新春看消费之纺织服饰：电商、直播、品牌、代工碰撞融合，等风来

Investment Rating - The textile and apparel sector is rated poorly, with a cumulative decline of -3.2% in 2024, ranking 27th among 31 industries [3]. Core Insights - The textile and apparel industry is experiencing a significant transformation driven by e-commerce, live streaming, and brand collaborations, amidst fluctuating market conditions [2]. - Key factors influencing the sector include domestic demand, gold prices, and trade tensions [11]. Summary by Sections Overall Industry Performance - The textile and apparel sector has underperformed, with sub-segments like textile manufacturing, apparel and home textiles, and accessories showing declines of -0.17%, -3.27%, and -7.92% respectively [5]. Domestic Demand and Consumer Behavior - The sector's performance is closely tied to domestic consumption, which has been under pressure, with a mere 1.1% growth in clothing sales over the first ten months of 2024 [8]. - Government subsidies for home textile products have been introduced in various regions, offering 15%-20% support [8]. Key Companies - Huali Group: Market leader in sports shoe manufacturing, with a market cap of 918 billion and a 49% increase in 2024. The company benefits from a strong client base including Nike and Adidas [12][18]. - Hailan Home: Market cap of 360 billion, showing a slight increase of 1%. The company is exploring international markets and new business models to counteract declining revenues [30][33]. - Lao Feng Xiang: Market cap of 225 billion, down 21%. The company faces challenges due to rising gold prices affecting consumer demand [37][43]. - Semir Apparel: Market cap of 189 billion, up 22%. The company struggles with brand positioning in a competitive market [48][54]. - Weixing Co.: Market cap of 166 billion, up 31%. The company specializes in garment accessories and has seen growth due to strong domestic and export orders [57][60]. - Zhou Dazheng: Market cap of 159 billion, down 4%. Despite a decline in revenue, the company maintains strong profitability compared to peers [68][78]. Financial Performance - Huali Group reported a revenue of 175 billion with a 22.4% year-on-year growth [22]. - Hailan Home's revenue decreased to 153 billion, a 2% decline [33]. - Lao Feng Xiang's revenue was 526 billion, down 15.3% [43]. - Semir Apparel achieved a revenue of 94 billion, a 5.6% increase [54]. - Weixing Co. reported a revenue of 36 billion, up 23.3% [60]. - Zhou Dazheng's revenue was 108 billion, down 13.5% [78].