Investment Rating - The report suggests a "Buy" rating for the beauty and personal care sector, and a focus on brands with strong management and product advantages in the textile and apparel sector [3][21]. Core Insights - The beauty industry shows a slight increase in sales, with skincare and makeup categories on Tmall reporting sales of 5.9 billion and 2.15 billion yuan respectively, reflecting year-on-year growth of 0.6% and 1.3% [3][6]. - The textile and apparel sector is experiencing an upward trend in OEM (Original Equipment Manufacturer) revenue, with several companies reporting significant year-on-year growth [3][11]. - The upcoming Double Eleven shopping festival is expected to boost performance in the beauty sector, with major platforms starting promotions earlier this year [3][21]. Summary by Sections 1. Industry Dynamics Tracking - The beauty care sector is stable during the off-season, with Tmall's beauty market showing a slight increase in September [6]. - The textile and apparel industry is seeing an upward trend in OEM, with companies like Fengtai and Yuhong reporting year-on-year revenue growth of 1.26% and 33.89% respectively [11][9]. 2. Beauty & Textile Industry Performance - The Shenyin Wanguo Beauty Care Index has decreased by 7.96% from October 8 to October 11, 2024, while the Textile and Apparel Index has decreased by 6.10% during the same period [14][15]. - Year-to-date, the Beauty Care Index has fallen by 6.77%, and the Textile and Apparel Index has decreased by 3.74% [14][15]. 3. Beauty & Textile Industry Views and Related Stocks - The report emphasizes the importance of brand strength and management in the beauty sector, recommending companies like Proya and Juzhibio [3][21]. - In the textile sector, it highlights the potential for valuation recovery among brands like Anta Sports and Huali Group, driven by favorable macroeconomic policies [3][21].
新消费纺服&美护行业梳理：美妆关注双十一催化，纺服品牌端修复持续
Hua Yuan Zheng Quan·2024-10-20 05:30