纺织服饰行业周专题：服饰制造台股公司公布11月营收

Investment Rating - The report maintains a rating of "Buy" for several key companies in the textile and apparel sector, including Anta Sports, Huayi Group, and Shenzhou International, with projected PE ratios for 2025 of 15, 20, and 13 respectively [8][5][33]. Core Insights - The textile and apparel industry is expected to experience stable growth in 2025, with leading companies likely to outperform the overall market. The report emphasizes the importance of focusing on top-tier companies that align with defensive investment strategies [7][32]. - The report highlights that while consumer demand has weakened, there is potential for recovery in 2025, particularly if consumer confidence improves. Retail sales in China for clothing and textiles showed a year-on-year increase of 1.1% from January to October 2024, which is below the overall retail growth of 3.5% during the same period [37][7]. - The report notes that the export performance of related products has been stable, with Vietnam outperforming China in textile exports. For instance, Vietnam's textile exports from January to November 2024 reached $33.65 billion, a year-on-year increase of 11.2%, while China's clothing and accessories exports were $144.22 billion, down 0.7% [22][23]. Summary by Sections Section 1: November Revenue Reports - Key Taiwanese apparel manufacturers reported mixed revenue performances for November 2024, with cumulative revenues from January to November showing year-on-year changes of +3.0% for Feng Tai Enterprises, +10.9% for Yu Yuan Group, +18.8% for Ru Hong, and -2.5% for Guang Yue [16][19]. Section 2: Industry Outlook for 2025 - The report anticipates a stable industry outlook for 2025, with leading companies expected to gain market share. It suggests that the competition landscape will continue to optimize, driven by brand clients' cautious growth expectations and flexible ordering patterns [7][32]. - The report recommends focusing on companies with strong growth potential, such as Huayi Group, which is expected to achieve a PE of 20 times in 2025, and Shenzhou International, with a projected PE of 13 times [32][33]. Section 3: Key Company Recommendations - The report recommends several companies based on their performance and growth potential: - Huayi Group: Anticipated revenue growth of 22% and net profit growth of 24% for 2024, with a PE of 20 for 2025 [32]. - Shenzhou International: Expected to see a recovery in gross margins and stable order growth, with a PE of 13 for 2025 [33]. - Wei Xing Co.: Noted for its strong revenue growth of 23% in the first three quarters of 2024, with a PE of 18 for 2025 [34].