纺织服装行业周报：裕元集团披露24年前九个月业绩，上调全年鞋履出货量指引

Investment Rating - The textile and apparel industry maintains an investment rating of "A" [3]. Core Insights - The textile and apparel sector has shown resilience with a notable increase in exports, with October exports growing by 11.9% year-on-year. Major companies like PUMA and Deckers have raised their revenue guidance for the fiscal year 2025, indicating positive growth trends [1][4]. - The manufacturing segment is a key driver of revenue growth, with a reported revenue of $4.136 billion for Q1-Q3 2024, reflecting a 9.0% year-on-year increase. The footwear shipment volume increased by 16.2%, although the average selling price decreased by 6.8% to $20.24 [1][3][4]. - The retail segment, however, faced challenges, with revenues declining by 11.6% to $1.940 billion, although net profit increased by 8.0% to $29.8 million [3][4]. Summary by Sections Market Performance - The textile and apparel sector underperformed the market, with a decline of 3.38% compared to the Shanghai Composite Index's drop of 3.29% during the week [7][46]. - The manufacturing segment's PE ratio stands at 19.74, while the apparel segment's PE is at 16.51, indicating varying levels of market valuation [53][54]. Company Performance - Yu Yuan Group reported a revenue of $6.075 billion for the first nine months of 2024, a 1.5% increase year-on-year, with a significant profit increase of 140.9% [3][41]. - The company has adjusted its footwear shipment guidance upwards, expecting a growth rate of around 16% for the full year [4][43]. Industry Trends - Asics reported a 17.3% increase in sales for the first nine months of 2024, with the Greater China region seeing a 27.5% growth, prompting an upward revision of its annual performance expectations [4][80]. - The recent Double Eleven shopping festival saw significant growth in sales, with Tmall reporting a 46.5% increase in transaction volume, indicating strong consumer demand [6][8]. Employment and Production - The manufacturing workforce increased by approximately 19,200 employees, with a total of 282,000 employees as of Q3 2024, reflecting a 7.5% year-on-year growth in the manufacturing segment [2][43]. - The production capacity utilization rate improved to 92%, up by 16 percentage points year-on-year, contributing to a 1.6 percentage point increase in gross margin to 19.6% [1][42].