Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The gradual elimination of uncertainties due to trade friction is expected to create investment opportunities for leading textile manufacturing companies with high-quality overseas production capacity and strong vertical integration [4][8] - The preliminary trade agreement between the US and Vietnam is seen as a positive development, with expected lower tariff rates than previously anticipated, which will benefit textile and apparel export companies [8] - The report emphasizes that the trade friction will not diminish the global competitiveness of China's textile and apparel industry but will instead enhance the risk resistance and global management capabilities of true industry leaders [8] Summary by Sections Investment Suggestions and Targets - The report recommends focusing on leading companies such as Shenzhou International (02313, Buy), Huayi Group (300979, Buy), and Weixing Co., Ltd. (002003, Buy) for investment opportunities in the second half of the year [4] - Other companies to watch include Bailun Oriental (601339, Not Rated), Jingyuan International (02232, Not Rated), and Jiansheng Group (603558, Not Rated) [4] Trade Agreement Insights - The US-Vietnam preliminary trade agreement is expected to result in a 20% tariff on Vietnamese exports, which is better than the previously proposed 46% [8] - Vietnam has become a significant supplier of textiles and apparel to the US, with exports totaling nearly $137 billion last year, making it the largest supplier after China [8] - The report anticipates that other Southeast Asian countries will also benefit from favorable tariff levels, which will enhance their export competitiveness [8] Industry Development Implications - The report highlights the positive implications of reduced trade uncertainties for the normal development of the industry and the timely execution of orders by major clients [8] - Companies that have completed overseas capacity layouts and possess high vertical integration are expected to perform better in the current environment [8]

Investment Rating - The textile and apparel industry is rated positively, with a focus on new growth directions due to the recovery of domestic demand in 2025 [2][10]. Core Insights - The textile and apparel sector underperformed the market recently, with the SW textile and apparel index dropping by 5.1% from June 16 to June 20, lagging behind the SW All A index by 3.9 percentage points [1][3]. - Recent industry data shows a 3.1% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 493.9 billion yuan from January to April 2025 [2][23]. - Exports of textiles and apparel from January to May 2025 reached 116.67 billion USD, a 1.0% increase year-on-year, with specific categories showing varied performance [2][27]. Summary by Sections Textile Sector - The textile export performance from China and Vietnam showed a decline in May, with China's textile and apparel exports amounting to 26.21 billion USD, a 0.6% year-on-year increase [7][27]. - The U.S. International Trade Court ruled against unilateral tariff increases, which may positively impact the textile sector by easing trade barriers [7][8]. - Short-term opportunities are identified in companies like Weixing and Xin'ao, which are expected to benefit from improved export conditions [8][10]. Apparel Sector - The 618 shopping festival reported significant growth, with Tmall's GMV increasing by 10% year-on-year and JD's user orders more than doubling [9][10]. - Notable brands like FILA and Nike continue to dominate the sports and outdoor categories, with FILA leading in sales during the festival [9][10]. - The report emphasizes the importance of domestic demand recovery as a key investment theme for 2025, highlighting potential growth in high-performance sports apparel and home textiles [10][39]. Market Dynamics - The cotton price index showed a slight increase in domestic prices, while international cotton prices experienced a decline [35][36]. - The report notes a significant shift in consumer behavior towards high-quality growth and simplified purchasing processes during major sales events [9][10]. - The overall textile and apparel market is expected to see structural investment opportunities rather than broad-based recovery, focusing on quality brands and innovative products [8][10].

