纺织服饰行业24W43周观点：运动发布Q3经营数据，终端承压导致流水阶段性放缓

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [5]. Core Insights - The report highlights that the Q3 operating data from sports brands indicates a temporary slowdown in sales due to pressure on terminal consumption [2][8]. - Anta Sports' brands, including Anta, FILA, and others, experienced mid-single-digit growth, low single-digit decline, and 45-50% growth respectively in Q3 compared to the previous year, showing a slight deceleration from Q2 [2][8]. - Li Ning's brand (excluding Li Ning Young) saw a mid-single-digit decline in retail sales in Q3, with a notable announcement of a joint venture with Sequoia to manage international operations [2][8]. - Xtep International reported mid-single-digit growth for its main brand, with a retail discount of approximately 25%, and a channel inventory turnover of about 4 months; Saucony brand achieved over 50% growth [2][8]. - 361 Degrees reported approximately 10% growth for its main brand and children's wear, and over 20% growth in e-commerce [2][8]. Summary by Sections Q3 Operating Data - Anta Sports: Anta brand mid-single-digit growth, FILA low single-digit decline, other brands 45-50% growth [2][8]. - Li Ning: Mid-single-digit decline in retail sales, with a joint venture for international business [2][8]. - Xtep: Mid-single-digit growth, retail discount at 75%, inventory turnover at 4 months; Saucony over 50% growth [2][8]. - 361 Degrees: Approximately 10% growth in main brand and children's wear, over 20% in e-commerce [2][8]. Market Data - The textile and apparel sector saw a weekly increase of 4.38%, with textile manufacturing up 3.14% and apparel/home textiles up 5.91% [3][15]. - The current price of 328-grade cotton is 15,509 RMB/ton (+0.36%), and the Cotlook A price is 84.25 cents/pound (+2.31%) [3][15]. Investment Recommendations - The report suggests focusing on three main lines in the textile and apparel sector: 1. Recovery in manufacturing exports with high visibility and core order recovery, recommending companies like Shenzhou International, Huali Group, and Jiasheng Group [4][13]. 2. Anticipated sales boost from event marketing and new product launches in 2024, recommending 361 Degrees [4][13]. 3. Favorable trends in overseas expansion and early entry into apparel brands, recommending Anta Sports, Kairun Co., and Semir Apparel [4][13].