轻工纺服行业周报：整体业绩承压，包装企业业绩表现较佳

Investment Rating - The report rates the industry as "Buy" [6] Core Insights - The overall performance of the light industry is under pressure, with packaging companies showing better performance [20] - In the first three quarters of 2024, the total revenue of the Shenwan light industry manufacturing sector was 445.38 billion yuan, a year-on-year increase of 1.62%, while the net profit attributable to shareholders was 25.11 billion yuan, a year-on-year decrease of 3.16% [20] - The paper sector leads in profitability, while the home furnishing sector faces significant pressure [20] Summary by Sections Market Overview - The light industry has underperformed compared to the CSI 300 index, ranking 27th among 31 Shenwan first-level industry indices with a cumulative decline of 6.84% from January 2 to October 31, 2024 [11] - The performance of various sub-sectors within the light industry has lagged behind the CSI 300, with the paper sector showing relatively better performance [11] Performance Analysis - The revenue and net profit growth rates for the light industry in Q1, Q2, and Q3 of 2024 were 6.32%, 1.46%, and -2.01% respectively, while net profits showed a decline of 28.47% in Q3 [20] - The paper, packaging, home goods, and entertainment sectors had revenue growth rates of 1.34%, 1.01%, 0.44%, and 9.77% respectively, with net profit changes of +46.26%, -4.94%, -11.27%, and -9.13% [20] Key Data Tracking - In the home furnishing sector, major companies like Oppein and Sophia reported significant revenue declines of -16.21% and -6.65% respectively in the first three quarters of 2024 [23] - The packaging sector is expected to benefit from increased industry concentration if the acquisition of COFCO Packaging is successful, enhancing the bargaining power of leading companies [4] Investment Recommendations - The report suggests focusing on stable leading companies in the home furnishing sector and high-growth smart home segments due to current valuation discounts [4] - For the paper sector, it is recommended to pay attention to companies with diversified product lines and integrated operations, such as Sun Paper [4]