Core Viewpoint - Goldman Sachs economists predict that the RMB/USD exchange rate will reach 7.20, 7.10, and 7.00 in three, six, and twelve months respectively, indicating a potential appreciation of 3% over the next twelve months [1] Group 1: Companies Likely to Benefit from RMB Appreciation - The list of Hong Kong-listed companies that may benefit from RMB appreciation includes: GDS Holdings Limited (09698), Zijin Mining Group (02899), China Jinmao Holdings Group (00817), Dongyue Group (00189), China Southern Airlines (01055), Baidu Group (09888), China Feihe (06186), and Tencent Holdings (00700) [1] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume (ADVT) exceeding $5 million 2) Industries reliant on USD imports, such as aviation, petrochemicals, construction, staple foods, and tourism, or having over 20% of debt in USD 3) Overseas revenue exposure below 30% 4) No foreign exchange gains during the RMB depreciation period in 2024 5) Low correlation of returns with exchange rate fluctuations [1] Group 2: Companies Likely to Underperform in RMB Appreciation - The list of Hong Kong-listed companies that may underperform during RMB appreciation includes: Haier Smart Home (06690), PetroChina Company Limited (00857), WuXi AppTec (03933), ASMPT Limited (00522), Yue Yuen Industrial Holdings (00551), Sinotruk (Hong Kong) Limited (03808), Shenzhou International Group Holdings Limited (02313), and Minth Group Limited (00425) [2] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume exceeding $5 million 2) Overseas revenue exposure exceeding 30% 3) USD debt level below 5% 4) No foreign exchange losses during the RMB depreciation period in 2024 5) High correlation of returns with exchange rate fluctuations [2]

Group 1 - Nike plans to implement a price increase on a wide range of products, with shoes priced between $100 and $150 increasing by $5, and those over $150 increasing by $10, expected to take effect as early as this week [1] - The People's Bank of China and other departments issued guidelines to enhance financial support for the sports industry, focusing on the financial needs of sports goods manufacturing and service sectors [1] - Morgan Stanley reported a mild improvement in demand for sports apparel in China since the beginning of the year, with expectations of inventory clearance by Q2 2025 leading to a price recovery in the industry [1] Group 2 - Emerging markets have become a new growth engine for the global footwear and apparel market, with domestic brands rapidly gaining market share, particularly in the sports footwear sector [2] - In 2022, China's sports footwear market CR10 increased by 18.6% from 2015 to 36.8%, indicating a concentration of market share among leading brands [2] - Domestic brands are experiencing growth due to changing consumer preferences, while international brands are losing market share [2] Group 3 - Relevant concept stocks in the sports industry include Anta Sports (02020), Li Ning (02331), Xtep International (01368), and Tabo (06110) [3] - The manufacturing partner mentioned is Shenzhou International (02313) [3]

Investment Rating - The industry maintains a "Buy" rating for key companies such as Anta Sports, Shenzhou International, and others, with specific PE ratios projected for 2025 [4][36][37] Core Views - The apparel manufacturing sector shows stable revenue trends, with companies like Yuyuan Group and Ruo Hong reporting year-on-year revenue growth of 10.5% and 18.2% respectively for April 2025 [1][12] - Vietnam's textile and footwear exports have seen significant growth, with April 2025 figures showing a 20% increase in textile and a 27% increase in footwear exports year-on-year [19][27] - The report emphasizes the importance of monitoring international trade policies and their impact on the industry, particularly in light of recent tariff changes [3][36] Summary by Sections Weekly Topic - Apparel manufacturing companies reported stable revenue trends for April 2025, with Yuyuan Group and Ruo Hong showing healthy growth [1][12] - Vietnam's textile and footwear exports are performing well, while China's related product exports are relatively weak [19][27] Weekly Insights - Focus on robust brands with solid fundamentals, anticipating performance recovery and valuation improvement in 2025 [2][35] - The sportswear segment is expected to benefit from national policy support and increased participation in sports activities [2][35] Industry Overview - The apparel manufacturing sector is experiencing short-term stock price impacts due to tariff events, but long-term leaders with integrated and international supply chains are expected to gain market share [3][36] - Key companies to watch include Shenzhou International, Huayi Group, and Weixing Co., with projected PE ratios for 2025 of 12, 15, and 18 respectively [34][36] Recent Reports - The textile manufacturing sector is expected to recover in 2024, with a focus on quality brands in 2025 [8][36] - The jewelry sector is also showing signs of recovery, with retail sales of gold and silver jewelry increasing by 6.9% in early 2025 [3][36]

