纺织服装行业周报：裕元集团发布2024H1业绩，伟星股份2024H1业绩超预期

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry, indicating a synchronized performance with the market [1]. Core Insights - The textile and apparel industry has shown mixed performance, with some companies exceeding expectations while others face challenges due to weak domestic consumption [1][5]. - The report highlights the strong performance of Yuyuan Group in H1 2024, with a significant increase in net profit driven by manufacturing operations [2][10]. - The report emphasizes the importance of monitoring domestic consumption recovery and the performance of high-dividend companies in the sector [5]. Summary by Sections Weekly Observation - Yuyuan Group reported H1 2024 revenue of $4.015 billion, a decrease of 3.4% year-on-year, but net profit increased by 120.6% to $184 million, with manufacturing net profit rising by 177.5% [2][10]. - The manufacturing segment achieved revenue of $2.634 billion, a 2.4% increase, with footwear shipments growing by 9.9% to 121 million pairs [10]. Market Performance - The SW textile and apparel sector declined by 1.22% this week, underperforming against the Shanghai Composite Index, which rose by 0.42% [11]. - Among sub-sectors, SW textile manufacturing increased by 0.28%, while SW apparel and home textiles fell by 1.24% [11]. Industry Data Tracking - In the first seven months of 2024, China's textile and apparel exports amounted to $80.856 billion and $88.983 billion, showing a year-on-year growth of 3.3% and a decline of 0.8%, respectively [30]. - The consumer retail sales in July 2024 reached CNY 3.78 trillion, a year-on-year increase of 2.7%, with online retail sales growing by 8.7% [35]. Company Performance - Lilang Group reported a 7.3% increase in revenue to CNY 1.6 billion for H1 2024, with a net profit growth of 3.6% to CNY 280 million [3]. - On, a Swiss sports brand, achieved a 27.8% increase in Q2 net sales, reaching CHF 567.7 million, contributing to a 24.4% growth in H1 net sales [4]. Investment Recommendations - The report suggests focusing on companies with high dividend yields and stable performance, particularly in men's apparel and home textiles [5]. - It continues to recommend leading midstream textile manufacturers like Huayi Group and Weixing Co., which have shown strong performance in H1 2024 [5].