纺织服饰行业周报：Q3前瞻，国货运动品牌经营稳健，纺织制造保持景气
Yong Xing Zheng Quan·2024-10-17 16:46

Investment Rating - The investment rating for the textile and apparel industry is maintained at "Overweight" [1]. Core Insights - Domestic sports brands are performing steadily, with Anta Sports showing stable retail growth, while Nike's recent performance indicates a slight decline in revenue and profit [7][8]. - Vietnam's textile and apparel exports are experiencing slight fluctuations, but overall, the manufacturing sector remains optimistic due to a recovery in orders and inventory replenishment [7][8]. Summary by Sections 1. Core Insights of the Week - Domestic sports brands, particularly Anta, are showing stable operations with mid-single-digit retail growth, while FILA is experiencing a slight decline [7]. - Nike's Q1 revenue was $11.6 billion, down 10% year-on-year, with a net profit decrease of 28%, although gross margin improved by 120 basis points to 45.4% [7]. - Vietnam's textile exports in September were approximately $2.98 billion, down 0.66% year-on-year, while footwear exports were $1.57 billion, up 4.49% year-on-year [7]. 2. Industry Dynamics - The Shanghai Composite Index fell by 3.25%, while the textile and apparel sector dropped by 6.44%, underperforming the index by 3.19 percentage points [9]. - All three sub-sectors (textile manufacturing, apparel and home textiles, and accessories) experienced declines, with textile manufacturing down 5.29%, apparel and home textiles down 7.25%, and accessories down 6.04% [11]. 3. Industry Tracking - In August, the total retail sales of consumer goods reached 38,726 billion yuan, growing by 2.1% year-on-year, with apparel and textile categories declining by 1.6% [18]. - The textile and apparel export value in August was $27.95 billion, a year-on-year increase of 1.0%, with textile exports at $12.22 billion (up 5.1%) and apparel exports at $15.73 billion (down 2.0%) [29]. - As of October 11, domestic cotton prices were reported at 15,384.91 yuan/ton, with international cotton prices at 82.64 cents/pound, reflecting slight increases [26].