纺织服装行业2024Q4业绩前瞻：品牌环比改善，制造景气延续

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The textile and apparel industry is expected to see an overall improvement in Q4 2024, with brands showing a sequential recovery and manufacturing conditions remaining favorable [5][13] - Consumption promotion policies have led to an overall improvement in sales for most companies in Q4, with significant growth in specific sub-sectors such as sports retail and home textiles benefiting from subsidy policies [2][5] - Key companies such as China Li Group, Semir Apparel, and Weixing Co. are projected to perform well in Q4, with expected revenue growth rates of 10%-15%, 8%-12%, and 5%-10% respectively [6][14] Summary by Sections Manufacturing Sector - Inventory levels among overseas wholesalers and retailers are normalizing, driving companies to replenish orders. Despite a high base from last year, revenue growth is expected to decline sequentially, while the export chain remains robust [5][14] - The profit margins are affected by investment gains and bonus provisions, leading to a mixed performance across companies [2][5] Brand Performance - Q4 sales are expected to improve sequentially due to consumption promotion policies, with most companies achieving positive growth. The sports retail sector is showing resilience, while home textiles are benefiting significantly from subsidy policies [5][13] - Specific companies like Anta Sports and 361 Degrees are expected to see strong revenue growth, with Anta's retail sales projected to grow in the high single digits [6][24] Key Company Forecasts - China Li Group: Expected revenue growth of 10%-15% and net profit growth of 15%-20% due to order replenishment and customer structure optimization [6][43] - Semir Apparel: Anticipated revenue growth of 8%-12% and net profit growth of 45%-55% driven by improved retail conditions and healthy inventory structure [6][27] - Weixing Co.: Projected revenue growth of 5%-10% with net profit expected to increase by 200%-300% due to low base effects from prior quarters [6][43] - Anta Sports: Expected to achieve high single-digit growth in retail sales for Q4 [6][24] - 361 Degrees: Anticipated revenue growth of 10% for adult apparel and 10%-15% for children's clothing, with e-commerce growth projected at 30%-35% [6][24]