轻工纺服行业2025年年度策略报告：估值底部，困境反转

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel sector, indicating a positive outlook for the industry [4]. Core Insights - The textile and apparel sector is currently experiencing a low valuation phase, with potential for upward correction due to consumer policy stimuli. The light industry sector is also showing signs of valuation recovery, primarily driven by favorable real estate policies [5][26]. - The outdoor sports segment is highlighted as a strong performer within the apparel sector, with retail sales for sports and leisure apparel showing a year-on-year increase of 48.4% in October 2024, significantly outpacing men's and women's apparel [6]. - The home furnishing sector is expected to benefit from ongoing valuation recovery and government subsidy policies, which could enhance market share for leading companies [7]. Summary by Sections Industry Review - The textile and apparel sector has seen a year-to-date increase of 2.32% as of December 13, 2024, while the light industry sector increased by 3.89%. Both sectors lag behind the CSI 300 index, which rose by 14.63% during the same period [5][24]. - The current price-to-earnings (PE) ratio for the textile and apparel sector is 24.9, indicating a low valuation, while the light industry sector's PE is 27.5, reflecting a higher valuation level [26]. Investment Themes - The report identifies two main investment themes: 1. Focus on leading companies in the apparel and home furnishing sectors that are expected to gain market share and offer good valuation [11]. 2. Preference for companies with strong earnings certainty and high dividend yields, particularly in the apparel sector [11]. Key Companies to Watch - Recommended companies include: - Shenzhou International - Huali Group - Oppein Home - Gujia Home - Anta Sports - Bosideng [11].