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纺织服饰周专题:迅销发布FY2025年报,经营表现优异
GOLDEN SUN SECURITIES· 2025-10-19 09:49
Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel industry, including Shenzhou International, Huayi Group, and Anta Sports [9][27]. Core Insights - Fast Retailing reported strong performance for FY2025, with revenue increasing by 9.6% to 3,400.5 billion JPY, operating profit rising by 13.6% to 551.1 billion JPY, and net profit growing by 16.4% to 433.0 billion JPY [1][14]. - The company anticipates a revenue growth of 10.3% for FY2026, projecting revenue to reach 3,750.0 billion JPY and operating profit to increase by 10.7% to 610.0 billion JPY [1][14]. - Inventory levels increased by 8% to 510.9 billion JPY, attributed to higher stock of core items and expansion efforts in North America, Europe, and Southeast Asia [1][14]. Summary by Sections Business Performance - Uniqlo Japan's revenue grew by 10.1% to 1,026.0 billion JPY, with operating profit up by 17.5% to 181.3 billion JPY, and same-store sales increasing by 8.1% [20]. - Overseas Uniqlo business saw a revenue increase of 11.6% to 1,910.2 billion JPY, with operating profit rising by 10.6% to 305.3 billion JPY, despite a 4% decline in Greater China [20]. - GU business revenue grew by 3.6% to 330.7 billion JPY, but operating profit decreased by 12.6% to 28.3 billion JPY due to rising personnel costs [21]. Market Trends - The textile and apparel sector outperformed the market, with the textile manufacturing sector down by 1.46% and brand apparel down by 0.11% [32]. - Key stocks such as Shenzhou International and Anta Sports are highlighted for their strong fundamentals and growth potential [25][27]. Recommendations - The report recommends focusing on companies with strong performance and growth potential, such as Anta Sports, Li Ning, and Xtep International, with respective PE ratios of 16x, 17x, and 11x for 2025 [25][26]. - It also suggests monitoring companies like Hailan Home and Luolai Lifestyle for their business expansion and resilience in the current market environment [26].