智通财经APP获悉，专注于纺织制造智能化的可持续时尚科技公司Smartex已获得包括H&M、亚马逊 (AMZN.US)AWS 和iPod发明人Tony Fadell在内的知名机构和投资人的投资，融资总额超过4000万美 元。这家科技公司致力于用技术改造传统行业，其解决方案不仅提高了生产效率，还帮助时尚品牌更好 地追踪供应链数据，推动整个行业向绿色、智能化转型。 据悉，当Smartex的创始人Gilberto Loureiro还是个青少年时，他暑假期间曾在一家纺织厂工作，由此对 服装生产产生了"又爱又恨"的复杂情感。那份工作非常辛苦：Gilberto Loureiro的任务是整天站着盯着机 器上以每分钟15至20米的速度运行的织物，观察其中是否有缺陷。他表示："我真的很喜欢纺织业和解 决问题的过程，但我讨厌这种检验的工作方式，以及由此带来的低效和浪费。这绝对是世界上最艰难的 工作之一。" 自从Gilberto Loureiro十年前第一次踏上工厂车间以来，他的心态发生了转变。在获得物理学硕士学位 后，他共同创办了Smartex。这家科技公司利用摄像头、视觉软件和人工智能在面料生产过程中检测缺 陷，从而减少面料浪 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4]. Core Views - The company has demonstrated strong performance in Q1 FY25, with revenue reaching 700 million Swiss Francs, a year-on-year increase of 40% (currency neutral), while net profit decreased by 38% to 60 million Swiss Francs [1]. - The gross margin slightly increased to 60%, and the adjusted EBITDA margin rose by 1 percentage point to 17% year-on-year [1]. - The company has raised its full-year guidance, projecting revenue of 2.86 billion Swiss Francs, a year-on-year increase of 28%, up from the previous estimate of 27% [2]. - The company is benefiting from a strong multi-channel strategy and successful product launches, which have contributed to robust demand across all regions and product categories [1][2]. Financial Performance - For FY25, the company expects EPS of 3.4, 4.0, and 4.7 Yuan for the years 2025 to 2027, corresponding to P/E ratios of 20, 17, and 14 times respectively [4]. - The company reported a year-on-year revenue growth of 33% in EMEA, 29% in the Americas, and a remarkable 129% in the Asia-Pacific region [1]. - The inventory as of March 25 was 400 million Swiss Francs, reflecting a 5% decrease quarter-on-quarter, indicating a potential need for replenishment [1]. Market Position and Strategy - The company has established a strong positioning with key clients, particularly ON, which has shown impressive performance and light inventory levels, positively impacting order expectations [2]. - The company is actively monitoring tariff developments and has prepared various response strategies while maintaining close communication with clients [3]. - The production capacity remains stable, with no significant changes planned in the short term, as the company continues to build factories in Vietnam and Indonesia according to established timelines [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4] Core Views - The company reported a strong performance in FY25Q1, with revenue of 700 million Swiss Francs, a year-on-year increase of 40% (currency neutral), while net profit decreased by 38% to 60 million Swiss Francs [1] - The gross margin slightly increased to 60%, and the adjusted EBITDA margin rose by 1 percentage point to 17% year-on-year [1] - The company has raised its full-year guidance, expecting revenue of 2.86 billion Swiss Francs, a year-on-year increase of 28%, up from the previous estimate of 27% [2] - The company has a strong order backlog and is actively monitoring tariff developments, with no significant changes in order volumes reported [3] Financial Performance - For FY25, the company expects EPS of 3.4, 4.0, and 4.7 Yuan for the years 2025 to 2027, corresponding to P/E ratios of 20, 17, and 14 times respectively [4] - The company’s total revenue is projected to grow from 20.11 billion Yuan in 2023 to 35.84 billion Yuan in 2027, with a compound annual growth rate of approximately 15.3% [8] - The net profit is expected to increase from 3.20 billion Yuan in 2023 to 5.46 billion Yuan in 2027, reflecting a growth rate of 17.12% [8] Market Position and Strategy - The company has demonstrated strong momentum across all channels, regions, and product categories, benefiting from a multi-channel strategy and successful product launches [1] - The company’s inventory as of March 25 was 400 million Swiss Francs, a decrease of 5% quarter-on-quarter, indicating a potential need for replenishment [1] - The company is maintaining its production capacity and is not planning significant changes in capacity construction in the short term, despite ongoing tariff negotiations [3]

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轻工制造 GLO 日本试销推进，新型烟草趋势向上 投资要点： 【周观点】5 月 12 日日本 GLO 官网公布新品 HILO 信息，新品预期将于 6 月 9 日在日本宫城县试销限定发售，若日本市场试销良好，产品力进一 步验证，思摩尔 HNB 业务成长空间有望进一步打开；本周中美贸易冲突暂 缓，优质低估出口链、以及前期受外销业务担忧的包装龙头迎来布局窗口； 出口情绪好转带动包装纸企涨价潮，玖龙、山鹰、理文等集体发布提价函。 强于大市（维持评级） 一年内行业相对大盘走势 -0.30 -0.20 -0.10 0.00 0.10 0.20 5/20 7/31 10/11 12/22 3/4 5/15 轻工制造 沪深300 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 华福证券 轻工制 ...

