纺织服饰行业24W49周观点：Lululemon Q3表现超预期，中国大陆营收同比增长39%

Investment Rating - The textile and apparel industry is rated as "Outperform" relative to the market [5]. Core Insights - Lululemon's Q3 performance exceeded expectations, with revenue in mainland China growing by 39% year-on-year. The company achieved revenue of $2.4 billion in FY25Q3, a 9% increase year-on-year, slightly surpassing market expectations. North America and international revenues grew by 2% and 33% respectively, with international growth at 30% on a constant currency basis [2][12][21]. Summary by Sections Lululemon Q3 Performance - Lululemon's Q3 revenue reached $2.4 billion, up 9% year-on-year (8% on a constant currency basis), slightly above market expectations. Revenue from mainland China surged by 39% year-on-year (36% on a constant currency basis) [2][12]. - Same-store sales in North America declined by 2%, while international same-store sales increased by 25% (22% on a constant currency basis), with mainland China contributing 27% to this growth [12][21]. Market Data - The textile and apparel sector saw a weekly increase of 1.82%, with textile manufacturing down by 0.11% and apparel/home textiles up by 2.66%. The current spot price for 328-grade cotton is 15,196 yuan/ton, down 0.54%, while the Cotlook A price is 81.6 cents/pound, down 0.49% [3][35]. Investment Recommendations - The report suggests focusing on three main lines in the textile and apparel sector: 1. Recovery in manufacturing exports with high visibility, recommending companies like Shenzhou International, Huafang Group, and Jian Sheng Group. 2. Anticipated growth in sports apparel driven by event marketing and new product launches, recommending 361 Degrees. 3. Favorable trends in overseas expansion and early entry into apparel brands, recommending Anta Sports, Kairun Co., and Semir Apparel [4][30][31].