纺织服饰行业周报：一季报收官，品牌服饰表现分化，制造端业绩企稳回升

Industry Rating - The report maintains an Overweight rating on the textile and apparel industry [2] Core Views - Apparel Sector: Sportswear brands show strong performance, while non-sportswear brands exhibit mixed results In Q1 2024, the retail sales of clothing, footwear, and textiles above the designated size reached 3694 billion yuan, up 2 5% year-on-year, driven by delayed warming and high base effects in the same period [2][6] - Sportswear Brands: Anta Sports and FILA brands achieved mid-single-digit and high-single-digit revenue growth respectively in Q1 2024 361 Degrees saw high double-digit growth in offline channels and 20-25% growth in online channels [2][6] - Non-Sportswear Brands: Brands like Biem L Fdlfen and Hla saw robust growth, with Biem L Fdlfen's revenue increasing by 17 55% and net profit by 20 43% in Q1 2024 However, brands like Peacebird experienced a 12 92% decline in revenue and a 26 92% drop in net profit [2][6] - Manufacturing Sector: The manufacturing sector showed signs of stabilization and recovery in Q1 2024, with downstream orders expected to improve From January to April 2024, China's textile and apparel exports reached 3145 9 billion yuan, up 4 6% year-on-year Vietnam's textile and apparel exports also grew by 6 7% during the same period [2][6] Key Data Highlights - Retail Sales: In March 2024, total retail sales of consumer goods reached 3902 billion yuan, up 3 1% year-on-year, with clothing, footwear, and textiles growing by 3 8% [2][13] - Exports: From January to March 2024, China's textile and apparel exports totaled 4683 9 billion yuan, up 5 4% year-on-year, with textile exports growing by 6 1% and apparel exports by 4 8% [2][13] - Cotton Prices: As of May 10, 2024, the domestic cotton price index B was 16478 55 yuan/ton, down 0 96% from May 6, while the international cotton price index M was 85 30 cents/pound, down 1 50% [2][18] Industry Trends - Online Retail: From January to March 2024, online retail sales of physical goods reached 2805 3 billion yuan, up 11 6% year-on-year, accounting for 23 3% of total retail sales [13][14] - Cotton Price Trends: Domestic and international cotton price differentials widened, with domestic cotton prices declining more significantly than international prices [18][19] Company Performance - Biem L Fdlfen: Achieved revenue of 12 68 billion yuan in Q1 2024, up 17 55% year-on-year, with net profit reaching 3 62 billion yuan, up 20 43% [2][6] - Hla: Reported revenue of 61 77 billion yuan in Q1 2024, up 8 72% year-on-year, with net profit of 8 87 billion yuan, up 10 41% [2][6] - Peacebird: Experienced a 12 92% decline in revenue to 18 06 billion yuan and a 26 92% drop in net profit to 1 59 billion yuan in Q1 2024 [2][6] Investment Recommendations - Focus on sportswear brands benefiting from sports events and social trends, such as Anta Sports, Li Ning, and 361 Degrees [7] - Consider sun protection-related companies like Bosideng and Jiaxia Holdings, as well as textile manufacturers with fast-response capabilities, such as Shenzhou International and Huafang Group [7]