2025年05月21日 证券研究报告 | 纺织服装2024年报&25一季报总结 消费稳中求变，制造静观其变 行业研究 · 行业专题 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 板块总结：纺织制造延续景气，服装家纺增长放缓。1）2024年：纺织制造板块受益于下游库存优化和订单反弹，收入同比+13.7%， 毛利率提升1.5pct至16.2%，产能利用率改善驱动盈利修复。服装家纺板块受消费疲软和刚性费用拖累，收入增速放缓至1.0%，净利 率大幅下滑4.6pct至2.3%。2）季度趋势：2024Q4：纺织制造收入维持双位数增长（+14.1%），服装家纺收入降幅收窄（-1.1%）； 2025Q1：纺织制造增速放缓但仍稳健（+8.2%），服装家纺春装销售承压（收入-5.1%）但 ...

Core Insights - Ying's Holdings initiated its IPO counseling on February 25, 2025, after previously withdrawing its IPO counseling filing on December 16, 2024 [1] - The company focuses on meeting the nutritional care needs of infants and young children in China, operating in two main business segments: infant food and hygiene products [1] - In 2024, Ying's Holdings reported a revenue of 1.974 billion yuan, representing a year-on-year growth of 12.29%, while its net profit attributable to shareholders decreased by 4.36% to 211 million yuan [1] Company Overview - Ying's Holdings was established on October 20, 2014, with a registered capital of 150.53 million yuan [2] - The company has no controlling shareholder; the actual controllers are Ma Wenbin, Wan Jianming, and Peng Min, who collectively control 52.02% of the company [2][3] - The company is classified under the manufacturing industry and is set to be listed on the National SME Share Transfer System with the stock code 874431 [2] Management Team - Ma Wenbin, born in June 1970, serves as the Chairman and General Manager of Ying's Holdings, with a background in industrial and decorative design [2][4] - Wan Jianming, born in July 1978, is the Vice Chairman and Deputy General Manager, holding a graduate diploma in integrated marketing communication [2][5] - Peng Min, born in November 1978, is a Director and Deputy General Manager, with a master's degree in business administration [2][5] - Yi Jia serves as the Board Secretary, with a background in law and experience in various administrative roles [6][7]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported Q1 2025 earnings with revenue of 980 million yuan, a year-on-year increase of 22%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year increase of 29%, significantly exceeding expectations [2][6]. - The revenue performance exceeded expectations primarily due to timing differences in order receipt and revenue recognition, with a gross margin increase of 0.9 percentage points to 38.8% [10]. - Despite short-term order pressure, the full-year guidance remains unchanged, with expectations for net profits of 750 million, 850 million, and 950 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 7%, 13%, and 12% [10]. Summary by Sections Financial Performance - Q1 2025 revenue was 980 million yuan, up 22% year-on-year, and net profit was 100 million yuan, up 29% year-on-year, both significantly above initial expectations [2][6]. - The gross margin improved to 38.8%, driven by an optimized customer and product mix, while the sales expense ratio remained stable at 9.5% and the management expense ratio decreased by 1.6 percentage points to 11.4% [10]. Market Outlook - Domestic demand remains under pressure, and overseas brand orders are cautious due to short-term tariff impacts, leading to expected pressure in Q2 due to high base effects [10]. - The company is one of the few with overseas production capacity, and the trend of expanding customer base and increasing share from existing customers is expected to continue [10]. Earnings Forecast - The company forecasts net profits of 750 million, 850 million, and 950 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18, 16, and 14 times [10].

纺织服装 行业周报（20250511-20250517） 同步大市-A(维持) 2025 年 5 月 19 日 行业研究/行业周报 纺织服装行业近一年市场表现 投资要点 本周观察：On Running 披露 2025Q1 季度业绩，亚太区增速领先 2025Q1，On Running 实现营收 7.27 亿瑞士法郎，同比增长 43.0%，剔除汇率影响，同 比增长 40%。2025Q1，On Running 实现经调整 EBITDA 为 1.29 亿瑞士法郎，同比增长 54.8%，实现净利润 5670 万瑞士法郎，同比下降 38.0%。 来源：最闻，山西证券研究所 分渠道看，2025Q1，DTC 渠道收入同比增长 45.3%至 2.77 亿瑞士法郎；批发渠道收入 同比增长 41.5%至 4.50 亿瑞士法郎。 相关报告： 【 山 证 纺 织 服 装 】 周 大 福 公 布 FY2025Q4 经营数据，中国大陆同店降 分区域看，2025Q1，EMEA、美洲、亚太区域收入同比增长 33.6%、32.7%、130.1%至 1.67、4.37、1.21 亿瑞士法郎。 幅继续收窄-【山证纺服】行业周报 分品类看，2025Q ...

