行 业 及 产 业 2025 年 05 月 11 日 行 业 研 究 / 行 业 看好 ——纺织服装行业周报 20250511 相关研究 《业绩收官表现分化，运动及户外产业链 景 气 占 优 — — 纺 织 服 装 行 业 周 报 20250505》 2025/05/06 《国货家纺彰显红利本色，优质制造迎来 超 跌 反 弹 — — 纺 织 服 装 行 业 周 报 20250427》 2025/04/27 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com ⚫ 本周纺织服饰板块表现强于市场。5 月 6-9 日，SW 纺织服饰指数上涨 3.5%，跑赢 SW 全 A 指数 1.2pct。其中，SW 服装家纺指数上涨 2.7%，跑赢 SW 全 A 指数 0.4pct；SW 纺织制造指数上涨 5.4%，跑赢 SW 全 A ...

分地区和业务模式来看： 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 纺织服饰 周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 纺织服饰 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 分地区和业务模式来看： ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 05 06 年 月 日 纺织服饰 行业总结：2024 年纺织制造修复，2025 年关注优质品牌 服饰品牌：2024 年利润承压，2025Q1 降幅收窄，期待后续修复。品牌服饰（仅 A 股）重 点公司 2024 年收入同比-2.2%/归母净利润同比-24.1%（其中 Q2~Q4 利润下滑幅度相对较 大），2025Q1 收入同比-2.6%/归母净利润同比-9.7%。1）盈利能力：利润下滑幅度大于收 入，主要系零售承压背景下负向经营杠杆显现，费用率同比提升。2）营运表现：存货同比增 加（主要系 2024 秋冬货品增加），库龄相对健康，折扣压力可控，毛利率稳中有升（品牌服 饰重点公司2024年毛利率为同比+0.4pct 至56.8%/2025Q1毛利率同比+1.1pct 至57.4%）。 3）现金流与分红：2024 年大部分品牌商现金流匹配业绩表现，分红比例保持较高水平。 服饰制造：过去收入平稳增长、业绩表现卓越，当下关税冲击或加速格局优化。纺织制造重 点公司 2024 年收入同比+6.4%/归母净利润增长 26.9%，产能利用率提升驱动盈利质量改 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a sales revenue of RMB 28,662,938, an increase of 14.3% from RMB 24,969,792 in 2023[8] - The company's profit before tax for 2024 was RMB 7,163,778, representing a 43.5% increase compared to RMB 4,995,501 in 2023[8] - The net profit for 2024 was RMB 6,240,581, up 37.0% from RMB 4,557,263 in 2023[8] - The gross profit margin improved to 28.1% in 2024, compared to 24.3% in 2023[8] - The group’s overall revenue and operating performance returned to growth, achieving a new high in 2024[12] - The company achieved a sales revenue of approximately RMB 28,662,938,000 for the fiscal year 2024, representing an increase of about 14.8% compared to the previous year[28] - Gross profit for the year was approximately RMB 8,054,897,000, up about 32.9% year-on-year, with a gross margin improvement of 3.8 percentage points to 28.1%[28] - Net profit attributable to the parent company was approximately RMB 6,240,581,000, reflecting a year-on-year increase of about 36.9%[28] - The company reported a total comprehensive income of RMB 6,171,766 thousand for 2024, compared to RMB 4,566,558 thousand in 2023, reflecting overall financial health[166] Market and Sales Performance - Sales from the sports category accounted for 69.1% of total sales in 2024, amounting to RMB 19,799,350[9] - Domestic sales in China reached RMB 8,061,175, representing 28.1% of total sales in 2024[10] - The group's sales in the domestic market of China increased by 13.2% year-on-year, with apparel sales amounting to approximately RMB 7,870,002,000, up from RMB 6,964,278,000, representing a growth of about RMB 905,724,000 or 13.0%[34] - Sales of sports products reached approximately RMB 19,799,350,000, an increase of about 9.8% from the previous year, driven by demand in the mainland China and U.S. markets[30] - Sales of casual products increased by approximately 27.1% to RMB 7,207,239,000, primarily due to rising demand in the Japanese market[30] - The company’s sales in the Japanese market grew by approximately 31.5% to RMB 4,834,111,000, attributed to increased demand for casual and lingerie products[33] Production and Capacity - The company produced 5.5 billion garments in 2024, maintaining its capacity to produce 250,000 tons of fabric annually[4] - The group initiated the construction of a second fabric factory in Vietnam and plans to start hiring for a new garment factory in Phnom Penh, Cambodia, to expand production capacity[11] - The company plans to start recruiting for its new garment factory in Phnom Penh, Cambodia, in March 2025, with an expected workforce of around 6,000 employees[26] Assets and