20240205-东海证券-纺织服饰行业周报（2024_1_29-2024_2_4）_2023_年服装出口受新兴经济体拉动明显_四季度趋势向好_12页_1mb

Summary of Textile and Apparel Industry Report (2024/1/29-2024/2/4)

Overall Market View

The report highlights that textile and apparel exports in 2023 were significantly boosted by emerging economies, with a positive trend in the fourth quarter. While overall exports declined compared to 2022 due to low base effects, growth against 2019 levels was strong. The industriy is expected to recover as US消费需求 stabilizes.

Investment Opportunities

Focus on high-growth sectors:

• Textile Manufacturing: Orders are rising from overseas brands, leading to better margins and potential market share gains due to cyclicality reduction and high exchange rates.
• Apparel: Brand sales improved in Q4, supported by low comparison points and demographic trends in luxury and children's wear.
• Home Textiles: Benefits from trade agreements and domestic demand recovery, offering stable returns.

Market Performance

The textile and apparel sector underperformed broader indices in 2023 and early 2024, with high negative P/E ratios and net outflows in investment funds. Positive trends include inventory reductions and improving raw material prices.

Key Recommendations

Invest in:

• AnCun Stock, Boy Fair, Companhia Sedeschi, Taiwan Tex Co.
• High-growth apparel brands like Anta Sports, Botega, Nine Mun Wong.
• Export-related companies with footwear and textile manufacturing exposure.

Risks

Monitor raw material price fluctuations, slower sales if confidence doesn't rebound, and currency volatility affecting profit margins.