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纺织服装双周报(2503期):2月服装社零增速回暖,2月越南纺织出口增长提速-2025-03-20
Guoxin Securities· 2025-03-20 09:46
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].