纺织服装行业双周报：继续关注低估值服装品牌的投资机会

See the last page for disclaimer Page 1 of 7 Equity Research Report 证 券 研 究 报 告 Equity Research Sector Report 股票研究 行业报告 证券研究报告 [Table_LeftMargin] 纺织服装行业 Textiles & Apparel Sector [Table_BasicInfo] Sector Report: Textiles & Apparel Sector 中文版 Hansen Tang 汤瀚森 行业报告： 纺织服装行业 Chinese version (86755) 2397 6884 hansen.tang@gtjas.com.hk 13 March 2023 [Table_MainInfo] Bi-Weekly Update: Focus on Apparel Brands With Low Valuation 双周报：继续关注低估值服装品牌的投资机会  Exports of textiles and clothing products in China remained under pressure. According to the General Administration of Customs of China (GACC), export value of China's textiles and clothing products decreased by 18.5% YoY to US$40.8 billion from Jan. to Feb. 2023, among which export value of textiles yarn, fabrics and textiles products fell by 22.4% YoY, while export value of clothing and accessories fell further by 14.7% YoY.  We expect stock prices of apparel and home textiles brands with relatively low valuations to continue to catch up. For the apparel brands segment, since Jan. 2023, domestic retail sales of apparel products continued to recover, among which sales of business menswear outperformed other sub-categories. Given the lower base in 2Q2022, we expect sales recovery of apparel brands to accelerate. Meanwhile, we expect that some womenswear brands which suffered seriously during the Covid pandemic will see a turnaround in 2023. We recommend apparel brands companies, such as Baoxiniao (002154 SZ), HLA Corp. (600398 SH), Biem.L.Fdlkk (002832 SZ) and Ellassay (603808 SH). For sportswear brands, with valuations gradually returning to a reasonable range, we suggest to accumulate sportswear brands on dips. We recommend Li Ning (02331 HK), Anta Sports (02020 HK), Xtep (01368 HK), 361 Degrees (01361 HK) and Topsports (06110 HK). For the home textiles segment, we expect that improving property sales, thanks to strong policy support, will lift the valuation of the segment. We recommend Luolai Lifestyle (002293 SZ).  We believe that the worst is over for the textiles industry and the turning point for manufacturing orders is on the way. We expect orders for domestic sales to recover first and export orders of manufactures to improve starting from the end of 2Q2023. We believe that low valuation suppliers with recent capacity releases are better positioned to benefit from the recovery of fundamentals. We recommend Fuchun Dye & Weave (605189 SH), Hanvo Safety (300952 SZ), and Taihua New Material (603055 SH).  Risks: 1) higher-than-expected global inflation; 2) slower-than-expected destocking pace; 3) increase in raw material prices. Increase in raw material prices 中国纺织品服装出口持续承压。根据中国海关总署，2023 年 1-2 月中国纺织品服装出口额为 408 亿美元，同比下降 18.5%。其中，纺织品出口额同比下降 22.4%，服装及配件出口额同比下降 14.7%。  我们预计低估值的服装与家纺品牌股价补涨有望持续。对于品牌服饰板块，自 2023 年 1月以来，国内服装