纺织服装行业：2024年四季度业绩前瞻：纺织制造下游需求稳定，服装家纺销售回暖

Investment Rating - The report maintains a "Buy" rating for the textile and apparel industry, with specific recommendations for various companies within the sector [4]. Core Insights - The textile manufacturing sector is expected to see stable demand from downstream, with a positive outlook for Q4 2024 due to early orders ahead of the Chinese New Year and favorable currency exchange rates. The apparel and home textile sectors are also showing signs of recovery, particularly in categories benefiting from government subsidies [3][4]. - Textile exports are projected to grow, with a year-on-year increase of 5.7% in 2024, while apparel exports are expected to recover with a slight increase of 0.3% [3][4]. - Investment suggestions include focusing on high-quality supply chain leaders in the textile manufacturing sector and companies exploring new product lines to create additional growth avenues [3][4]. Summary by Sections 1. Q4 2024 Performance Expectations - The textile manufacturing sector is primarily driven by export business, with a stable order intake expected. The apparel and home textile sectors are anticipated to improve due to domestic policy shifts and government support for certain categories [3][4]. 2. Textile and Apparel Export Growth - Textile exports are projected to increase by 5.7% year-on-year in 2024, with quarterly growth rates of 2.6%, 3.9%, 2.1%, and 14.32% respectively. Apparel exports are expected to show a slight recovery with a 0.3% year-on-year increase [3][4]. 3. Retail Sales Growth of Apparel and Footwear - Retail sales for apparel, footwear, and knitted products from key enterprises are expected to show a year-on-year change of +0.3% in 2024, with quarterly changes of +2.5%, 0.0%, -2.2%, and +0.5% [3][4]. 4. Online Retail Growth of Apparel - The online retail growth for apparel is showing positive trends, with significant increases in various categories on platforms like Tmall, JD, and Douyin [3][4]. 5. E-commerce Performance by Subcategories - The report highlights the performance of different apparel subcategories on e-commerce platforms, indicating varying growth rates across men's, women's, and children's clothing, as well as home textiles [3][4].