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].

Investment Rating - The textile and apparel industry maintains a rating of "In line with the market" [1] Core Insights - Puma disclosed its 2024 performance, expecting revenue growth in 2025 to be in the low to mid-single digits [3][7] - In 2024, Puma's sales grew by 4.4% to €8.817 billion, while net profit decreased by 7.6% to €282 million due to increased net financial expenses and minority interests [4][16] - The Americas region saw a growth of 7.0%, Asia-Pacific 3.8%, and EMEA 2.1% [4][16] - Direct-to-consumer (DTC) sales grew by 16.6%, increasing its share from 24.8% in 2023 to 27.5% in 2024 [4][16] - The overall market performance of the textile and apparel sector showed a 3.95% increase this week, outperforming the broader market [19][20] Summary by Sections Industry Performance - The textile and apparel sector's stock index increased by 3.95%, while the light industry manufacturing sector rose by 1.76% [19] - The SW textile manufacturing PE-TTM is at 21.47, which is in the 44.08% percentile over the past three years [23] - The SW apparel and home textiles PE-TTM is at 23.58, in the 73.68% percentile over the past three years [23] Company Performance - Puma's Q4 2024 sales grew by 9.8% to €2.289 billion, with net profit increasing by 2897.6% to €24.5 million [5][17] - The DTC business in Q4 2024 grew by 16.1%, with its share rising from 31.6% in Q4 2023 to 33.4% [5][17] - The top five companies in the textile and apparel sector this week included Mingpai Jewelry (+47.93%) and Diya Co. (+28.5%) [27] Market Data Tracking - In January-February 2025, the export value of textiles and clothing decreased by 2.0% and 6.9%, respectively [36] - The retail sales of clothing in major retail enterprises fell by 7.9% year-on-year [49] - The consumer confidence index in January was 87.5, indicating a weak recovery in the domestic consumption market [12]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Huayi Group, Weixing Co., and others, with projected PE ratios for 2025 ranging from 10 to 21 times [12][35]. Core Insights - Amer Sports is projected to achieve a remarkable 135% year-on-year growth in net profit for 2024, with revenues increasing by 18% to $5.183 billion [1][16]. - The Technical Apparel segment is expected to grow by 20% in 2025, driven by strong performance in the Greater China region [2][17]. - The Outdoor Performance segment is anticipated to see a low double-digit growth, while the Ball & Racquet segment is expected to grow in the low to mid-single digits [2][17]. - The overall textile and apparel sector is facing pressure in 2024 due to weak consumer demand, but a recovery is expected in 2025 as retail performance stabilizes [5][33]. Summary by Sections Amer Sports Performance - In 2024, Amer Sports' revenue is expected to reach $5.183 billion, with a significant increase in net profit to $73 million, and an adjusted net profit growth of 329% to $236 million [1][16]. - The company’s gross profit margin is projected to improve to 55.7%, and operating profit margin to 11.1% [1][16]. Technical Apparel - The Technical Apparel segment, led by the Arc'teryx brand, saw a 33% revenue increase in Q4 2024, reaching $745 million, with a direct-to-consumer (DTC) revenue growth of 44% [2][22]. - The adjusted operating profit margin for this segment improved to 24.3% due to optimized product and channel strategies [2][22]. Outdoor Performance - The Outdoor Performance segment, centered around the Salomon brand, reported a 13% revenue increase to $594 million in Q4 2024, with DTC sales growing by 58% [3][25]. - The adjusted operating profit margin for this segment rose to 11.1% [3][25]. Ball & Racquet Sports - The Ball & Racquet segment, featuring the Wilson brand, experienced a 22% revenue growth to $296 million in Q4 2024, although long-term growth is expected to stabilize in the low to mid-single digits [4][28]. - The adjusted operating profit margin improved to -3.7% as inventory normalized [4][28]. Industry Outlook - The textile and apparel sector is expected to see a recovery in 2025, with leading companies benefiting from improved supply chain dynamics and inventory health [5][33]. - The report highlights the importance of focusing on companies with strong fundamentals and growth potential, such as Anta Sports and Huayi Group, as the market stabilizes [5][33].

奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价 ——轻工制造及纺服服饰行业周报 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | | | | 上市公司数 | 154 | | --- | --- | | 行业总市值(亿元) | 8,987.57 | | 行业流通市值(亿元) | 7,726.31 | 1、《关税预期 price in，关注 AI 眼镜 和线下特卖行业机遇》2025-02-10 2、《24 年全球 AI 眼镜销量超 200 万台，嘉益、匠心、索菲亚、台华等 披露业绩预告》2025-01-27 3、《李宁重获中国奥委会合作，海 澜京东奥莱线下特卖供需两旺》 2025-01-20 轻工制造 证券研究报告/行业定期报告 ...