纺织服装行业周报：迅销集团公布FY2025Q1业绩，维持全年业绩指引

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1] Core Viewpoints - The textile and apparel industry is experiencing a recovery in demand, supported by policies and an increase in consumer confidence, although challenges remain in certain markets [3][12] - Fast Retailing Group (UNIQLO) reported a strong performance in FY2025Q1, with revenue of 859.19 billion JPY, a year-on-year increase of 10.4%, and a net profit of 131.96 billion JPY, up 22.4% [2][18] - The overall retail environment shows signs of improvement, with a narrowing decline in retail sales among major enterprises, although specific categories like apparel continue to face challenges [7][51] Summary by Sections Company Performance - Fast Retailing's Japan UNIQLO segment achieved revenue of 266.6 billion JPY, a 9.0% increase, and operating profit of 52.1 billion JPY, up 12.1% [4][19] - The overseas UNIQLO segment saw revenue of 501.7 billion JPY, a 13.7% increase, with significant growth in North America and Europe, despite challenges in the Chinese market [5][19] - GU's revenue was 90.6 billion JPY, a 3.1% increase, but operating profit fell by 20.2% due to rising costs [6][20] - The global brand segment reported a revenue decline of 2.4% to 35.7 billion JPY, but operating profit surged by 373.3% to 1.8 billion JPY due to cost management [6][20] Market Dynamics - The textile and apparel sector underperformed the market, with a 2.96% decline in the SW textile and apparel index compared to a 1.13% drop in the CSI 300 index [9][22] - The textile manufacturing sub-sector's PE ratio is at 20.53, while the apparel and home textile sector's PE is at 17.19, indicating varying levels of valuation across segments [27] Industry Trends - Retail sales for major enterprises in December 2024 showed a slight decline of 0.1%, with apparel sales down 2.5%, indicating a challenging environment for the sector [7][51] - The report highlights a potential recovery in consumer spending, particularly in the home textile and children's apparel segments, driven by government subsidies [12][13] Investment Recommendations - The report suggests focusing on three investment themes within the textile manufacturing sector, including companies with reduced inventory pressure and those expanding into new product categories [12] - In the branded apparel sector, it recommends companies with strong outdoor apparel offerings and those benefiting from government subsidies in home textiles and children's clothing [12][13]