Core Insights - Uniqlo's strategy in China focuses on local market engagement and product localization, as evidenced by the launch of exclusive products in Chengdu [2][5][6] - The opening of the flagship store in Chengdu highlights the city's strong consumer potential and Uniqlo's commitment to expanding its presence in China [3][4][6] - Uniqlo's collaboration with local brands and cultural elements reflects its adaptation to the Chinese market, enhancing its appeal among consumers [5][7][8] Company Expansion - Since entering the Chinese market in 2002, Uniqlo has expanded to over 900 stores across various city tiers, demonstrating a robust growth strategy [3][6] - The company plans to open additional flagship stores in cities like Changsha and Kunming, indicating a targeted approach to market penetration [5][6] Product Localization - Uniqlo has introduced localized products, such as the "mini dumpling bag" and exclusive Chengdu-themed items, to better connect with local consumers [5][6] - The integration of local cultural elements into product design, such as Sichuan motifs, showcases Uniqlo's commitment to regional customization [4][5] Supply Chain Collaboration - Uniqlo's success in China is closely tied to its collaboration with local suppliers, particularly Shenzhou International, which has grown significantly alongside Uniqlo [6][7][8] - Shenzhou International's recent financial performance, with a revenue of 28.663 billion yuan and a net profit of 6.241 billion yuan, underscores the strength of this partnership [7][8]

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and Bosideng, with a recommendation to focus on high-quality brands and companies with strong fundamentals [5][10][28]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes the resilience of the sportswear sector, projecting a revenue growth of 4.4% and a net profit decline of only 0.6% for key apparel companies in 2024, with a stronger recovery anticipated in 2025 [4][26]. - The DTC (Direct-to-Consumer) business showed robust growth, with a 12% increase in revenue to €550 million, while wholesale revenue declined by 3.6% [3][20]. Summary by Sections Puma's Q1 2025 Performance - Revenue increased by 0.1% to €2.076 billion, with a slight decline in gross margin by 0.6 percentage points to 47% [1][15]. - Operating profit fell by 63.7% to €6 million, and net profit dropped by 99.5% to €500,000, attributed to economic volatility [1][15]. - Inventory rose by 16.3% to €2.08 billion, mainly due to increased in-transit stock [1][15]. Regional and Business Model Analysis - EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to a 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% decline to €430 million, with a notable 17.7% drop in Greater China [2][20]. - The company is adapting to US tariff issues by optimizing product sourcing and reallocating production [2][20]. DTC and Wholesale Business Performance - DTC revenue increased by 12% to €550 million, with e-commerce growing by 17.3% and self-operated retail stores by 8.9% [3][20]. - Wholesale revenue decreased by 3.6% to €1.53 billion, driven by weak demand in the US and China [3][20]. Industry Outlook - The report suggests focusing on brands with solid fundamentals and anticipating a recovery in 2025, with the sportswear sector expected to benefit from government policies and increased consumer participation in sports [4][26]. - Recommendations include companies like Anta Sports, Tabo, and Bosideng, which are projected to have strong earnings growth and attractive valuations [28][29].

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and others, indicating a positive outlook for investment opportunities [10][29]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes a focus on robust fundamentals and high-quality brands in the apparel and home textiles sector, anticipating performance recovery and valuation improvement in 2025 [4][26]. - The sportswear segment is expected to benefit from national policy support and increased participation in sports, with a projected revenue growth of 8.7% for key companies in 2024 [4][26]. Summary by Sections Regional and Business Model Analysis - In Q1 2025, EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to an 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% revenue decline to €430 million, largely attributed to a 17.7% drop in Greater China sales [2][20]. Business Performance - Wholesale revenue decreased by 3.6% to €1.53 billion, while Direct-to-Consumer (DTC) revenue increased by 12% to €550 million, with e-commerce growing by 17.3% [3][22]. - DTC revenue now accounts for 26.3% of total revenue, up 2.8 percentage points year-on-year [3][22]. Key Recommendations - The report recommends focusing on companies with strong fundamentals, such as Anta Sports and Tabo, which have shown significant revenue growth in Q1 2025 [28]. - Other recommended companies include Hailan Home, which is expanding its business successfully, and Bosideng, which is expected to achieve good performance in FY2025 [28][29]. - In the home textiles sector, Luolai Life is highlighted for its strong performance, with a projected net profit growth of 20% in 2025 [28][29].

