纺织服装行业2024年三季报回顾：政策发力扭转预期，看好内需修复

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a recovery in domestic demand and suggesting potential investment opportunities in the sector [1][4]. Core Insights - The textile and apparel industry is experiencing a rebound in domestic demand, supported by favorable policies, with retail sales growth in October reaching 8.0%, outpacing overall consumer goods [1][5]. - The report highlights a divergence in performance among different segments, with manufacturing showing resilience while brand apparel faces challenges [1][30]. - The report emphasizes the importance of monitoring the global trade environment and its impact on export growth, which was recorded at 11.9% in October [1][6]. Summary by Sections Industry Overview - The textile and apparel sector is witnessing a rebound in domestic demand, with October retail sales growth of 8.0%, compared to a 4.8% increase in overall consumer goods [21][26]. - The report suggests combining the growth rates of October and November for a clearer trend analysis, as the early start of the Double Eleven shopping festival may distort monthly data [21][22]. Textile Manufacturing - The manufacturing sector benefits from downstream inventory replenishment, with significant revenue growth reported for companies like Huayi Group and Jian Sheng Group, showing increases of 18.5% and 37% respectively in Q3 [6][30]. - The report notes that the high growth phase driven by inventory replenishment is nearing its end, and future focus should shift to downstream sales performance [6][30]. Apparel Sector - The report indicates that the performance of different apparel segments varies, with men's apparel showing better resilience compared to women's apparel, which is experiencing a more significant decline [1][30]. - The children's apparel segment is showing growth due to a low base effect, while home textiles are benefiting from government subsidies aimed at boosting sales during peak seasons [1][30]. Investment Recommendations - The report recommends investing in outdoor sports brands such as Bosideng, Anta Sports, and 361 Degrees, as well as domestic brands like Baoxini, Biyinlefen, and Luolai Life [4][30]. - It suggests focusing on textile manufacturing companies with strong global competitiveness, including Huayi Group, Weixing Co., and Shenzhou International [4][30].