The Adjustment Of Dumping And Storage Policy Has Important Influence On Cotton Spinning Enterprises.

< p > 1, maintaining the industry's prudent recommendation.

In April, we chose the home textile sub sector as the first choice in the combined configuration, and on the one hand, investors are very concerned about the two companies. So the stock price and valuation are at the bottom. On the other hand, the two companies are expected to show relatively good performance in the first quarter. We estimate that the domestic income of 10%+ will increase by more than 15% and the profit will be 20%+. The income of 5%-10% will be up and down.

From a long-term perspective, we still recommend Semir clothing, news birds, keno technology and Pathfinder.

Among them, Semir clothing, casual wear bottoms reserve growth momentum, < a href= "//www.sjfzxm.com/news/index_c.asp" > children's wear > /a > turnover in the next three years may be expected to usher in the second golden period of development; the birds are mainly based on their completely adjusted performance elasticity; Keno technology is based on its good and relatively defined growth rate (channel development determination and buyout system increase) in 2014 and 2015; the Pathfinder is based on the promotion of the company's platform construction.

For production / export companies, we need to raise the concern about the rapid devaluation of the RMB on the basis of the margin of achievement safety. We continue to recommend the A. (Q1 estimated growth rate is 30% in 2014. In 2014, the EPS1.2 problem is not big, corresponding to 8 times PE. Even though the company has a very strong margin of safety, the pre market concern is very low, but the rapid depreciation of the RMB is obvious for the company, while the company's a href= "//www.sjfzxm.com/news/index_c.asp" > overseas expansion "/a" pace also opens up imagination for the continuous growth of the performance, and the chairman's holdings also provide some stock price support.

As the recent throwing and storage policy has a significant impact on cotton spinning enterprises (Lu Tai uses long staple cotton, logic differs), such as fine cotton down to 17250/ tons directly, it has a negative effect on the short term performance of Huafu color spinning and Baron East. But considering the elasticity of the next 2-3 years, we maintain the recommended rating for Huafu color spinning.

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< p > 2, plate performance review last week.

Last week, the Shanghai Composite Index fell slightly, with a cumulative drop of 0.29%, while the overall number of spinning and weaving boards fell by 1.26%, of which 0.74% of textile production and 2.65% of apparel and home textiles.

Individual stocks, the first three companies led by the plate were leading shares, Maison culture and Xingye technology, and the top three companies were Jiangsu sunshine, Changshan shares, and open industry (Shanghai state capital reform concept stock).

Hong Kong stocks, led by the Changxin International (annual report profits fell sharply), Lining, Bosideng; led the first three companies for Prada, Yuyuan group (annual report data positive), Anta sports.

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< p > 3, important announcement and dynamic tracking of the company.

Dynamic tracking - Lu Tai A: annual report exceeded expectations, accelerated the pace of overseas expansion, maintaining the recommended rating of the company; < a href= "//www.sjfzxm.com/news/index_c.asp" > Semir dress < /a >: Bala children's clothing has become the main driving force for the growth of performance; voyage shares: tapping potential and increasing efficiency, driving net profit growth beyond expectations.

285 million yuan; Daphne: 13 year net profit year-on-year decrease of 65.6%; Zhou Shengsheng: 13 year net profit increased by 24%; Changxin International: 13 year net profit increased by 50.5%; Shenzhou International: 13 year net profit increased 11.3%; yoy Fang: dividend growth at the end of the year; the end of the year of the end of the year is expected to rise year by year; Lining: the annual performance loss is sharply narrowed; the net profit of the year is down by 100 billion yuan; baozi: the sales revenue rose year-on-year; PEAK Sports: net profit decreased by year; Giordano: net profit in 2013, Hong Kong dollar down compared with the same period last year; YOUNGOR: the net profit of the year was down compared with the same period last year. Important announcement - Wordsworth: raise funds

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< p > 4, important data of the industry.

Raw material (1) 328 level spot week average price 19412 yuan / ton (-0.10%); Cotlook A:97.40 cents / pound (-0.37%); average difference between inside and outside cotton price difference is 3034 yuan / ton (-1.15%); long staple cotton (137 level): 33900 yuan / ton (-0.59%).

(2) chemical fiber: polyester short 8815 yuan / ton (-0.76%); spandex 40D49000 yuan / ton (+0%).

(3) gold: upper gold place Au100g261.06 yuan /g (-2.71%), London spot $1306 / ounce (-3. 04%).

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