纺织服饰行业2024Q3总结：服饰制造景气延续，品牌服饰仍待修复

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [1] Core Insights - The apparel manufacturing sector continues to show good order growth, leading to stable growth in the sector. Key companies in textile manufacturing reported a revenue increase of 7.8% year-on-year for Q1 to Q3 2024, with net profit growth outpacing revenue growth [2][9] - The apparel brand segment faces pressure on profits due to weak retail performance, with a year-on-year revenue decline of 2.8% for key companies in the sector during the same period [2][26] - The gold and jewelry sector is experiencing short-term performance pressure due to fluctuating consumer environments and high gold prices, with a 3.1% year-on-year decline in retail sales for the first three quarters of 2024 [2][9] Summary by Sections 1. Apparel Manufacturing - Orders in the apparel manufacturing sector have shown steady growth, with a year-on-year revenue increase of 7.8% for key companies from Q1 to Q3 2024. Quarterly growth rates were 13.2%, 10.3%, and 10.4% respectively [2][9] - Profit margins have improved due to increased capacity utilization, with net profit growth for key companies at 25.5%, 19.3%, and 13.8% for Q1, Q2, and Q3 respectively, indicating a positive trend in profitability [2][11] - Investment recommendations include "Weixing Co." with a 2024 PE of 21x, "Huali Group" with a 2024 PE of 20x, and "Shenzhou International" with a 2024 PE of 14x [2][19] 2. Apparel Brands - The retail environment for apparel remains weak, with a year-on-year retail sales growth of only 0.2% for clothing and textile products from January to September 2024, underperforming the overall retail sector [2][26] - Key apparel brands reported a revenue decline of 2.8% and a net profit decline of 20.1% for the first three quarters of 2024, with Q3 showing a significant drop in profit margins [2][26] - Investment recommendations include "Anta Sports" with a 2024 PE of 16x and "Bosideng" with a FY2025 PE of 13x [2][19] 3. Gold and Jewelry - The gold and jewelry sector is facing challenges with a 3.1% year-on-year decline in retail sales for the first three quarters of 2024, and a significant revenue drop of 24.9% in Q3 [2][9] - Key companies in the sector are focusing on improving product offerings and channel efficiency to stabilize performance [2][9] - Investment recommendations include "Chow Tai Fook" and "Lao Feng Xiang," both with a 2024 PE of 13x [2][19]