露露乐蒙 25Q1 经营稳健，维持全年营收增长指引

Investment Rating - The report maintains a positive outlook for the industry, suggesting a potential growth exceeding the market average in the coming months [37]. Core Insights - Lululemon's FY25Q1 performance shows steady growth with revenue of $2.371 billion, a year-on-year increase of 7.32%, although slightly below analyst expectations of $2.57 billion. The gross margin improved by 0.62 percentage points to 58.34% due to reduced product costs and optimized discounts [10][12]. - The company expects full-year revenue to be between $11.15 billion and $11.30 billion, with a year-on-year growth of 5%-7%. Excluding the additional week in 2024, the expected growth is 7%-8% [15][10]. - In North America, revenue reached $1.675 billion, a 3% increase year-on-year, while the Chinese market showed strong performance with revenue of $368 million, up 21% year-on-year [12][10]. Summary by Sections Industry Data Tracking - In April, apparel retail sales grew by 2.2%, underperforming the overall consumer market due to adverse weather conditions affecting spring apparel sales. The report anticipates improvement in May due to better weather and increased consumer activity [16][3]. - Raw material prices remained stable, with fluctuations in cotton and synthetic fiber prices noted [19][20]. Investment Recommendations - For apparel brands, recommendations include Hai Lan Home, which is adapting to consumer trends and expanding its store presence, and Anta Sports, which is expected to benefit from strong performance in its multi-brand strategy. Additionally, recommendations include leading brands like Bi Yin Le Fen and All Cotton Times [22][4]. - In the upstream manufacturing sector, the report suggests that leading textile manufacturers like Zhejiang Ziran and Shenzhou International are well-positioned to benefit from market shifts due to tariff impacts [22][4]. Market Review and Company News - The textile and apparel sector saw a 1.89% increase in the past week, with notable performances from companies like Langsha and Huasheng [23][28]. - Key company announcements include Nanshan Zhishang's stock issuance and Jiangnan Buyi's land bidding for industrial use [34][34].