纺织服装板块2024中报总结：品牌服饰承压，中游制造恢复

Investment Rating - The industry investment rating is maintained as "Hold" [1] Core Insights - The textile and apparel sector is experiencing pressure, particularly in the brand apparel segment, while the midstream manufacturing sector shows signs of recovery [1] - In Q2 2024, the overall revenue for the brand apparel sector was under pressure, with notable declines in net profits across various sub-sectors [1] - The upstream manufacturing sector, particularly in nylon, is performing well, while the leather segment faces challenges [1] - The midstream manufacturing sector is benefiting from high growth in auxiliary materials and continued demand from overseas brands [1] Summary by Sections 1. Market Review for H1 2024 - The textile and apparel sector significantly underperformed compared to the CSI 300 index, with declines of -24.1% for the textile and apparel sector and -1.9% for the CSI 300 from the beginning of the year [7] - Brand apparel outperformed textile manufacturing, with a decline of -22.6% [7] 2. H1 2024 Financial Overview 2.1 Brand Apparel - Q2 2024 revenue for men's wear, mass apparel, mid-to-high-end women's wear, and home textiles were 6.99 billion, 4.16 billion, 2.55 billion, and 2.56 billion yuan respectively, showing year-on-year changes of -4.3%, +1.7%, -6.7%, and -9.9% [1] - The overall profit for Q2 2024 saw declines across all sub-sectors, with men's wear and mass apparel showing net profits of 960 million and 220 million yuan, reflecting year-on-year decreases of -16.0% and -8.3% [1] 2.2 Upstream Manufacturing - In Q2 2024, the revenue growth rates for chemical fiber, cotton spinning, wool, leather, and textile machinery were 19%, 0%, 8%, 7%, and 38% respectively [1] - The nylon segment, particularly represented by Taihua New Materials, showed impressive revenue growth of 59% in Q2 [1] 2.3 Midstream Manufacturing - Q2 2024 revenues for the OEM, auxiliary materials, and fabric sectors were 10.8 billion, 2.22 billion, and 2 billion yuan, with year-on-year growth rates of +9%, +34%, and +1% respectively [1] - The midstream sector's net profit reached 2.13 billion yuan, reflecting an 8% year-on-year increase [1] 3. Future Outlook - The report suggests that the brand apparel sector may require policy stimulus to boost consumer confidence in the second half of the year [1] - Recommendations include focusing on growth potential and low valuations for companies like Biyinlefen and Baoxiniiao, as well as high dividend stocks like Hailan Home and Fuanna [1]