轻工制造及纺服服饰行业周报：52Toys港股递表，持续提示泛潮玩赛道机遇-20250527

Investment Rating - The report maintains an "Overweight" rating for the light industry manufacturing sector [4]. Core Insights - 52Toys has submitted its prospectus for an IPO in Hong Kong, highlighting opportunities in the pan-toy sector. The company achieved revenues of CNY 460 million, CNY 482 million, and CNY 630 million from 2022 to 2024, with licensed IP products contributing nearly 40% of total revenue during this period [6][20]. - The light industry manufacturing index ranked 6th among 28 Shenwan industries, with a weekly increase of 0.73%. The textile and apparel index ranked 10th, with a slight decline of 0.11% [11]. - The report emphasizes the growth potential in domestic consumption, particularly in the new consumer sector, and suggests focusing on companies like Baiya, Runben, and Haoyue Care, which have shown significant revenue growth [6]. Summary by Sections Market Overview - The total market capitalization of the light industry manufacturing sector is CNY 931.32 billion, with a circulating market value of CNY 790.67 billion [2]. - The report notes a mixed performance in sub-sectors, with packaging and printing up by 2.09% and paper up by 1.74%, while home goods and entertainment products saw declines [6][11]. Key Company Updates - 52Toys is positioned well within the youth-oriented emotional value market, with a growing customer base and a strong IP portfolio [6][20]. - The report highlights the performance of major companies, including Baiya, Taihua New Materials, and Huali Group, all rated as "Buy" with projected earnings growth [4]. Consumer Trends - The report identifies a trend towards new domestic consumption, particularly in the apparel and home goods sectors, with companies like Hailan Home and Anta Sports being highlighted for their growth potential [6][7]. - The textile manufacturing sector is expected to benefit from recent tariff policy changes, creating a 90-day window for increased export orders [6]. Raw Material Prices - The report tracks fluctuations in raw material prices, noting increases in polyether and TDI prices, while MDI prices have decreased [21][26]. - Cotton prices have shown a slight increase, indicating potential impacts on the textile sector [26]. Sales Data - Recent data indicates a significant increase in property sales in major cities, with a 12.6% year-on-year increase in transaction volume [40]. - The furniture manufacturing sector reported a revenue of CNY 145.98 billion in the first quarter of 2025, reflecting a 2.2% year-on-year decline [60].