纺织服装行业2024年三季报总结

Investment Rating - The investment rating for the textile and apparel industry is "Outperform the Market" and is maintained [1]. Core Insights - In Q3 2024, manufacturing revenue increased by 18.5%, while brand revenue faced a significant decline of 11.0% compared to Q2 2024. The manufacturing sector benefited from improved supplier competition and structural demand from overseas brands, while the brand sector struggled due to weak offline sales and increased competition in online channels [2][3]. - The net profit growth for the manufacturing and brand sectors in Q3 2024 was 12.0% and -40.8%, respectively. Manufacturing gross margins improved slightly, while brand margins remained stable despite increased sales expenses [3][4]. - Cash flow from operations for brands decreased significantly, with a decline of 138.8% in Q3 2024, primarily due to a sharp drop in net profits [4][5]. - The overseas textile and apparel market showed mixed performance, with some brands like Adidas and Deckers performing well, while luxury brands faced challenges due to weak consumer spending from Chinese customers [6]. Summary by Sections Market Performance - The textile and apparel sector saw a decline of 2.46% in the A-share market from October 28 to November 1, 2024, underperforming the broader market [12]. - The current PE valuation for the textile and apparel sector is 16.93 times, which is below the historical average of 26.44 times [15]. Company Performance - Key companies in the manufacturing sector, such as Shenzhou International and Huayi Group, are expected to benefit from their strong positions and order visibility despite rising costs and competitive pressures [7][21]. - Brands like Bosideng and Li Ning are recommended for their stable performance and potential for recovery in the retail environment [7][18]. Economic Indicators - In September 2024, the retail sales of clothing increased by 2.35% year-on-year, indicating a slowdown compared to previous periods [22]. - Exports of textiles and apparel in September 2024 were approximately $24.78 billion, reflecting a year-on-year decline of 5.41% [22][25]. Raw Material Prices - Cotton prices have shown a slight decline, with the China 328 cotton price index dropping by 0.28% recently [27].