纺织与服装行业周报：越南10月鞋履出口+51%，UA盈利大幅超预期

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - Vietnam's footwear exports in October increased by 51%, exceeding expectations [1] - Under Armour reported significant earnings growth, with net profit rising by 62.7% year-on-year [1] - The textile and apparel sector is experiencing a notable recovery, with several manufacturers reporting accelerated revenue growth [1][4] Summary by Sections Market Performance - The textile and apparel sector index rose by 5.35% last week, underperforming the CSI 300 by 0.16 percentage points [4] - The current PE valuation for the textile and apparel sector is 17.73 times, below the historical average of 26.45 times [4][7] Export Data - In October 2024, China's textile and apparel exports reached approximately $25.48 billion, a year-on-year increase of 10.95% [13] - Cumulative textile and apparel exports for 2024 are $248.38 billion, a slight decrease of 0.38% year-on-year [16] Company Highlights - Under Armour's revenue for FY25Q2 was $1.4 billion, a year-on-year decline of 10.7%, but net profit significantly exceeded expectations [1] - Puma's gross margin has increased for five consecutive quarters, with inventory levels showing significant improvement [1] - Shenzhou International is expanding its overseas production capacity, particularly in Vietnam, to enhance its global supply chain advantages [11] Retail Trends - In September 2024, retail sales of clothing and accessories increased by 2.35% year-on-year, although this represents a decline in growth rate compared to previous years [13]