中泰证券：家纺大单品驱动增长 低基数下服装行业缓慢复苏

Core Insights - The sportswear industry is experiencing significant demand differentiation due to a warm autumn and weak consumer spending, with running and outdoor categories maintaining high demand, and online channels outperforming offline ones [1][2] - The home textile industry shows a moderate recovery, with leading companies achieving growth through a big product strategy, particularly highlighted by Mercury Home Textile's successful launches of innovative products [1][3] - The apparel industry is slowly recovering from a low base, with men's wear remaining stable but under profit pressure, while women's wear shows signs of recovery, emphasizing the importance of cost optimization [1][4] Sportswear Industry - Demand differentiation is evident, with running and outdoor categories maintaining high demand, while online sales channels outperform offline [2] - Anta Sports shows low single-digit growth in main brand revenue, while other brands within its portfolio achieve 45-50% growth, effectively mitigating market pressures [2] - Li Ning's inventory turnover is at 5-6 months, with expectations for improvement by year-end [2] - Xtep International's main brand revenue shows low single-digit growth, but its sub-brand Saucony performs well with over 20% growth [2] - 361 Degrees reports 10% and 20% year-on-year growth in offline and e-commerce sales, respectively, and expands its superstore count to 93 [2] Home Textile Industry - The overall recovery is moderate, but leading companies leverage big product strategies for superior growth [3] - Mercury Home Textile's Q3 revenue growth accelerates by 20.19%, driven by innovative products like the "ice cream quilt" and "ergonomic pillow," which also boost gross margin by 4.2 percentage points to 44.74% [3] - Luolai Life benefits similarly, with a 9.90% year-on-year revenue increase and a gross margin improvement of 3.8 percentage points to 48.05% [3] - Mercury Home Textile and Luolai Life see significant increases in net profit attributable to shareholders, up 43.18% and 50.14%, respectively [3] - Fuanna is in a phase of channel adjustment and inventory reduction, with a 7.58% year-on-year revenue decline, but plans to launch new products in early 2026 [3] Apparel Industry - The apparel sector is slowly recovering from a low base, with men's wear stable but facing profit pressures [4] - Haier's revenue and profit show slight growth, supported by new business and overseas expansion [4] - Women's wear shows signs of recovery, with cost optimization being crucial [4] - Dizhu Fashion reports double-digit profit recovery in Q3, while other brands like Ge Li Si and Xin He show varying performance with expectations for improvement [4] - Semir sees revenue and profit growth in Q3, while Taiping Bird experiences a loss due to channel and cost structure adjustments [4] Investment Recommendations - For sportswear, focus on leading companies that can maintain market share in a competitive environment, such as Anta Sports, Li Ning, Xtep International, and 361 Degrees [5][6] - In the home textile sector, prioritize companies like Mercury Home Textile and Luolai Life that show significant growth potential through big product strategies and improved e-commerce efficiency [5] - In the apparel sector, consider brands like Haier and Semir that are managing to improve profitability and expand their market presence [6]