证券研究报告 | 行业周报 gszqdatemark 2026 03 22 年 月 日 纺织服饰 周专题：Lululemon 发布 FY2025 年报，Q4 表现超公司预期 【本周专题】 Lululemon FY2025Q4 营收同比增长 1%，经营表现超公司预期。根据 公司披露，FY2025Q4 营收同比增长 1%至 36 亿美元（按固定汇率口径同 比持平），其中美洲业务营收同比下降 4%（按固定汇率口径下降 5%）， 国际业务营收同比增长 17%（按固定汇率口径增长 14%）。毛利同比下降 8%至 20 亿美元，毛利率同比下降 5.5pcts 至 54.9%，经营利润同比下降 22%至 8.1 亿美元，经营利润率同比下降 6.6pcts 至 22.3%。FY2025 全 财年公司营收同比增长 5%至 111 亿美元，经营利润同比下降 12%至 22 亿美元，经营利润率同比下降 3.8pcts 至 19.9%。展望 FY2026Q1 公司预 计营收为 24~24.3 亿美元，同比增长 1%~3%，FY2026 公司预计营收为 113.5~115 亿美元，同比增长 2%~4%。 分地区看： 【本周观点】 运动 ...

| 分析师： [Tabl | 糜韩杰 | 分析师： | 左琴琴 | 分析师： | 董建芳 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260521050001 | | SAC 执证号：S0260525060002 | | | SFC CE.no: BPH764 | | SFC CE.no: BSE791 | | | | | 021-38003650 | | 021-38003540 | | | | | mihanjie@gf.com.cn | | zuoqinqin@gf.com.cn | | dongjianfang@gf.com.cn | | | 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] [Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 20 日 证券研究报告 [Table_Title] 纺织服 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and others, with specific price-to-earnings (PE) ratios projected for 2026 [10][31][33]. Core Insights - The textile and apparel industry is experiencing a rebound in exports, with China's apparel and accessories export value reaching $24.87 billion in January-February 2026, a year-on-year increase of 14.8% [2][25]. - The report anticipates a gradual improvement in orders for apparel manufacturing companies in 2026, with expectations of a recovery in profit quality [1][15]. - The report highlights the resilience of the sportswear segment, projecting steady growth in Q1 2026 due to effective marketing strategies and product launches [3][31]. Summary by Sections Weekly Topic - In February 2026, major apparel manufacturers reported revenue declines, with Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group experiencing year-on-year decreases of 12.3%, 7.4%, and 5.9% respectively [1][15]. - The overall performance of apparel manufacturing is expected to remain flat in Q4 2025, with short-term profit margins under pressure due to order fluctuations and capacity ramp-up [1][15]. Weekly Insights - The sportswear segment is expected to maintain strong operational resilience, with companies like Li Ning and Anta Sports projected to see profit growth in 2026 [3][31]. - The report recommends focusing on quality stocks in the brand apparel sector, such as Bi Yin Le Fen and Hai Lan Zhi Jia, which are expected to show robust growth [32]. Industry Trends - The textile and apparel sector is witnessing a healthy inventory situation, with some brands showing strong sales performance, indicating potential for improved downstream orders [26][30]. - The report emphasizes the importance of monitoring international trade relations and consumer behavior, which could impact order trends for manufacturers [33]. Key Companies - Recommended companies include: - Li Ning: Expected net profit growth of 5.8% in 2026, with a PE ratio of 15 [31]. - Anta Sports: Projected net profit growth of 6.4% in 2026, with a PE ratio of 14 [31]. - Shenzhou International: Valued at a PE of 10 for 2026 [33]. - Wei Xing Co.: Recommended for its strong order trends, with a PE of 17 [33].

公司研究 [Table_ReportType] 公司点评报告 [伟Ta星bl股e_份Sto(c0k0A2n0d0Ra3n.kS]Z) [姜Ta文b镪le_新Au消th费o行r]业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘田田 纺织服饰行业联席首席分析师 执业编号：S1500525120001 邮箱：liutiantian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 [Table_Title] 伟星股份：收入稳健修复，利润端短期承压 [Table_ReportDate] 2026 年 3 月 11 日 投资评级 上次评级 事件：公司发布 2025 年业绩快报，全年实现营业总收入 47.87 亿元，同 比增长 2.41%；归母净利润为 6.42 亿元，同比下降 8.38%；扣非净利润 6.26 亿元，同比下降 9.09%。单季度看，2025 年 Q4 营业收入 11.54 亿 元，同比增长 5.5%，环比提速明 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]

[Table_Page] 公告点评|纺织服饰 证券研究报告 [Table_Title] 伟星股份（002003.SZ） 25Q4 收入增速回升，看好 26 年收入利润有望双增长 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 3,907 | 4,674 | 4,787 | 5,237 | 5,749 | | 增长率（ % ） | 7.7% | 19.7% | 2.4% | 9.4% | 9.8% | | EBITDA | 914 | 1,144 | 1,134 | 1,280 | 1,443 | | 归母净利润 | 558 | 700 | 643 | 730 | 836 | | 增长率（ % ） | 14.2% | 25.5% | -8.2% | 13.6% | 14.4% | | EPS（元/股） | 0.48 | 0.60 | 0.54 ...

