GOLDEN SUN SECURITIES·2025-06-15 10:03Investment Rating - The industry maintains a "Buy" rating for key companies such as Shenzhou International, Huayi Group, and others, with specific PE ratios projected for 2025 [11][39][41]. Core Insights - The apparel manufacturing sector has shown short-term revenue fluctuations, with companies like Feng Tai and Yu Yuan experiencing declines in May 2025, while Ru Hong reported a slight increase [1][15]. - Vietnam's apparel exports have accelerated since Q2 2025, primarily due to changes in U.S. tariff policies, with significant growth in textile and footwear exports [2][24]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation increases in 2025 [3][38]. Summary by Sections Weekly Topic - In May 2025, Feng Tai's revenue decreased by 23.4%, Yu Yuan's increased by 0.5%, and Ru Hong's decreased by 8.6% year-on-year. Cumulatively from January to May 2025, Feng Tai's revenue fell by 4.3%, while Yu Yuan and Ru Hong saw increases of 5.6% and 14.3%, respectively [1][15]. Industry Level - Vietnam's textile and footwear exports saw year-on-year increases of 20% and 27% in April 2025, with further growth in May. In contrast, China's apparel exports grew by 2.5% in May 2025 [2][24]. Weekly Perspective - The report suggests prioritizing brands with solid fundamentals, expecting a performance recovery in 2025. Key companies in the sports sector are projected to outperform the broader apparel market [3][38]. Apparel Manufacturing - The easing of tariff policies is expected to positively impact company valuations in the apparel manufacturing sector. Companies with integrated and international supply chains are likely to gain market share [4][39]. Key Recommendations - Recommended companies include Shenzhou International (2025 PE of 11), Huayi Group (2025 PE of 15), and Weixing Co. (2025 PE of 17), among others, indicating a focus on firms with strong growth potential and competitive advantages [39][41].