Investment Rating - The industry maintains a rating of "Add" [6] Core Viewpoints - The textile and apparel industry is expected to recover in 2024, with a focus on quality brands in 2025. The apparel brands are projected to face profit pressure in 2024, with a slight improvement anticipated in Q1 2025 [1][4] - The textile manufacturing sector shows stable growth, with a significant profit increase driven by improved capacity utilization. The impact of recent tariff changes may accelerate industry optimization in the medium to long term [2][4] - The gold and jewelry sector exhibits performance divergence, with brands that focus on store expansion and product differentiation outperforming the industry average [3][4] Summary by Sections 1. Apparel Brands - In 2024, the revenue of key apparel companies (A-shares only) is expected to decline by 2.2%, with a net profit drop of 24.1%. The decline in profit is more significant than revenue due to negative operating leverage and increased expense ratios [1][21] - The gross margin for key apparel companies is projected to increase by 0.4 percentage points to 56.8% in 2024, with a further increase of 1.1 percentage points to 57.4% in Q1 2025 [1][33] - Cash flow for most brands in 2024 is expected to align with performance, maintaining a high dividend payout ratio [1][49] 2. Textile Manufacturing - The textile manufacturing sector is projected to see a revenue increase of 6.4% and a net profit growth of 26.9% in 2024, with leading companies like Shenzhou International and Huayi Group showing revenue growth rates of 15% and 19% respectively [2][4] - The revenue growth for key textile manufacturing companies is expected to slow down in Q4 2024 and Q1 2025 due to high base effects, but overall performance remains stable [2][4] - The sector is expected to benefit from a more integrated and internationalized supply chain, particularly for leading companies [2][4] 3. Gold and Jewelry - The gold and jewelry sector is expected to see a revenue decline of 1.7% in 2024, with a net profit increase of 3.6%. Companies with strong product differentiation and store expansion strategies are likely to outperform [3][4] - The consumption of gold jewelry is projected to decrease by 25% in 2024, while the demand for gold bars and coins is expected to rise by 25% [3][4] 4. Investment Recommendations - For apparel brands, recommended stocks include Anta Sports, with a projected PE of 18 times for 2025, and other companies like Tabo, Weigao Medical, and Hailan Home, with varying PE ratios [4][9] - In textile manufacturing, recommended stocks include Shenzhou International and Huayi Group, with projected PE ratios of 11 and 15 times respectively for 2025 [4][9] - In the gold and jewelry sector, companies like Chow Tai Fook and Chaohongji are highlighted, with projected PE ratios of 16 and 18 times for 2025 [4][9]

中证智能财讯 申洲国际（02313）4月23日披露2024年度报告。报告期内，公司实现营业总收入298.98亿元，同比增长14.88%；归母净利润62.41亿元，同比 增长36.94%；经营活动产生的现金流量净额为52.73亿元，同比增长0.89%；据报告显示，申洲国际基本每股收益为4.15元，加权平均净资产收益率为 17.97%。公司2024年分配预案为：每股派息1.28港元相当于1.19元人民币。 以4月23日收盘价计算，申洲国际目前市盈率（TTM）约11.72倍，市净率（TTM）约2.04倍，市销率（TTM）约2.55倍。 市盈率(TTM)历史分位(%) 100 09:83 95.42 ଛି ୨୦ 9101 88a74 87a55 80 7461 70 63b53 60 50 40 30 20 10 0 2019-12-37 1 1-12-37 J-12-37 2n- 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 001 900 09:66 97.02 -89-85 04-84 80 76.36 70 6779 64-12 60 50 50.33 40 30 20 10 0 2019-12- ...