轻工制造2024年中期业绩综述：经营分化加剧，行业整合提速

Investment Rating - The report maintains an "Overweight" rating for the light industry sector, consistent with the previous rating [4]. Core Insights - The external competitive environment is intensifying, leading to enhanced operational governance capabilities among leading companies, which are expected to continue gaining market share [1]. - The export chain is experiencing strong revenue growth due to the end of the inventory cycle among downstream clients and the favorable exchange rate environment, although profit margins are under pressure from rising shipping costs and currency fluctuations [2][9]. - The paper industry is facing short-term operational pressures, with revenue growth rates for bulk and specialty paper converging due to base effects and rising wood pulp costs [29][30]. - The two-wheeler industry is witnessing accelerated consolidation, with leading companies showing resilience in performance despite price competition [2][29]. Summary by Sections Light Industry Exports - Home furnishing exports have largely recovered to 2021 levels, supported by improved consumer confidence in the U.S. [7]. - Revenue growth for light industry export companies has improved since Q2 2023, driven by the end of the inventory cycle and a favorable base effect [9][10]. - The current inventory levels in the U.S. housing and home goods sectors indicate potential for further improvement [23][25]. Paper Industry - Revenue growth for bulk and specialty paper has slowed in Q2 2024, with a notable divergence in performance among different paper types [29][30]. - Capital expenditures in the paper sector have increased, particularly for companies expanding their self-produced pulp lines [30][31]. - The overall dividend payout ratio in the paper sector has increased in 2023, reflecting improved cash flow and shareholder returns [32][33]. Two-Wheeler Industry - The two-wheeler industry is undergoing rapid consolidation, with leading brands achieving positive revenue and sales growth [2][29]. - Companies like Yadea and Aima are expanding their product lines and experiencing significant sales growth, particularly in high-value products [2][29]. - The industry is benefiting from new national standards that are expected to enhance market concentration among leading brands [2].