南山智尚高端新材料产业取得显著成果。4 月25 日，公司披露25 年一季报。公司实现营业收入3.62 亿 元，同比+0.72%。整体毛利率为32.5%，同比轻微下跌0.3 个点，但其中超高分子聚乙烯纤维毛利率同 比大幅改善至28%。归母净利润为3730.2 万元，同比+0.86%。扣非归母净利润为3593.0万元，同比 +12.84%。公司的精纺呢绒业务稳健，高端新材料产业取得显著成果。其中，超高分子聚乙烯纤维（超 纤）实现规模与品质的双提升。产品强度覆盖全品类，可用于机器人传动腱绳等领域，一等品率达95% 以上。目前3600 吨超纤项目已全线建成运营。公司自主研发的"抗蠕变超高分子聚乙烯纤维用纺丝液及 其制备方法"专利显著提升产品稳定性和耐用性，处于国内第一梯队。3 月19 日，公司与武汉大学、武 汉手智创新达成战略合作，共同推进人形机器人在基础研究、材料创新、技术转化等领域的突破性发 展。另外，8 万吨锦纶长丝项目于24 年11 月启动试投产，标志着公司在高端新材料领域取得关键突 破，正式开启第二增长曲线。 罗莱生活国内家纺业务延续回升势头，存货处于健康水平。4 月25 日，公司披露24 年年报和25 年 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Bosideng [5][11][24]. Core Insights - Adidas is expected to achieve a revenue of €6.153 billion in Q1 2025, representing a 13% year-on-year growth, with a 17% growth for the Adidas brand excluding Yeezy [1][16]. - The textile and apparel sector is anticipated to experience a recovery in demand in 2025, supported by government policies and increased participation in sports activities [3][22]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands for potential investment opportunities [3][22]. Summary by Sections Adidas Performance - Adidas forecasts a 13% year-on-year revenue growth for Q1 2025, with a gross margin increase of 0.9 percentage points to 52.1% [1][16]. - The company expects double-digit growth across all consumer markets [1][16]. Market Trends - The retail sales of clothing, shoes, and textiles in China grew by 3.4% year-on-year in the first quarter of 2025, with the sportswear segment expected to outperform overall textile consumption [3][22]. - The report suggests a volatile recovery in demand for the textile sector throughout 2025 [3][22]. Recommendations - The report recommends focusing on companies with strong fundamentals, such as Shenzhou International and Huayi Group, with respective 2025 PE ratios of 11x and 15x [4][23]. - Key companies highlighted for investment include Anta Sports, with a projected 2025 PE of 18x, and Bosideng, expected to deliver strong performance in 2025 [24][25]. Company Performance - Anta Sports reported significant growth in Q1 2025, with terminal sales increasing by high single digits, and other brands showing a 65%-70% year-on-year increase [24]. - For the home textile sector, Luolai Life expects a 20% growth in 2025, with a net profit of CNY 520 million [24][41].

纺织服装 行业周报（20250309-20250315） 同步大市-A(维持) Puma 披露 2024 年度业绩，预计 2025 年收入增长低至中单位数 纺织服装行业近一年市场表现 投资要点 本周观察：Puma 披露 2024 年度业绩，预计 2025 年收入增长低至中单位数 2024 年，汇率中性下，Puma 销售额增长 4.4%，达到 88.17 亿欧元；净利润下降 7.6%，为 2.82 亿欧元，主要由于净财务费用增加和少数股东权益增加。分区域看，美洲 地区增长 7.0%，亚太地区增长 3.8%，EMEA 地区增长 2.1%。分渠道看，批发业务增长 0.4%，DTC 业务增长 16.6%，DTC 占比从 2023 年的 24.8% 提升至 27.5%。分产品 看，鞋类增长 5.4%，服装增长 3.7%，配饰增长 2.0%。 来源：最闻，山西证券研究所 相关报告： 【 山 证 纺 织 服 装 】 On Running 公 布 2024 年业绩，预计 2025 年营收同增至 少 27%- 【 山 证 纺 服 】 行 业 周 报 2024Q4，汇率中性下，Puma 销售额增长 9.8%，达到 22.89 亿 ...