company’s wine and liquor brand combinations include Yueyue Champagne, Champagne King, Kaige Champagne, Cook, celebrities, Lunar, Dijie Manor, Winery White Horse, Hennessy, Our company Grandie and ARDBEG and so on. The company’s fashion and leather products brands include Louis Vuitton, Fantdy, Donna Karen, Luo Wei, Marc Jacobs, Celine, Takada San, Givenchy and Thomas pink. The company is also engaged in business and financial media and luxury super yacht manufacturing. There are about 56,000 employees, and it has more than 50 brands. It is the largest boutique group in the world today. On May 13, 2020, Lu Weixuan was ranked 73rd in the 2000 Fortune 2000 Global Enterprise of 2020. In January 2021, Lu Weixuan Group completed the acquisition of Tiffany.

Chapter 4 Future Outlook

1/ Young and personalized trends are becoming more and more obvious. At present, young consumers are gradually becoming the main consumer. The domestic consumer market has a relatively obvious M -type consumption structure. The high -end and low -end consumer markets have steadily increased, and the intermediate market has gradually narrowed.

2/ Fashion change accelerate industry segmentation. In the process of the rise of the new consumer group, companies cannot label the consumption preferences of consumer groups in the 60s, 70s, and 1980s in the past. Diversity and multi -dimensional. The individualized, segmented, and differentiated life forms that the brand’s demands cannot be unified. Many clothing brands will launch young and stylish sub -line brands. More small and beautiful niche brands are favored. Become the mainstream trend of the transformation and upgrading of the clothing industry.

3/ Mobile Social Stown becomes a new consumer engine. Mobile social networking can actively stimulate user consumption needs, but also use social platform information sharing functions. Through the user’s “word of mouth” to form fission -type network transmission, acquaintances’ experience consumer experience and communication can more effectively endorse the product to endorse the goods. At the same time, users’ trust and consumption confidence continuously improved the frequency and efficiency of purchase, so that the communication between the brand and the customer is more temperature, and the close and direct links similar to social “friends” are established to better meet the consumer group Personalized needs.

4/ online and offline channel fusion. The channels of the clothing industry are not limited to online or offline, but the channels should be integrated.

5/ Intelligent manufacturing empower industrial upgrading. At present, a new round of scientific and technological revolution and industrial changes are germinating. The formation of big data, the improvement of computing power, and the evolution of network facilities drive artificial intelligence to enter a new stage. Intelligent and networking has become an important direction for technology and industrial upgrading.

6/ expected that the concentration of raw and auxiliary materials and foundry enterprises in the textile and apparel industry will continue to increase in the future, emphasizing that functional brand companies will be born in larger companies, and brand companies that emphasize personality will have a multi -brand M & A trend.

纺织服装行业价值分析,看这篇就够了

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

Source: Asset Information Network Qianji Investment Bank

纺织服装行业价值分析,看这篇就够了

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