Financial Health - The company’s total assets increased to RMB 53,107,848 in 2024, up from RMB 48,611,137 in 2023[8] - The current ratio improved to 2.3 in 2024, compared to 2.1 in 2023, indicating better short-term financial health[8] - As of December 31, 2024, the equity attributable to the owners of the parent company was approximately RMB 35,852,895,000, an increase from RMB 32,867,316,000 in the previous year[36] - The net cash generated from operating activities was approximately RMB 5,272,964,000, slightly up from RMB 5,226,525,000 in the previous year, with cash and cash equivalents totaling approximately RMB 10,868,830,000[37] - The net debt (bank borrowings minus cash and cash equivalents) increased to approximately RMB 1,949,734,000 from RMB 507,515,000, primarily due to an increase in time deposits over three months[38] Corporate Governance - The company has adhered to all corporate governance codes as of December 31, 2024[54] - The board consists of five executive directors and four independent non-executive directors, with independent non-executive directors accounting for approximately 44.4% of the board members[64] - The company has implemented a shareholder communication policy to ensure that shareholder views and concerns are appropriately addressed[60] - The board has a clear division of responsibilities, with the chairman managing board operations and the co-CEOs overseeing daily business operations[63] - The company provides ongoing professional development for directors to enhance their knowledge and skills in accordance with corporate governance codes[57] Sustainability and Innovation - The group is committed to promoting green and low-carbon transformation, enhancing production efficiency through digitalization and automation[12] - The company aims to enhance production efficiency through automation and AI applications, focusing on reducing training periods and improving employee comfort[51] - The company is committed to sustainable development through smart manufacturing and digital transformation to drive industry upgrades[52] Dividends and Shareholder Returns - The company reported a final dividend of HKD 1.28 per share, equivalent to approximately RMB 1.19, subject to shareholder approval[107] - The interim dividend for the six months ended June 30, 2024, was declared at HKD 1.25 per share, compared to HKD 0.95 per share for the same period last year[107] - The company will consider the group's profitability, financial condition, investment requirements, and future prospects when deciding on dividend distribution[110] Risk Management and Compliance - The company has implemented a risk management system aimed at improving operational efficiency and ensuring asset safety, while managing significant risks rather than eliminating them[75] - The internal audit department plays a key role in governance, reporting directly to the chairman and regularly reviewing business processes[75] - The company has established compliance procedures to ensure adherence to applicable laws and regulations[142] Future Outlook - The company anticipates a high capacity utilization rate in 2025, supported by the gradual release of new capacity in overseas bases[52] - The company plans to increase R&D investment in new fabrics and emphasize the application of new materials and processes to diversify product offerings[51]

金融界4月21日消息，上证指数低开高走，中证沪港深新生代消费主题指数 (SHS新生代消费，931765) 报1719.01点。 本文源自：金融界 作者：行情君 从中证沪港深新生代消费主题指数持仓样本的行业来看，可选消费占比41.55%、通信服务占比 33.35%、信息技术占比19.59%、主要消费占比3.85%、医药卫生占比1.64%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范 围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 数据统计显示，中证沪港深新生代消费主题指数近一个月下跌16.03%，近三个月上涨9.98%，年至今上 涨5.99%。 据了解，中证沪港深新生代消费主题指数从内地与香港市场上市公司中，选取食品饮料、服饰装扮、休 闲娱乐以及其它生活用品及服务等领域中符合新生 ...

