playtoearnnftgameslist| Textile and garment industry: manufacturing reversal established movement low before and then high

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2024-05-04
  本报告导读:  纺织制造Q1 业绩大面积超预期playtoearnnftgameslist,反转确立playtoearnnftgameslist,关注后续上修业绩可能;港股运动销售表现分化,预计2024 年“前低后高”。  摘要:  投资建议:1 )品牌端:终端整体...

  本报告导读:  纺织制造Q1 业绩大面积超预期playtoearnnftgameslist,反转确立playtoearnnftgameslist,关注后续上修业绩可能;港股运动销售表现分化,预计2024 年“前低后高”。  摘要:  投资建议:1 )品牌端:终端整体复苏趋势确立,品牌间存在分化,看好playtoearnnftgameslist:①盈利稳定+高股息playtoearnnftgameslist: 推荐海澜之家、富安娜、报喜鸟;②强基本面+低估值: 推荐波司登、比音勒芬; ③2024 年赛事催化+长期高景气: 推荐安踏体育、李宁、特步国际、361 度。2)制造端:订单恢复趋势无虞,龙头具备抢份额拓客户逻辑值得期待,推荐华利集团、申洲国际,受益标的百隆东方;此外推荐高分红+稳增长“红马双雄”伟星股份、新澳股份。  纺织制造:上中游修复情况分化,Q1 业绩大面积超预期。1)2023年:收入端,上游增速及修复进度优于中游,主要由于上游采用以价换量举措在去库结束、需求恢复前争取订单。利润端,中游增速及修复进度优于上游,主要由于上游以价换量,利润承压,而中游产能利用率逐步修复带动利润率稳步改善。2)2024Q1:收入/利润端,中游增速及恢复进度均优于上游,主要由于去库结束后,中游产能利用率恢复空间相对更大,同时产能扩张、招工计划回归正常,规模效应有望进一步体现,而上游在终端弱复苏背景下,单价回升相对缓慢,利润率修复节奏稍慢。  港股运动:销售分化明显,安踏体育、361 度相对更优。1)板块层面:2023 年至今运动板块流水表现略好于服装行业整体,板块性α有所收窄,整体呈现以下特点:①流水分化明显:契合K 型趋势、多品牌战略的公司表现更优。②重点去化库存:库销比回归健康,流水增速>收入增速。2)个股层面:安踏体育多品牌战略优势进一步显现,销售韧性突出,且期间费用率改善,运营优势凸显,带动2023年业绩超预期。361 度2023 年收入利润、2024Q1 流水均超预期,且经营端2023 年开店超预期,表现全面领跑运动板块。  展望:1)制造端:订单恢复趋势无虞,反转确立,Adidas、Deckers上调最新财年收入指引,关注后续下游销售指引上调带来的制造端业绩上修可能。2)港股运动:预计2024 年流水增速表现“前低后高”,体育大年值得期待。中长期国内运动行业进入总量平稳增长、结构性机会涌现新阶段,看好多品牌战略充分享有行业增长红利,以及户外等高景气细分赛道增长。  风险提示:海外通胀超预期,行业竞争加剧 【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。

playtoearnnftgameslist| Textile and garment industry: manufacturing reversal established movement low before and then high

   【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。

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