纺织服装行业周报：迅销集团公布2025财年上半年业绩，3月国内社零表现超预期

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - Fast Retailing Group reported strong performance for the first half of FY2025, with revenue of 1,790.198 billion JPY, a year-on-year increase of 12.0%, and operating profit of 304.217 billion JPY, up 18.3% [2][18] - The domestic retail sales in March showed a year-on-year growth of 5.9%, indicating a recovery in consumer confidence [7][51] - The textile and apparel sector is expected to benefit from a gradual recovery in domestic consumption and government policies aimed at boosting demand [10] Summary by Sections Company Performance - Fast Retailing's Japan segment achieved revenue of 541.5 billion JPY, a 11.6% increase, and operating profit of 97.6 billion JPY, up 26.4% [19] - The overseas UNIQLO segment reported revenue of 1,014.1 billion JPY, a 14.7% increase, with significant growth in Southeast Asia, India, and Australia [19] - The GU segment saw revenue of 165.8 billion JPY, a 3.9% increase, but operating profit declined by 9.3% due to increased costs [20] Market Trends - The textile and apparel sector's retail sales in March showed a 3.6% year-on-year increase, with sports and entertainment products growing by 26.2% [53] - The overall retail sales for the first quarter of 2025 showed a 4.6% year-on-year increase, with online channels performing better than offline [51] Stock Performance - The SW textile and apparel sector rose by 1.57% this week, outperforming the broader market [9][22] - The PE-TTM for SW textile manufacturing is 19.59, while SW apparel and home textiles is 22.07, indicating varying levels of valuation across sub-sectors [28] Industry Developments - The report highlights the introduction of new products, such as the Jordan Air Rev golf shoes, which aim to enhance performance for golfers [10][69] - The ongoing store renovations by Yonghui Supermarket are expected to enhance customer experience and drive sales growth [72][75]