纺织服装行业周报：中报季收官，运动服饰及出口链板块业绩更佳

Investment Rating - The textile and apparel industry is rated as "Positive" [2] Core Views - The textile and apparel sector has shown stronger performance than the market, with the SW textile and apparel index rising by 2.0% from August 26 to 30, outperforming the SW All A index by 0.5 percentage points [5][8] - Anta Sports reported significantly better-than-expected mid-year results, with a revenue of 33.7 billion yuan, a year-on-year increase of 13.8%, and a net profit of 7.7 billion yuan, a year-on-year increase of 62.6% [12][15] - Shenzhou International's net profit increased by 38% year-on-year, driven by a recovery in gross margin, indicating strong profit elasticity [16][18] - The industry is experiencing a recovery phase, particularly in the sports apparel segment, while casual and women's apparel are still in recovery [6][12] Summary by Sections Textile and Apparel Performance - The SW textile and apparel index increased by 2.0%, outperforming the SW All A index by 0.5 percentage points [5][8] - Retail sales of clothing and textiles in July were 93.6 billion yuan, down 5.2% year-on-year, while cumulative sales from January to July reached 803.3 billion yuan, up 0.5% year-on-year [5] Company Highlights - Anta Sports: Reported a revenue of 33.7 billion yuan, a 13.8% increase year-on-year, and a net profit of 7.7 billion yuan, a 62.6% increase year-on-year. The company plans to repurchase up to 10 billion yuan worth of shares, reflecting confidence in future growth [12][15] - Shenzhou International: Achieved a revenue of 13 billion yuan, a 12% increase year-on-year, and a net profit of 2.93 billion yuan, a 38% increase year-on-year. The company’s gross margin recovery exceeded expectations, indicating strong profit elasticity [16][18] - Semir Apparel: Reported a revenue of 5.95 billion yuan, a 7.1% increase year-on-year, and a net profit of 550 million yuan, also a 7.1% increase year-on-year, with plans for store expansion [19][21] - Kairun Co.: Achieved a revenue of 1.83 billion yuan, a 17.6% increase year-on-year, and a net profit of 250 million yuan, a 230% increase year-on-year, driven by strong growth in its OEM business [22][24] Market Trends - The sports apparel segment shows resilience, with Anta Sports leading the way, while casual and women's apparel segments are still recovering [6][12] - The textile manufacturing sector is in a replenishment cycle, with expectations of gradual improvement in orders due to stable recovery in downstream demand [13][18] Future Outlook - The textile and apparel industry is expected to maintain a positive outlook, with recommendations to focus on brands with strong market positions and growth potential [6][12][18]