证 券 研 究 报 告 申洲国际（02313）2024 年报点评 强推（维持） 2024 年顺利收官，收入利润表现亮眼 目标价：82.50 港元 事项： ❖ 公司公布 2024 年年报。2024 年，公司实现营收 286.6 亿元，同比+14.8%，归 母净利润 62.4 亿元，同比+36.9%。公司 24 年末派息 1.28 港元/股，考虑中期 股息，全年累计派息 2.53 港元/股，派息比例为 55.8%，按 4 月 11 日收盘价 计，对应股息率 5.2%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,663 | 32,147 | 35,564 | 38,825 | | 同比增速(%) | 14.7% | 12.2% | 10.6% | 9.2% | | 归母净利润(百万) | 6,241 | 6,631 | 7,431 | 8,231 | | 同比增速(%) | 36.9% | 6.3% | 12.1% | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][5]. Core Views - The controlling shareholder, Mr. Ma, has increased his stake in the company by 450,000 shares, bringing his total holdings to 637 million shares, which represents 42.39% of the company [1]. - The changes in tariffs are seen as a potential opportunity for the company to enhance its market share, with a short-term impact on the supply chain [2][3]. - The company is expected to maintain a high capacity utilization rate and continue its positive development momentum, with plans to optimize its overseas production bases and improve supply chain efficiency [4]. Summary by Sections - **Shareholder Activity**: Mr. Ma Jianrong has increased his holdings by 450,000 shares, totaling 637 million shares, or 42.39% of the company [1]. - **Tariff Impact**: The report suggests that while the supply chain may bear some tariff costs in the short term, the long-term outlook for leading supply chains is positive, with potential for increased market share and profitability [2][3]. - **Operational Strategy**: The company plans to enhance its production capabilities and market responsiveness by optimizing its overseas bases, investing in new materials, and diversifying its product offerings to meet consumer demand [4]. - **Financial Forecast**: The report maintains its earnings forecast, projecting revenues of 32.4 billion RMB, 36.6 billion RMB, and 41.3 billion RMB for 2025-2027, with net profits of 6.6 billion RMB, 7.4 billion RMB, and 8.4 billion RMB respectively [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 65.17 based on a PE of 14 times for 2025, which is considered the lowest level in the past decade [5]. Core Viewpoints - The company is one of the largest vertically integrated knitwear manufacturers globally, with strong profitability driven by several advantages, including robust R&D capabilities, integrated production efficiency, and diversified overseas factory layout [2]. - The company has a manageable risk profile regarding tariffs, with only 16% of its exports going to the U.S., and potential tariff impacts on overall orders estimated to be less than 3% [3]. - The company is expected to benefit from the recovery of major clients, with positive trends in orders from Uniqlo, Adidas, and Nike, indicating a favorable short-term outlook [4]. Summary by Sections Company Highlights - The company has established long-term partnerships with major global brands such as Nike, Uniqlo, and Adidas, enhancing its market position [15]. - In 2024, the company is projected to achieve revenue of CNY 28.66 billion, a year-on-year increase of 14.79%, and a net profit of CNY 6.24 billion, up 36.94% [15]. Investment Logic - The company’s diversified production capacity and collaboration with major clients provide a competitive edge, with the potential to increase market share amid industry disruptions [3]. - The company's management has shown confidence in its future by increasing their shareholdings during recent market fluctuations [3][4]. Short-term Orders - The company is expected to see improved order conditions due to the recovery of its core clients, with Uniqlo and Adidas showing positive sales trends [4]. - The long-term market share is anticipated to grow as major clients focus on core suppliers, reducing the number of suppliers they work with [4]. Profit Forecast, Valuation, and Rating - The company’s EPS is projected to be CNY 4.39, CNY 4.91, and CNY 5.48 for 2025, 2026, and 2027 respectively, with a PE ratio of 11 times for 2025 [5]. - The report indicates that the company’s recent stock price decline presents a buying opportunity, with a target valuation based on a PE of 14 times for 2025 [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 65.17 based on a PE of 14 times for 2025, which is considered the lowest level in the past decade [5]. Core Views - The company is recognized as one of the largest vertically integrated knitwear manufacturers globally, with a strong client base including Nike, Uniqlo, and Adidas. Its high profitability is attributed to several advantages, including strong R&D capabilities, integrated production efficiency, and diversified overseas factory locations [2][15]. - The company is expected to benefit from the recovery of major clients, leading to improved order conditions. The long-term market share is anticipated to grow as major clients focus on core suppliers, reducing the number of suppliers [4][11]. Summary by Sections Company Highlights - The company has established itself as a leading vertically integrated knitwear manufacturer, with a significant portion of its production in China, Vietnam, and Cambodia, accounting for 47%, 27%, and 26% of capacity respectively [2][55]. - The company achieved a revenue of RMB 28.66 billion in 2024, reflecting a year-on-year growth of 14.79%, and a net profit of RMB 6.24 billion, up 36.94% [15][25]. Investment Logic - The company has a manageable risk profile compared to its peers, with only 16% of its exports going to the U.S. The potential impact of tariffs is estimated to be less than 3% on overall orders [3][63]. - The recent tariff situation is expected to accelerate the exit of smaller competitors, allowing the company to capture additional market share due to its stronger financial and operational resilience [3][64]. Short-term Orders - The company is optimistic about order improvements from its four major clients, with Uniqlo and Adidas showing positive trends. Adidas is expected to recover its brand strength, which will benefit the company [4][11]. - The long-term market share is projected to increase as major clients reduce their supplier base, enhancing operational efficiency [4][11]. Profit Forecast, Valuation, and Rating - The company’s EPS is forecasted to be RMB 4.39, RMB 4.91, and RMB 5.48 for 2025, 2026, and 2027 respectively, with a PE of 11 times for 2025, indicating a significant valuation opportunity [5][9]. - The report suggests that the recent stock price decline presents a buying opportunity, with a target price set at HKD 65.17 [5].