家纺行业更新：家纺补贴范围扩大，有望拉动消费热潮

Industry Investment Rating - The report assigns an Overweight rating to the textile and apparel industry [1] Core Views - Recent government subsidies for home textiles have expanded from Shanghai to nationwide, potentially boosting consumer confidence [4] - The subsidy policy is expected to drive a consumption boom in the home textile sector [2] - Leading home textile brands with strong cash flows and low capital expenditure needs are likely to maintain high dividend payouts [5] Subsidy Policy Details Online Subsidies - Phase 1 (Double 11 period): Subsidies of 15% were available on Taobao for products like bedding sets, down quilts, silk quilts, and pillows, but limited to Shanghai [5] - Phase 2 (Post-Double 11): Taobao subsidies expanded to cover all mainland China, while JD.com introduced a nationwide subsidy of 20% across all categories [5] Offline Subsidies - Shanghai: Home textile products were included in the city's consumption subsidy policy in late October, offering a 15% subsidy with a maximum of CNY 2000 per transaction [5] - Xiamen: Bedding products were added to the subsidy list with a 20% subsidy and a maximum of CNY 2000 per transaction [5] Company Participation - Leading brands like Luolai, Mercury, and Fuanna have actively participated in both online and offline subsidy activities [5] - Luolai: 40% of revenue comes from East China, with 38% from online sales [9] - Mercury: 57% of revenue comes from online sales, with 17% from East China (excluding online) [9] - Fuanna: 26% of revenue comes from East China, with 40% from online sales [9] Valuation and Recommendations - Luolai: 2024E PE of 16x, 2025E PE of 13x, 2026E PE of 12x [9] - Fuanna: 2024E PE of 12x, 2025E PE of 11x, 2026E PE of 11x [9] - Mercury: 2024E PE of 10x, 2025E PE of 9x, 2026E PE of 8x [9] - The report recommends Luolai and Fuanna, with Mercury as a beneficiary [5] Market Impact - The subsidy policy is expected to boost terminal sales for home textile brands, particularly benefiting leading brands with strong brand power and product quality [5]