国君轻工|一文梳理全球头部鞋服制造企业

Investment Rating - The report suggests a positive outlook for the industry, indicating that downstream inventory destocking has largely concluded and order recovery trends are evident, especially for leading manufacturers with strong market share and customer expansion potential [1] Core Viewpoints - The global textile manufacturing industry has undergone five major shifts, with leading manufacturers emerging during each transition, particularly benefiting from the movement of manufacturing centers to regions with lower labor costs [1] - Footwear manufacturers exhibit high industry concentration, with leading companies showcasing significant advantages in R&D and management capabilities [1] - Apparel manufacturers have lower industry concentration, with leading players focusing on vertical integration to capture higher value-added segments of the supply chain [1] Industry Overview - The global textile manufacturing industry has shifted from the UK, US, Japan, to the Asian Tigers, Mainland China, and Southeast Asia, with leading footwear manufacturers like Yue Yuen and Feng Tay emerging during the 1970s-1990s [1] - Leading apparel manufacturers such as Shenzhou International were established in 1990, benefiting from the industry's shift to Asia [1] Footwear Manufacturers - The footwear manufacturing industry is characterized by high concentration, labor-intensive processes, and significant barriers to entry due to complex production processes [1] - Competitive advantages for footwear manufacturers include strong management capabilities, fast turnaround times, and robust R&D capabilities, often developed through long-term collaborations with brands like Nike [1] Apparel Manufacturers - The apparel manufacturing industry has lower concentration compared to footwear, with many players focusing on specific segments of the supply chain [1] - Leading apparel manufacturers aim for vertical integration, particularly in high-value-added segments like fabric and garment production, with competitive advantages stemming from their ability to innovate in fabric and garment technologies [1]