Workflow
轻工制造：12月轻纺品类出口抬升，关注“抢出口”效应
Huafu Securities·2025-01-19 06:11

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report highlights that China's export growth in December exceeded expectations, particularly in the light textile category, indicating a "export rush" effect [1][3] - The overall outlook for export companies in the light textile sector remains optimistic, with many companies reporting strong performance and positive order forecasts [1][3] - The report emphasizes the long-term competitiveness of Chinese manufacturing in the global market, despite short-term fluctuations due to tariff expectations [1][3] Summary by Sections Export Performance - In December, China's total export value reached USD 335.6 billion, a year-on-year increase of 10.7% and a month-on-month increase of 4 percentage points [1][7] - Specific categories showed varied performance: - Furniture and parts: +3.1% YoY, +5.8% MoM - Textiles: +17.2% YoY, +7.9% MoM - Clothing and accessories: +6.2% YoY, +2.4% MoM - Footwear: -0.7% YoY, +1.4% MoM - Luggage and similar containers: -7.1% YoY, -3.8% MoM - Plastic products: +4.2% YoY, +0.8% MoM [1][10][12] Company Performance and Outlook - Companies like Zhejiang Natural and Yiyi Co. have shown strong performance forecasts, with Yiyi Co. expecting a net profit growth of 92%-118% YoY for 2024 [1][21] - Many companies reported full order books and optimistic operational outlooks, particularly in relation to the recovery of the U.S. housing market [1][21] - The report notes a potential "export rush" effect due to tariff expectations, which may support the performance of export chains in the short term [1][21] Investment Recommendations - The report suggests focusing on companies with strong demand support from the U.S. housing market, such as Jiangxin Home and Yongyi Co., as well as those with robust business momentum like Jiayi Co. and Zhejiang Natural [1][3] - Companies with significant overseas supply chain capabilities and customer development are expected to enhance their global competitiveness [1][3]