轻工纺服行业：关注头部服装制造一季度订单表现

Investment Rating - The industry investment rating is "Outperform the Market" [1][16] Core Viewpoints - Based on the recovery logic of discretionary consumption, apparel manufacturing and export-related companies are expected to encounter opportunities, with apparel and home textile companies continuing to benefit from overseas markets [2] - Apparel brand companies, after valuation adjustments, may enter a new round of market performance [2] - The investment focus includes top companies in segments with improved market share and valuation, as well as blue-chip stocks with strong earnings certainty and high dividend yields [2] Summary by Relevant Sections Apparel Manufacturing - Recommended companies include Shenzhou International, Wah Lee Group, and Weixing Co., which are expected to benefit from order recovery and market share growth [2][7] - Shenzhou International is noted for its vertical integration and strong management, with a high share of core customer orders [7] - Wah Lee Group is recognized for its production efficiency and stable customer relationships, anticipating order volume recovery [7] - Fuchun Dyeing and Weaving is expected to see steady performance due to its production model and order growth [7] - Jian Sheng Group is focusing on new customer development and improving production capacity utilization [7] Apparel Brands - Key companies include Hailan Home, Baoxiniao, and Fuanna, which are expected to see stable growth and high dividend yields [8] - Hailan Home is performing well in both online and offline channels, with overseas market expansion [8] - Baoxiniao's brand matrix and store upgrades are expected to enhance sales performance [8] - Fuanna is increasing its offline store openings, which is projected to boost its performance [8] Valuation Performance - Valuation metrics for key companies in the apparel and home textile sectors are provided, indicating expected earnings per share (EPS) and price-to-earnings (P/E) ratios for 2023A, 2024E, and 2025E [10][12]