2022-12-20-申万宏源研究_香港_-纺织服装行业点评_内需复苏强化_优选低估值_高股息_4页_596kb

Textile and Apparel Industry Analysis Summary

Key Findings

• Recovery Outlook: Internal demand is expected to drive the textile and apparel sector in 2023, with a potential "double upside" from improved profitability and valuation. The industry has overcome its "darkest moment," with consumption rebounding from pandemic-induced lows.

• Current Situation: In 2022, the sector faced challenges like high closure rates and logistics issues due to the pandemic, leading to a significant decline in consumer spending (e.g., -15.6% in November 2022). However, with policies supporting internal demand and economic confidence, recovery is anticipated by 2023.

• Valuation and Dividends: The overall valuation is relatively low (PE-TTM at ~30th percentile), and high dividend yields are prominent in many companies, offering attractive returns and low-risk investing. Companies like Pardini Dong (9.2% yield) and Hefei Anna (7.3% yield) are standout examples.

• Investment Recommendations: Focus on "high-beta" segments such as movement and outdoor apparel, premium brands, and high-quality manufacturers. Specifically recommended companies include:

  • Movement and Outdoor: Li-Ning, Anta Sports, Tebo International, Poshen, and Muhid。
  • Premium National Brands: Heylunzhi, Pardini, and recommended follows like Giorman。
  • Manufacturing Stars: XinAo Shares, Huawei Group, and recommended follows like BLHongjie。

Risks

• Potential risks include ongoing global pandemic uncertainty, raw material price fluctuations, increased industry competition, and trade uncertainties, which could impact growth prospects.