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轻工制造及纺服服饰行业周报：政府补贴叠加双11优惠，关注家装、家居等品牌表现
ZHONGTAI SECURITIES·2024-10-28 02:30

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The industry is benefiting from government subsidies and promotional events like Tmall's Double 11, leading to strong performance in home decoration and furniture brands [2] - The home appliance sector is expected to see demand improvement due to the implementation of "old-for-new" policies, which may enhance market conditions and valuation recovery opportunities [2] - The report highlights the resilience of leading brands in the apparel sector, with significant sales growth observed during promotional periods [2][12] Company Summaries - Baiya Co., Ltd.: Stock price at 27.33 CNY, EPS forecasted to grow from 0.44 CNY in 2022 to 1.31 CNY in 2026, with a PE ratio decreasing from 59.74 in 2022 to 20.86 in 2026 [1] - Taihua New Materials: Stock price at 11.66 CNY, EPS expected to rise from 0.31 CNY in 2022 to 1.12 CNY in 2026, with a PE ratio dropping from 36.55 to 10.41 [1] - Oppein Home Group: Stock price at 67.8 CNY, EPS projected to increase from 4.41 CNY in 2022 to 6.31 CNY in 2026, with a PE ratio decreasing from 12.80 to 10.74 [1] - Sofia: Stock price at 19.9 CNY, EPS anticipated to grow from 1.17 CNY in 2022 to 1.89 CNY in 2026, with a PE ratio declining from 14.57 to 10.53 [1] - Zhibang Home: Stock price at 9.14 CNY, EPS expected to rise from 1.75 CNY in 2022 to 1.84 CNY in 2026, with a PE ratio increasing from 6.74 to 7.34 [1] Market Performance - The Shanghai Composite Index increased by 1.17%, while the Shenzhen Component Index rose by 2.53% during the week of October 19-25, 2024 [8] - The light industry manufacturing index saw a growth of 6.95%, ranking third among 28 industries, while the textile and apparel index increased by 4.38%, ranking ninth [8] Sales Data - The first phase of Tmall's Double 11 event (October 21-24) saw significant sales for home brands, with top performers including Yuan Shi Mu Yu, Lin Shi Home, and Xi Lin Men [2][12] - The report notes a positive trend in the sales of apparel brands, with several achieving over 100 million CNY in sales within the first four hours of the event [12]