行 业 及 产 业 纺织服饰 2025 年 05 月 18 日 相关研究 《中美经贸会谈是积极信号，越南纺织出 口 延 续 强 劲 — — 纺 织 服 装 行 业 周 报 20250511》 2025/05/11 《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 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 证 券 研 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 看好 ——纺织服装行业周报 20250518 本期投资提示： ⚫ 【本周板块观点】 请务必仔细阅读正文之后的各项信息披露与声明 究 / 行 业 点 评 究 报 告 中美经贸会谈达成积极共识，催化板块预期修复 ⚫ 本周纺织服饰板块表现强于市场。5 月 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The report highlights a short-term suppression of the manufacturing export chain due to tariff adjustments, suggesting opportunities for low-position layouts in quality manufacturing [2][6] - The report emphasizes the importance of focusing on high-quality leading companies with strong competitiveness and profitability, particularly in the context of easing tariffs on Southeast Asia [2][6] - The overall demand in overseas markets remains weak, with expectations of continued low replenishment momentum [4][14] Summary by Sections Manufacturing Orders - In March, the growth rate of manufacturing orders in the sports manufacturing sector showed a month-on-month decline, indicating a slowdown in the positive trend of order demand [4][25] - Shoe manufacturing companies have shown better order conditions compared to garment manufacturers, although both sectors experienced a slowdown in order growth in March [4][25] Tariff Impact Analysis - The report reviews the historical impact of tariff increases, noting that previous rounds led to a temporary boost in export growth followed by a decline in demand and orders [5][32] - Current analysis suggests that manufacturers with high export ratios to the U.S. and low profitability are likely to be more affected by tariffs, while leading companies in sports manufacturing are expected to bear minimal impact [5][33] Investment Strategy - The report recommends gradually embracing brand beta and seeking low-position layouts in quality manufacturing, with a focus on leading companies such as Shenzhou International, Weixing Co., and Huali Group [6][43] - It also suggests monitoring A-share brands that are likely to benefit from positive sentiment and policy support, with specific attention to companies like Hailan Home and Antarctic E-commerce [6][43] Overseas Market Demand - The report indicates that overseas demand remains under pressure, with U.S. apparel retail showing a year-on-year increase of 1.8% in March, but overall consumer confidence continues to decline [14][19] - European and Japanese apparel retail sectors are experiencing significant declines, with Japan's retail down by 12.1% year-on-year in February [20][21] Export Performance - In March, China's apparel and footwear exports showed a year-on-year increase of 8.8% and 9.5%, respectively, attributed to a low base effect from the previous year [22][24]

Economic Overview - In April 2025, China's export growth was 8.1% year-on-year in USD terms, while imports decreased by 0.2%[16] - The trade surplus in April was stronger than the average in Q1 2025, providing support to the economy[17] - The CPI showed a month-on-month increase of 0.2%, driven by rising food and travel prices, while the PPI remained low at -2.7% year-on-year[13][15] Market Trends - The A-share market saw a slight increase in trading activity, with average daily turnover rising from CNY 1.10 trillion to CNY 1.35 trillion, and the proportion of stocks rising increased to 84%[22] - Foreign capital inflow into the A-share market was USD 2.1 million, with the proportion of trading by foreign investors dropping to 11.0%[23] Sector Performance - The automotive sector showed strong performance, with passenger car sales increasing by 7% year-on-year during the May Day holiday[27] - New home sales in 30 major cities increased by 13.7% year-on-year, indicating a recovery in the real estate market[28] Policy and Monetary Environment - The People's Bank of China indicated a shift towards a more accommodative monetary policy, with expectations for further interest rate cuts and adjustments to deposit rates[6][7] - The government is expected to accelerate the issuance and utilization of special bonds to support infrastructure investment[7] Risks and Challenges - Ongoing uncertainties in trade relations and domestic growth policies may impact economic stability[6][12] - The real estate market continues to face pressure, with potential risks to consumer spending and investment recovery[28]