- The report introduces a "Total Heat Index" for monitoring market sentiment, which aggregates the browsing, self-selection, and click counts of individual stocks, normalized by their market share on the same day, and then multiplied by 10,000, with a value range of [0,10000][7] - The "Total Heat Index" is used as a proxy variable for "emotional heat" to track the sentiment of broad-based indices, industries, and concepts[7] - The report constructs a simple rotation strategy based on the weekly heat change rate (MA2) of broad-based indices, buying the index with the highest heat change rate at the end of each week, and staying out of the market if the highest change rate is in the "others" group[13][15] - The rotation strategy based on the heat change rate (MA2) of broad-based indices has an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a return of 8.32% since 2025[16] - The report also constructs two simple portfolios based on the heat change rate of concepts, selecting the top 5 concepts with the highest heat change rate at the end of each week, and forming a "TOP" portfolio with the top 10 stocks by total heat in each concept, and a "BOTTOM" portfolio with the bottom 10 stocks by total heat in each concept[31] - The "BOTTOM" portfolio of high-heat concepts has historically achieved significant excess returns, with an annualized return of 15.71% and a maximum drawdown of 28.89%, and a return of 18% since 2025[33] - The "Total Heat Index" for individual stocks is defined as the sum of browsing, self-selection, and click counts, normalized by their market share on the same day, and then multiplied by 10,000, with a value range of [0,10000][7] - The "Total Heat Index" for broad-based indices is obtained by summing the total heat indices of the constituent stocks of the indices, including CSI 300, CSI 500, CSI 1000, and CSI 2000, as well as an "others" group for stocks not included in these indices[8] - The weekly heat change rate (MA2) for broad-based indices is calculated and used to construct a rotation strategy, buying the index with the highest heat change rate at the end of each week, and staying out of the market if the highest change rate is in the "others" group[13][15] - The weekly heat change rate (MA2) for industries is calculated similarly, with the report listing the top 5 industries with the highest positive and negative heat change rates for both primary and secondary industries[20][27] - The weekly heat change rate for concepts is calculated similarly, with the report listing the top 30 concepts with the highest heat change rates[28][30] - Two simple portfolios are constructed based on the heat change rate of concepts, selecting the top 5 concepts with the highest heat change rate at the end of each week, and forming a "TOP" portfolio with the top 10 stocks by total heat in each concept, and a "BOTTOM" portfolio with the bottom 10 stocks by total heat in each concept[31] - The rotation strategy based on the heat change rate (MA2) of broad-based indices has an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a return of 8.32% since 2025[16] - The "BOTTOM" portfolio of high-heat concepts has an annualized return of 15.71% and a maximum drawdown of 28.89%, and a return of 18% since 2025[33]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The recent US-China Geneva trade talks resulted in a better-than-expected outcome, with a 90-day suspension of 24% tariffs and retention of the remaining 10% [4] - The textile and apparel industry is experiencing mixed performance, with some companies reporting lower-than-expected earnings due to various operational challenges [15][16][17] Company Summaries Yuanyuan Group - For Q1 2025, Yuanyuan Group reported revenues of $202.9 million and a net profit of $7.6 million, representing a year-on-year growth of 1.3% and a decline of 24.2% respectively, which was below market expectations [15] Under Armour - Under Armour's FY25 revenue was $5.2 billion, down 9% year-on-year, with an operating loss of $185 million. Adjusted operating profit was $198 million, with a net loss of $201 million [16] - The company expects Q1 2026 revenue to decline by 4% to 5% compared to the same period in FY25, although gross margins are projected to improve [16] On - On reported a record Q1 sales of 727 million Swiss Francs, a 43% increase year-on-year, driven by a successful multi-channel strategy [17] - The company raised its full-year sales forecast for 2025, expecting at least a 28% increase, with gross margins projected between 60.0% and 60.5% [17] Market Trends - The textile and apparel sector saw a 1.28% increase, outperforming the Shanghai Composite Index by 0.52% [19] - The overall retail sales in China for the first four months of 2025 grew by 4.1%, with online retail sales increasing by 11.5% [23] Material Data - As of May 16, 2025, the China Cotton 3128B Index was 14,577 RMB/ton, with a year-to-date decline of 0.9% [34][9] - The USDA forecasts a 2.7% year-on-year decrease in global cotton production for the 2025/2026 season [45]

纺织制造板块盘初走低，华纺股份（600448）跌超8%，迎丰股份（605055）、凤竹纺织（600493）跌 超6%，浔兴股份（002098）、华茂股份（000850）纷纷下挫。 ...

纺织制造板块震荡走高，迎丰股份（605055）、凤竹纺织（600493）触及涨停，华纺股份（600448）、 金春股份（300877）、华茂股份（000850）跟涨。 ...

纺织制造板块午后回升，迎丰股份（605055）直线涨停，华纺股份（600448）涨超8%，云中马 （603130）、万事利（301066）、富春染织（605189）跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...