纺织服饰周专题：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 due to improved supply chain management and customer collaboration [7][32]. - The report highlights a mixed performance among Taiwanese apparel manufacturers for November 2024, with companies like Yuanyuan Group showing significant growth while others like Guangyue faced declines [2][16]. - The export performance of related products is robust, with Vietnam outperforming China in textile exports, indicating a shift in competitive dynamics [22][23]. Summary by Sections Section 1: November Revenue Reports - Taiwanese apparel manufacturers reported varied revenue growth for November 2024, with cumulative revenues from January to November showing increases for Fengtai Enterprises (+3.0%) and Yuanyuan Group (+10.9%), while Guangyue experienced a decline of -2.5% [2][16][19]. Section 2: Industry Outlook for 2025 - The industry is projected to maintain a stable outlook, with leading companies expected to perform better than the overall market. The report emphasizes the importance of focusing on top-tier companies that align with defensive investment strategies [7][32]. - The report anticipates a recovery in consumer demand in 2025, driven by improved consumer confidence and inventory management among companies [37]. Section 3: Key Company Recommendations - Recommended companies include Huayi Group, which is expected to see significant revenue growth and capacity expansion, and Shenzhou International, which is projected to improve its gross margin [32][33]. - Wei Xing Co., recognized for its strong revenue growth, is also highlighted as a key investment opportunity with a projected PE of 18 for 2025 [34]. Section 4: Consumer Demand Trends - The report notes that consumer demand for apparel has weakened, leading to pressure on company performance, but anticipates a gradual recovery in 2025 as consumer confidence improves [37].