In 2017, the light industry sector lost 300 times

1. In 2017, the light industry sector lost 300 times in Shanghai and Shenzhen with reference to the Research Report on the current situation and future development direction of China's light industry market competition in 2018-2024 issued by guanyantianxia since the beginning of 2017 (closing on December 20), the light industry manufacturing industry index has dropped 12.03%, ranking in the middle of 29 first-class industries of CITIC, and 300 times in Shanghai and Shenzhen during the same period The index rose 21.76%, and the industry lost the market, and the overall performance was not as good as the market. figure: market performance% of each industry sector in 2017 (as of December 20) as of December 20, 2017, 13 industries in 29 CITIC first-class industries in A-share achieved positive returns, with good performance sectors including food and beverage, home appliances, non-banking and other industries, and light industry manufacturing industry ranked 23rd, with the trend converging with that of small and medium-sized board index. Figure: the index trend of light industry manufacturing industry in 2017 (as of December 20) the valuation level of light industry manufacturing industry in 2017 was 31.79 times, continuing to callback compared with 49.51 times in 2016, and now it has the lowest level in three years, but it is still in the middle in the CITIC first-class industry, higher than the valuation level of 300 14.17 times in Shanghai and Shenzhen. It is expected that the industry valuation will continue to adjust in 2018, and there is still a certain callback range, but the valuation is likely to fall sharplynot big. Figure: the valuation level of website various industries in 2017 (as of December 20) 2. After the rise of papermaking sector, the price of other sectors dropped significantly from the perspective of various segments, the papermaking sector began to rise sharply in June, benefiting from the impact of the rise of paper price and the tightening of environmental protection policies, and the paper sector rose sharply in October The price of printing and packaging was affected by the rise in the price of raw materials. figure: the relative performance of paper industry in 2017 figure: the relative performance of printing industry in 2017 figure: the relative performance of packaging industry in 2017 figure: the relative performance of other light industry in 2017 3. Quarterly report review: the overall performance of paper industry and household light manufacturing companies is beautiful, and the performance of packaging and printing is poor from 2017 According to the third quarter report disclosed in, the operating revenue of the light industry in the first three quarters was 202437 million yuan, a year-on-year increase of 48.07%, a year-on-year increase of 34.64 percentage points; the net profit attributable to the parent company was 18.898 billion yuan, a year-on-year increase of 65.85%, a year-on-year increase of 27.73 percentage points, and the industry's profitability was enhanced. figure: the growth rate of the industry's operating revenue in the first three quarters of 2017 increased figure: the growth rate of the industry's net profit attributable to the parent company in the first three quarters of 2017 increased from the Perspective of sub sectors, paper, printing and on your order packagingThe growth rate of revenue of the clothing and other light industry sectors has increased, among which the growth rate of revenue of the paper and other light industry sectors is relatively high, the growth rate of revenue of other light industry sectors is as high as 112.63%, and the performance of the furniture sector is better than expected, with good earnings. Under the influence of the rise of upstream raw material paper prices, printing enterprises' costs have increased, and downstream demand has weakened, resulting in a decline in profitability. The gross profit rate of paper industry has been growing steadily since 2014. In 2017, the gross profit rate reached 24.25% and the net interest rate reached 9.23%, which is 5 pct higher than last year's 4.70%. Under the joint effect of industry capacity reduction, environmental protection policy and paper price increase, the industry overcapacity was cleared, and the profitability of leading paper enterprises increased significantly. At the same time, influenced by the rise of upstream paper price, the gross profit margin of printing industry and packaging industry has declined, while that of other household light industry has increased slightly compared with that of 16 years. figure: the year-on-year growth rate of revenue in the past five years of the segment figure: the gross profit margin level of the segment in the past five years 4. Among the top 20 stocks in the growth rate of the young industry in 2017, except Chenming paper, Bohui paper, Sofia and Chenguang stationery, the rest are new shares. In addition, among the 36 stocks in the industry, the paper industry and home furnishing industry are the majority. Most of the companies in these two sectors have good profitability in 17 years, reflecting the market performance oriented investmentCapital style. Table: individual stocks in light industry and manufacturing industry (beginning of the year - December 20) source: view and research the world, please indicate the source for reprint. （ww）