纺织服装行业周报：LULU24Q4超市场预期，但预计FY25指引低于市场预期-2025-03-28

Investment Rating - The industry rating is "Recommended" [6] Core Insights - The report highlights that major companies in the textile and apparel industry have shown varying performance in their recent financial results, with some exceeding market expectations while others faced challenges due to external factors [2][3][4][5][21]. Summary by Sections Company Performance - Jian Sheng Group reported a revenue of 2.574 billion CNY and a net profit of 325 million CNY for 2024, with a year-on-year growth of 12.81% and 20.15% respectively. The company plans to distribute a total dividend of 0.5 CNY per share, resulting in a dividend rate of 54.74% [2][18]. - Shenzhou International achieved a revenue of 28.663 billion CNY and a net profit of 6.241 billion CNY for 2024, reflecting a year-on-year growth of 14.67% and 36.94%. The company plans to distribute a total dividend of 2.53 HKD per share, with a payout ratio of 55.8% [3][19]. - Jin Hong Group reported a revenue of 4.395 billion CNY and a net profit of 306 million CNY for 2024, with a year-on-year decline in revenue of 3.29%. The company plans to distribute a cash dividend of 3.1 CNY per 10 shares, resulting in a dividend rate of 35% [4][20]. - Lululemon's Q4 revenue reached 3.6 billion USD, with a net profit of 750 million USD, marking a year-on-year growth of 13% and 12% respectively. The company plans to open 56 new stores, increasing its total to 767 [5][21]. Market Trends - The report indicates that the textile and apparel industry is experiencing mixed trends, with some segments like leisurewear showing strong growth while others face challenges due to market conditions and competition [8][22]. - The online sales data for February 2025 shows significant growth in the sports category, with sales on platforms like Douyin and Taobao increasing substantially [9][10]. Raw Material Prices - As of March 28, 2025, the domestic cotton price index was 14,864 CNY/ton, with a slight decrease of 0.32% in the recent period. The medium import cotton price index increased by 2.14% to 13,719 CNY/ton [11][37]. - The report also notes that wool prices have increased by 4.62% since the beginning of 2025, indicating a rising trend in raw material costs [42]. Industry News - Recent developments include Belle acquiring Champion's business in Greater China and Uniqlo accelerating its expansion in the UK market [12].