纺织服饰行业：复盘优衣库东南亚出海成功经验，看海澜之家出海发展空间

Investment Rating - The report gives a "Buy" rating for the textile and apparel industry, specifically highlighting Haizhu's growth potential in overseas markets [4]. Core Insights - The report emphasizes the successful overseas expansion strategies of Uniqlo in Southeast Asia, which can serve as a reference for Haizhu's international growth [1][2]. - It notes that the Southeast Asian market has been experiencing rapid growth, driven by high economic growth rates and a large young population [1][2]. Summary by Sections Uniqlo's Southeast Asia Development Review - Uniqlo's overseas revenue has surpassed domestic revenue since FY2018, becoming a core growth driver [1]. - The company has successfully expanded in Southeast Asia, benefiting from economic growth and a youthful demographic [1][2]. - Uniqlo's expansion can be divided into three phases: domestic market development (1984-1997), rapid growth (1998-2010), and accelerated overseas expansion (2011-present) [1][10]. Successful Strategies of Uniqlo in Southeast Asia - The expansion strategy is influenced by GDP per capita, population density, and market potential [2]. - Uniqlo adapts its product offerings to local climates and implements localized supply chain strategies to enhance brand image and reduce costs [2]. - The company focuses on opening large flagship stores in key urban areas and enhancing e-commerce marketing to expand its customer base [2]. Haizhu's Growth Potential - Haizhu's overseas business has shown high growth post-pandemic, with performance exceeding domestic operations [2]. - The report suggests that Haizhu has significant growth potential in Southeast Asia, drawing parallels with Uniqlo's successful strategies [2][3]. - Haizhu's expansion strategy considers factors such as population size, income levels, and market environment in target countries [2]. Profit Forecast and Investment Recommendations - The report recommends focusing on Haizhu, as it is expected to achieve rapid growth in online and overseas businesses, which can mitigate fluctuations in its domestic operations [3]. - The report draws on Japanese market experiences, indicating that leading apparel brands can perform well even in low-growth economic periods [3].