国君机械|纺服设备需求持续向好,出海有望加速

Investment Rating - The report suggests a positive investment outlook for the textile machinery industry, driven by the shift of textile production to Southeast Asia and South Asia, and the recovery of overseas apparel consumption demand [1]. Core Insights - The textile industry is gradually transferring to regions like Southeast Asia and South Asia due to labor cost advantages, with countries like Vietnam and Cambodia taking on production capacity from other nations [1]. - The industrial sewing machine sector is entering an upward cycle, with improving export demand and a forecasted new growth phase in 2024 [3]. - Apparel consumption demand is stabilizing in China, while the U.S. market shows a recovering trend, with a notable increase in apparel exports from Vietnam [2]. Summary by Sections Industry Transition - The textile industry has a long history of migration from Europe and the U.S. to Asia and Latin America, with a current trend of moving from Japan and South Korea to China, and now to Southeast Asia, South Asia, and Central Asia [1]. - The shift is expected to lead to increased capital expenditure and demand for textile machinery [1]. Apparel Consumption and Exports - The U.S. apparel consumption is improving, with a year-on-year growth in sales since April 2024, while China's apparel industry is in a continuous inventory replenishment phase [2]. - Vietnam's apparel exports have shown significant growth, with a year-on-year increase of 15.86% in September 2024 [2]. Industrial Sewing Machine Sector - The industrial sewing machine industry has experienced three cycles since 2012, with the current cycle expected to be upward in 2024 [3]. - Export growth has been notable, particularly to South Asian and Southeast Asian countries, with significant year-on-year increases in exports to India (+26.4%), Vietnam (+68.3%), and Pakistan (+157.2%) for the first seven months of 2024 [3].