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8月中越出口环比走弱，多数台企收入放缓
GUOTAI HAITONG SECURITIES·2025-09-15 08:41

Investment Rating - The industry investment rating is "Increase" for several recommended companies, indicating a potential upside of over 15% relative to the CSI 300 index [12][31]. Core Insights - The textile and apparel industry experienced a decline in export growth in August, with China's textile and apparel exports totaling approximately $26.54 billion, a year-on-year decrease of 5% [16]. - The report highlights the resilience of the sports segment, recommending companies such as Anta Sports, Li Ning, and Xtep International, while also suggesting opportunities in the luxury segment with brands like Prada and Samsonite [12][16]. - The report notes a slowdown in revenue growth for several Taiwanese manufacturers in August, with companies like Yu Yuan and Zhi Qiang reporting declines of 8.80% and 5.48% year-on-year, respectively [16]. Summary by Sections Market Review - The A-share market for the textile and apparel sector rose by 0.67% in the week of September 8-12, 2025, underperforming the CSI 300 index by 0.71 percentage points [6]. - The textile manufacturing sector increased by 1.52%, while the apparel and home textile sector saw a modest rise of 0.21% [6]. Industry Data Tracking - Retail sales for clothing, shoes, and textiles grew by 1.8% in July 2025, while textile and apparel exports fell by 5.05% in August [16][19]. - The report indicates that the inventory-to-sales ratio for U.S. apparel wholesalers increased slightly, suggesting a potential oversupply issue [16]. Recommended Stocks and Valuation - The report provides a detailed valuation forecast for recommended stocks, with Anta Sports projected to have a net profit of 131.8 billion yuan in 2025, and a PE ratio of 18 [12]. - Other recommended stocks include Li Ning, Xtep International, and Prada, all rated for "Increase" with expected growth in net profits over the next few years [12]. Key Announcements and News - Anta announced plans to open 1,000 stores in Southeast Asia over the next three years, indicating strong growth potential in international markets [24]. - H&M opened its first brand experience center in Shanghai, marking a significant step in its retail strategy in China [25].