纺织服饰行业周专题：Lululemon发布FY2024Q3季报，中国延续高增长

Investment Rating - The report maintains an "Overweight" rating for the textile and apparel industry [3] Core Insights - Lululemon's FY2024Q3 report shows a revenue increase of 9% year-on-year to $2.4 billion, with a currency-neutral growth of 8%. The company expects FY2024 revenue to grow by 8.5% to 9.2%, reaching $10.44 to $10.5 billion, and anticipates FY2026 revenue to hit $12.5 billion [3][18] - The apparel sector is experiencing pressure due to weakened consumer demand, but a recovery is expected in 2025 as consumer confidence improves. Retail sales in China for clothing and accessories grew by 1.1% year-on-year from January to October 2024, lagging behind overall retail sales growth of 3.5% [26] - The textile manufacturing sector is projected to see an upward trend in demand in 2024, driven by overseas brand inventory replenishment, leading to increased capacity utilization and profitability for key manufacturers [27] Summary by Sections Weekly Topic - Lululemon's Q3 results indicate strong international brand growth and positive consumer response to new product launches, with gross profit increasing by 12% year-on-year to $1.4 billion and operating profit rising by 45% to $490 million [3][18] Industry Outlook - The textile and apparel industry is expected to recover in 2025, with a focus on maintaining stable inventory and discount strategies. The report suggests that if consumer confidence rebounds, the sector could see gradual improvement throughout the year [26] - The manufacturing sector is benefiting from improved demand, with revenue growth for key textile manufacturers projected at 13.2%, 10.3%, and 10.4% year-on-year for Q1, Q2, and Q3 of 2024, respectively [27] Recommended Stocks - The report recommends leading companies in the functional apparel sector, such as Anta Sports and Li Ning, with projected PE ratios of 15 and 12 for 2025, respectively. It also highlights Bosideng for its growth potential in the down jacket category [28] - For high-dividend, low-valuation stocks, companies like HLA and Fuanna are recommended, with projected PE ratios of 11 and 13 for 2025 [31]