纺织服装业2024年三季报总结系列：品牌经营筑底，制造韧性较优

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry, consistent with the previous rating [2]. Core Insights - The report highlights that terminal consumption continues to weaken, but manufacturing resilience is relatively better. With the onset of cooler weather, apparel sales are expected to marginally improve in Q4, and leading brands are anticipated to perform well [2][3]. Summary by Sections 1. Brand Apparel - Overview: Consumer confidence remains low, leading to a divergence in brand sales performance. Q3 apparel sales continued to decline, with a year-on-year revenue drop of 8% for the brand apparel sector, worsening from Q2 [5][6]. - Individual Stock Analysis: - Semir's revenue leads the industry with a 3% year-on-year increase, driven by online sales. Other leading brands like Bi Yi Le Fen and Bao Xi Niao are expected to see revenue pressure due to weak consumer sentiment [12]. - The report notes that the operating leverage pressure is evident, with net profit declines of 50% year-on-year in Q3 for the brand apparel sector [7][12]. - Future Outlook: As temperatures drop, terminal sales are expected to improve in Q4, aided by holiday promotions and sales events [3][5]. 2. Textile Manufacturing - Overview: The outdoor OEM sector continues to show high prosperity, outperforming traditional cotton spinning industries in terms of order volume and profitability [3][5]. - Individual Stock Analysis: - Taihua New Materials reported a 34% increase in revenue and profit in Q3, benefiting from strong downstream demand. Zhejiang Natural also saw a 35% increase in revenue and a 372% increase in net profit [3][12]. - Future Outlook: The manufacturing sector is expected to show a divergence in performance, with outdoor OEM leaders and those with overseas production advantages likely to continue leading the industry [3][5]. 3. Investment Recommendations - Brand Apparel: Focus on high-dividend and undervalued stocks. Recommended stocks include Hai Lan Home, Semir, and Fuanna for stable growth, and Bi Yi Le Fen and Bao Xi Niao for potential valuation recovery [3]. - Textile Manufacturing: Recommended stocks include Taihua New Materials and Zhejiang Natural for high growth, and Jian Sheng Group for significant Q3 performance improvement [3].