Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [8] Core Views - The outdoor sports sector shows significant growth in Q4, with major brands reporting strong performance [3][15] - Retail sales data for December indicates a recovery in cosmetics and apparel, with a total retail sales amount of 4.5172 trillion yuan, up 3.7% year-on-year [2][14] - Textile and apparel exports reached 28.07 billion USD in December, reflecting a year-on-year increase of 11.4% [4][16] Summary by Sections Retail Sales - December retail sales totaled 45,172 billion yuan, with apparel and textile products showing a slight decline of 0.3% year-on-year [2][14] - The recovery in retail sales is attributed to promotional activities and the early launch of the 2025 New Year shopping festival [2][14] Apparel Sector - Major brands like Anta Sports and Fila reported high single-digit growth in Q4, while other brands saw growth rates of 50-55% [3][15] - Amer Sports anticipates a stable revenue growth of 16-17% for the year, with a projected operating profit margin of 10.5-11.0% [3][15] Manufacturing and Exports - December textile and apparel exports reached 28.07 billion USD, with textile exports at 13.13 billion USD (up 17.4% year-on-year) and apparel exports at 14.93 billion USD (up 6.6% year-on-year) [4][16] - The total export value for 2024 is expected to exceed 301.1 billion USD, marking a year-on-year increase of 2.8% [4][16] Investment Recommendations - The report suggests focusing on domestic sportswear brands benefiting from outdoor sports trends, such as Anta Sports, Li Ning, and 361 Degrees [6][18] - It also highlights the potential of textile manufacturing leaders with global layouts and quick response capabilities [6][18]
纺织服饰行业周报：四季度户外运动板块业绩高增，纺织出口延续景气
Yong Xing Zheng Quan·2025-01-23 01:36