纺织与服装行业周报：FY24迅销业绩亮眼，Q3越南出口及多数制造台企提速

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [2]. Core Insights - The FY24 performance of Fast Retailing Group shows significant double-digit growth, with revenue and net profit reaching 3.1 trillion yen and 0.4 trillion yen, respectively, representing year-on-year increases of 12.2% and 25.6% [3]. - The report highlights the acceleration of exports from Vietnam and revenue growth for several Taiwanese manufacturers in Q3, indicating a positive trend in the industry [4]. - The guidance for FY25 projects revenue and operating profit growth of 10.9% and 7.6%, respectively, with a focus on e-commerce and international expansion [3]. Summary by Sections Performance Overview - Fast Retailing Group's revenue exceeded 3 trillion yen for the first time, with a gross margin increase of 2 percentage points to 16.5% and a net margin increase of 1.3 percentage points to 12.0% [3]. - Uniqlo Japan's same-store sales grew by 12% in H2, driven by strategic inventory management and marketing efforts [3]. Export and Manufacturing Trends - Q3 exports of textiles and footwear from Vietnam showed a significant acceleration, with year-on-year growth rates of 9.2% and 10.5%, respectively [4]. - Several Taiwanese manufacturers, including Yu Yuan and Zhi Qiang, reported substantial revenue growth in Q3 compared to Q2 [4]. Investment Recommendations - The report suggests focusing on leading brands in the sports sector, recommending companies such as Anta Sports and Li Ning, as well as high-dividend companies like Samsonite and Bosideng for stable returns [4].