Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Tabo, and others, indicating a positive outlook for their performance in 2025 [5][14][30]. Core Insights - Adidas reported a 13% year-on-year revenue growth in Q1 2025, reaching €6.153 billion, with a significant operating profit increase of 82% to €610 million [1][18]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation increases in 2025 [4][27]. - The textile and apparel sector is expected to benefit from supportive national policies and increased participation in sports activities, leading to resilient growth for related brands [4][27]. Summary by Sections Adidas Performance - In Q1 2025, Adidas' revenue grew by 13% to €6.153 billion, with a gross margin increase of 0.9 percentage points to 52.1% and an operating profit surge of 82% to €610 million [1][18]. - The company maintains its guidance for 2025, expecting high single-digit revenue growth, with double-digit growth for the Adidas brand [1][18]. Regional Performance - North America saw a 2.8% revenue increase to €1.184 billion, while Europe experienced a 14% growth to €1.986 billion, with Adidas brand revenues growing by 13% and 16% respectively [2][21]. - The Greater China region reported a 12.7% revenue increase to €1.029 billion, with Adidas brand revenue up by 14%, marking it as Adidas' third-largest market globally [2][24]. - Emerging markets and Latin America showed robust growth, with revenues increasing by 23.4% to €870 million and 26.2% to €698 million respectively, with Adidas brand revenues growing by 25% and 27% [3][24]. Industry Outlook - The report highlights a stable global demand for apparel, with a focus on companies that can optimize their competitive positions amid changing market dynamics [28]. - It recommends companies like Shenzhou International and Huayi Group for their attractive valuations and growth potential, with projected P/E ratios of 11x and 15x for 2025 respectively [28][30]. - The report also notes the importance of product differentiation and brand strength in the jewelry sector, with companies like Chow Tai Fook and Chow Hong Ki expected to perform well [28].

Group 1: Nanshan Zhishang High-end New Materials Industry - The company reported a Q1 2025 revenue of 362 million yuan, a year-on-year increase of 0.72% [1] - The overall gross margin was 32.5%, a slight decline of 0.3 percentage points year-on-year, while the gross margin for ultra-high molecular polyethylene fiber significantly improved to 28% [1] - The net profit attributable to shareholders was 37.3 million yuan, up 0.86% year-on-year, and the net profit after deducting non-recurring items was 35.93 million yuan, an increase of 12.84% year-on-year [1] - The company achieved significant results in its high-end new materials sector, with the ultra-high molecular polyethylene fiber project fully operational at 3600 tons [1] - A strategic partnership was established with Wuhan University and Wuhan Shouzhihua Innovation to advance humanoid robotics in research and material innovation [1] - The 80,000-ton nylon filament project is set to begin trial production in November 2024, marking a key breakthrough in the high-end new materials field [1] Group 2: Luolai Life Domestic Home Textile Business - The company reported a 2024 revenue of 4.56 billion yuan, a year-on-year decrease of 14.2%, impacted by a weak consumer environment [2] - The net profit attributable to shareholders was 430 million yuan, down 24.4% year-on-year, although the U.S. furniture business showed gradual improvement [2] - In Q1 2025, the company achieved a revenue of 1.09 billion yuan, a year-on-year increase of 0.57%, with domestic home textile business continuing its recovery [2] - The gross margin for domestic business improved significantly due to changes in channel structure, while the U.S. business margin remained stable [2] - The company’s net profit for Q1 2025 was 113 million yuan, a year-on-year increase of 26.3% [2] - The company is advised to focus on brand apparel and home textile sectors due to the ongoing domestic demand expansion policies [2]

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].

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1][4]. Core Insights - The retail sales of clothing in January-February 2025 showed a year-on-year growth of 3.3%, significantly improving compared to the decline in November-December 2024 [2][13]. - E-commerce platforms such as Tmall, JD, and Douyin reported strong growth in outdoor, women's wear, and home textiles, with sales growth rates of +48%, +31%, and +15% respectively in January-February 2025 [2][16]. - Vietnam's textile and footwear exports increased by 16.2% and 20.8% year-on-year in February, indicating a recovery in the export market [2][12]. Summary by Sections Market Review - The textile and apparel sector in A-shares and Hong Kong has outperformed the broader market since February, with notable stock price increases for companies like 361 Degrees (+18.67%) and TBOC (+16.02%) [1][12]. Brand Apparel Insights - Key brands such as KOLON, Biem.l.fdlkk, and Semir experienced sales growth exceeding 50% in January-February 2025, while brands like Salomon and HLA saw growth rates above 30% [2][17]. - The report highlights a positive trend in brand performance, with several companies expected to show improved revenue growth in the first quarter of 2025 [3]. Textile Manufacturing Insights - The report indicates that while the first quarter of 2024 had a high base, most manufacturing companies expect revenue growth in the high single to double digits for the first quarter of 2025 [3]. - Companies like Rihong and Juyuan are expanding their production capabilities, with Rihong's revenue in February 2025 up by 20.73% year-on-year [2][3]. Investment Recommendations - The report suggests focusing on brands with new growth drivers, such as Purcotton and HLA, and recommends companies with strong market share growth potential like Shenzhou International and Huayi Group [4][5].

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 ...