纺织服装行业出口形势跟踪（2024年8月）：孟加拉冲突对东南亚服装产业链冲击较大

Investment Rating - The report recommends focusing on specific companies such as Weixing Co., Huali Group, and Jiuxing Holdings, highlighting their growth potential and profitability forecasts for 2024-2026 [2]. Core Insights - The report emphasizes the significant impact of the ongoing conflict in Bangladesh on the Southeast Asian apparel supply chain, leading to potential order shifts to other regions [1][10]. - It notes that while U.S. apparel retail growth remains stable, inventory levels are healthy, indicating a positive demand environment [26][27]. - Southeast Asia's textile and apparel exports are showing steady growth, with notable increases in Vietnam and Cambodia's exports [28][30]. Summary by Sections 1. Overseas Dynamics - The conflict in Bangladesh has intensified supply chain instability, prompting international brands to consider relocating orders to other Southeast Asian countries [10][14]. - Bangladesh, as the second-largest garment exporter, has seen its export value around $30 billion, with major brands heavily invested in its production capacity [1][10]. 2. Demand Side - U.S. apparel retail growth has been in the low single digits since 2024, with a healthy inventory-to-sales ratio [26][27]. 3. Supply Side - Southeast Asia's textile and apparel exports are on an upward trend, with Vietnam's textile exports increasing by 5% year-on-year in July 2024, and Cambodia's apparel exports rising by 21% [28][30]. 4. International Brand Tracking - VF Corporation continues to face challenges in North America, with a revenue decline of 8% in FY25Q1, while PUMA shows stable performance with a 2% revenue increase in FY24Q2 [31][35]. - PUMA's inventory has decreased by 9% year-on-year, indicating improved operational efficiency [35]. 5. Textile Manufacturing Orders - Leading textile manufacturers are experiencing steady order growth, with companies like Ruhong and Jiuxing Holdings reporting positive revenue growth in July 2024 [36].