纺织服装行业2024年三季报总结：纺织制造保持景气，服装家纺业绩承压

Investment Rating - The industry investment rating is "Buy" [1] Core Views - The textile manufacturing sector remains buoyant, while the apparel and home textile sectors face performance pressures. For the first three quarters of 2024, the textile and apparel industry reported revenues of CNY 168.38 billion, a year-on-year decline of 0.6%, and a net profit of CNY 9.09 billion, down 14.4% year-on-year [3][19] - The textile manufacturing segment showed resilience with revenue growth in Q1-3 2024, while the apparel and home textile segment struggled due to consumer demand pressures [3][4] Summary by Sections 1. Industry Overview - The textile manufacturing sector is experiencing healthy demand recovery, while the apparel and home textile sectors are under pressure due to the broader economic environment [3][19] 2. Operational Performance - Revenue and net profit trends for the textile and apparel industry from 2022 to Q3 2024 show fluctuations, with textile manufacturing revenues increasing by 5.6% in Q3 2024, while apparel and home textiles saw declines [3][4][19] - Key operational metrics such as inventory turnover and accounts receivable turnover have remained stable across the industry [4] 3. Segment Performance - The textile manufacturing segment is expected to maintain optimistic performance in Q4 2024, driven by improved order demand and capacity utilization [4] - The apparel and home textile segment is projected to see a sequential improvement in Q4 2024, with some sub-sectors showing resilience [4] 4. Investment Recommendations - For the textile manufacturing sector, focus on leading companies in auxiliary materials and packaging, as well as strong competitors in sportswear and specialty fabrics [5] - In the apparel and home textile sector, attention should be given to companies with stable Q3 performance and those positioned to benefit from potential real estate market recovery [5]