Group 1: Industry Outlook - The company maintains a cautious outlook on industry recovery in the short term due to the current international trade environment and consumer sentiment, despite recent improvements in order intake [1] - In the long term, the company is optimistic about its development prospects and will continue to focus on its core business of apparel accessories, enhancing brand influence and product competitiveness [1] Group 2: Customer Base and Growth - Incremental growth is expected to primarily come from existing customers, as establishing new brand partnerships typically requires years of effort [1] - The company aims to deepen cooperation with existing clients while actively seeking new brand customers to ensure stable long-term development [1] Group 3: Product Segments - There is significant market potential for both buttons and zippers, with zippers having broader application scenarios beyond clothing, including sports, outdoor, and home textiles [1] - The company is more optimistic about the long-term growth of the zipper segment [1] Group 4: Financial Performance - The company reported a notable increase in foreign exchange losses due to currency fluctuations, which, combined with rising fixed costs, led to a decline in profit metrics despite slight revenue growth [2] - The pricing model is based on a cost-plus approach, allowing for reasonable pricing adjustments in response to raw material cost increases [3] Group 5: Competitive Landscape - The apparel accessories industry is highly competitive, with price competition being a normal business practice; however, mid-to-high-end brand clients prioritize product development capabilities, delivery times, and service over price [4] Group 6: Profitability and Expenses - The company's gross margin is influenced by various factors, including raw material costs and product structure, with a commitment to sustainable development rather than solely pursuing high margins [5] - Sales expenses have increased due to expanded international market efforts, and while total sales expenses are expected to grow, the sales expense ratio is anticipated to remain stable [6] Group 7: Employee Incentives - The company has established a comprehensive performance evaluation and compensation management system, adhering to principles of merit-based pay and implementing a phased equity incentive plan to enhance employee motivation [7] Group 8: Dividend Policy - The company follows a sustainable development and win-win philosophy in its dividend policy, considering annual profit conditions, future development needs, and shareholder preferences when formulating profit distribution plans [9]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨伟星股份（002003.SZ） [Table_Title] 伟星股份业绩快报点评：汇兑拖累业绩，开年订 单强劲 报告要点 [Table_Summary] 伟星股份发布 2025 年业绩快报，2025 年实现营收 47.9 亿元，同比+2.4%，归母净利润 6.4 亿 元，同比-8.4%，扣非归母净利润 6.3 亿元，同比-9.1%；其中单 Q4 实现收入 11.5 亿元，同比 +5.5%，归母净利润 0.6 亿元，同比-24.0%，扣非归母净利润 0.5 亿元，同比-32.6%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 伟星股份（002003.SZ） cjzqdt11111 [Table_Title 伟星股份业绩快报点评：汇兑拖累业绩，开年订 2] 单强劲 [Table_Summary2] 事件描述 伟星股份发布 2025 年业绩快 ...

投资者关系活动记录表 编号：2026-005 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | √现场参观 □其他： | | | 信达澳亚基金：李博、杨岚 | | | 永安国富：郑希涛 | | 参与单位名称及 | 浙江纳轩：张青云 | | 人员姓名 | 中信证券：冯重光、郑一鸣、郑逸坤、陆余津、许慧敏 | | | 招商证券：刘丽、唐圣炀 | | | 银河证券：郝帅、艾菲拉 | | 时间 | 2026 年 3 月 3 日 | | 地点 | 临海 | | 上市公司接待人 员姓名 | 谢瑾琨、黄志强、郑婷燕、邱逸远 | | | 1、公司已披露 2025 年度业绩快报，为什么利润增速低于营收增速？ | | | 答：2025 年营收略有增长，但各项利润指标有所下滑，主要系一方面受汇率 | | | 波动导致汇兑净损失明显增加，以及因募集资金投入增加及利率下行等导致利息 | | | 收入减少的综合影响，使得财务费用大幅增加；另一方面因固定资产增加导致折 | | | 旧上升以及其他固定费用增加，使得本 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company reported a revenue of 4.79 billion yuan for 2025, reflecting a year-over-year growth of 2.41%, while the net profit attributable to shareholders decreased by 8.38% to 640 million yuan [5][6] - The decline in profit is attributed to significant foreign exchange losses, increased financial expenses due to reduced interest income, and higher depreciation costs from increased fixed assets [5] - The company has implemented a new stock incentive plan, indicating confidence in future growth, with projected net profit growth rates of no less than 16.52%, 24.22%, and 33.84% for the years 2026 to 2028 [5][6] - The company has seen an improvement in order intake in Q4 2025, supported by winter clothing replenishment, and expects this trend to continue into Q1 2026 [6] - The overseas factories in Bangladesh and Vietnam are performing well, with significant growth in orders and revenue, although capacity ramp-up will take time [6] Summary by Relevant Sections Financial Performance - In Q4 2025, the company achieved a revenue of 1.15 billion yuan, with a year-over-year increase of 5.5%, while net profit decreased by 24% to 60 million yuan [5][6] - The company's net profit margin for 2025 was 13.4%, down 1.6 percentage points year-over-year [5] Profit Forecast - The company forecasts revenues of 4.79 billion yuan for 2025, with a projected net profit of 641.63 million yuan, reflecting a year-over-year decline of 8.38% [7] - Expected growth rates for net profit are 13.01% and 13.49% for 2026 and 2027, respectively [7]