纺织服装行业2024Q3综述：制造景气延续，品牌亟待修复

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry [7] Core Insights - The textile and apparel sector experienced a revenue of 374.8 billion and a net profit of 28.1 billion in Q3 2024, reflecting a year-on-year decline of 1.8% and 23.5% respectively [4][5] - The manufacturing segment showed resilience with a revenue growth of 7.9% in Q3 2024, while the brand apparel segment faced significant pressure due to weak retail performance [4][5] - The overall performance of the textile and apparel industry indicates a need for brand recovery amidst ongoing manufacturing stability [4][5] Summary by Sections Manufacturing - In Q3 2024, the manufacturing segment continued to recover with a revenue increase of 7.9% and a net profit growth of 12.4% [4][6] - The improvement in orders and product/customer structure optimization contributed to better profit elasticity [4][6] Brand Apparel - The brand apparel segment reported a revenue of 622.4 billion for the first nine months of 2024, down 4.1% year-on-year, with Q3 showing a sharper decline of 9.7% [5][6] - The segment's profitability was adversely affected by a decrease in gross margin and increased operational leverage, leading to a net profit margin drop of 4.6 percentage points to 5.0% in Q3 [5][6] Mid-High End - The mid-high end segment faced significant challenges with a revenue decline of 8.6% and a net profit drop of 30.3% in Q3 2024 [16][22] - The segment's gross margin decreased by 0.5 percentage points to 65.1%, reflecting pressures from discounts and inventory challenges [22][23] Sports Brands - The sports brand segment showed mixed results, with domestic brands demonstrating resilience despite overall revenue deceleration [27][28] - Notable performers included Anta and Xtep, which maintained growth, while international brands like Nike faced declines [27][28][29] Mass Market - The mass market segment struggled significantly, with a revenue decline of 6.5% and a net profit drop of 60.8% in Q3 2024 [5][6] - The performance was impacted by weak retail conditions and increased competition [5][6] Home Textiles - The home textiles segment reported a revenue decline of 14.4% and a net profit decrease of 31.0% in Q3 2024, driven by reduced foot traffic and intensified online competition [5][6]