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纺织服装行业周报:中报密集披露,运动板块业绩催化下表现活跃-20250824
Shenwan Hongyuan Securities· 2025-08-24 11:42
Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].