纺织服饰周专题：Zara母公司Inditex发布FY2024Q3季报，经营表现强劲
GOLDEN SUN SECURITIES·2024-12-29 08:19

Investment Rating - The report maintains a rating of "Overweight" for the textile and apparel industry [9] Core Insights - The report highlights strong operational performance from Inditex, the parent company of Zara, with a 7.1% year-on-year revenue growth to €27.4 billion for the first three quarters of FY2024 [44] - The report anticipates a recovery in consumer demand in 2025, despite current pressures on apparel companies due to weak consumption [48] - The textile manufacturing sector is expected to benefit from improved demand and increased capacity utilization, leading to profit recovery [49] Summary by Sections Textile and Apparel - Inditex's Q3 FY2024 results show a gross margin improvement to 59.4%, with net profit rising 8.5% to €4.4 billion [44] - The report recommends several companies based on their performance and valuation, including Anta Sports (2025 PE of 15x), Weixing Co. (2025 PE of 20x), and Shenzhou International (2025 PE of 13x) [19][20] Jewelry Sector - The jewelry retail sector is expected to see improved performance in Q4, with a 2.7% year-on-year decline in retail sales for gold and silver jewelry in October 2024 [50] - Companies like Chow Tai Fook, Lao Feng Xiang, and Chao Hong Ji are highlighted for their improving product and channel efficiencies, with respective 2025 PEs of 11x, 13x, and 12x [50][111] Manufacturing Sector - The textile manufacturing sector is projected to see revenue growth of 13.2%, 10.3%, and 10.4% year-on-year for Q1, Q2, and Q3 of 2024 respectively, with net profit growth outpacing revenue growth [49] - The report emphasizes the importance of supply chain integration and global layout for leading manufacturers to capture market share in 2025 [49] Key Recommendations - The report suggests focusing on companies with strong performance and reasonable valuations, including Anta Sports, Weixing Co., and Shenzhou International [19][20] - It also highlights the potential for recovery in the apparel sector in 2025, contingent on improved consumer confidence [48]