公司2024年度权益分派方案已获2025年4月18日召开的2024年度股东大会审议通过， 现将权益分派事宜公告如下： 证券代码：002003 证券简称：伟星股份 公告编号：2025-022 浙江伟星实业发展股份有限公司 2024 年度权益分派实施公告 浙江伟星实业发展股份有限公司（以下简称"公司"）及董事会全体成员保证信息披露 的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、股东大会审议通过权益分派方案情况 1、2025 年 4 月 18 日，公司 2024 年度股东大会审议通过了《公司 2024 年度利润分配 预案》（以下简称 "本分配方案"），以公司总股本 1,168,889,653 股为基数，向全体股东 每 10 股派发现金红利 3.00 元(含税)。 2、本分配方案自披露至实施期间，公司股本总额未发生变化。若股本总额在权益分派 实施前发生变化，公司将按照比例不变的原则分配。 3、本次实施的分配方案与公司 2024 年度股东大会审议通过的分配方案及其调整原则一 致。 4、本次实施的分配方案距公司 2024 年度股东大会审议通过的时间未超过两个月。 二、权益分派方案 公司 2024 年度 ...

➢ 机构调研热门公司梳理 证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250505-20250511） 投资要点 近30天机构调研数前二十的热门公司有华明装备、常熟银行、广电运通、云南白 药、比亚迪等。近5天机构调研数前二十的热门公司有曼卡龙、周大生、稳健医 疗、珠江啤酒和盛和资源等。近30天机构调研数前二十的热门公司中评级机构家 数大于或等于10家的有11家，分别为比亚迪、华利集团、伟星新材、常熟银行、 伟星股份等。比亚迪、华利集团、常熟银行、伟星股份、潍柴动力、云南白药、 拓邦股份、华明装备和中际联合2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年5月5日至2025年5月9日，发布重要股东增持进展情况公告的公司共计13 家，评级机构家数大于10家（含10家）的有3家，拟增持金额上下限均值占最新 公告日市值比例大于1%的共5家，分别为*ST庚星、海南发展、中铁工业、华懋科 技和玲珑轮胎。 ➢ 本周A股上市公司回购情况 ➢ 2025/01/01-2025/05/11部分上市公司回购情况 2025年1月1日至5月11日，共计1456家公司发 ...

【申万宏源纺服】纺织制造更新：深圳上市公司见面会及调研反馈，期待中美高层经贸会谈催化积极信号！ 根据商务部新闻发布，5月10上午中美经贸高层会谈在瑞士日内瓦开始举行，中共中央政治局委员、国务院副 总理何立峰作为中美经贸中方牵头人，当天与美方牵头人、美国财长贝森特举行会谈。 重要积极信号，有望催化优质纺织制造迎来超跌反弹行情！ 1【华利集团】25Q1是全年营收较低季度，以及正处于效率爬坡 【申万宏源纺服】纺织制造更新：深圳上市公司见面会及调研反馈，期待中美高层经贸会谈催化积极信号！ 根据商务部新闻发布，5月10上午中美经贸高层会谈在瑞士日内瓦开始举行，中共中央政治局委员、国务院副 总理何立峰作为中美经贸中方牵头人，当天与美方牵头人、美国财长贝森特举行会谈。 重要积极信号，有望催化优质纺织制造迎来超跌反弹行情！ 1【华利集团】25Q1是全年营收较低季度，以及正处于效率爬坡初期的新工厂较低，因此25Q1利润率低于往年同 期属于正常情况，后季大概率回升。 Adidas对华利产能的诉求十分强烈，目前已为其快速开设5个工厂（其中3个专有工厂），年中还将开设1个新工 厂，计划三年内6个工厂全数爬坡满产。 2【伟星股份】预估 ...