纺织服装行业2024中报总结：景气度的延续高质量的开始

224H11+3.92+12.69Q2-3.8424H1-21.9224H16.94 32.89Q24.55 24.28

•—— 24H1 /•—— 24H120H1~23H119H119H119H124H112

301板块景气度把握424H14.7

231pct3.7

238.21Q242024

1~2

5.520195.82Q242024 7 3.582023H12 3.55 9.32023710%9%8%7%6%5%4%3%2%1%0%2月 3月 4月 5月 6月 7月 8月 9月

10月

11月

12月20192023202416%14%12%10%8%6%4%2%0%2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月2019202320245分类年初至今2024-072024-062024-052024-042024-032024-023.5%2.7%2.0%3.7%2.3%3.1%5.5%9.6%9.9%10.8%9.3%8.5%11.0%9.0%5.6%6.1%6.1%6.5%6.4%5.8%6.9%社会消费品零售总额粮油、食品类饮料类烟酒类8.7%-0.1%-0.1%7.7%8.4%9.4%13.7%家用电器和音像器材类2.3%-2.4%-2.4%12.9%4.5%5.8%5.7%0.5%-5.2%-1.9%4.4%-2.0%1.9%-1.0%-10.4%-3.7%-11.0%-0.1%3.8%3.2%5.0%0.3%-6.1%-14.6%18.7%-2.7%2.2%4.0%服装、鞋帽、针纺织品类金银珠宝类化妆品类日用品类2.3%2.1%0.3%7.7%4.4%3.5%-0.7%文化办公用品类-5.3%-2.4%-8.5%4.3%-4.4%-6.6%-8.8%家具类2.0%-1.1%1.1%4.8%1.2%0.2%4.6%6+3.92+12.69Q2-3.8424H1-21.924H12Q2414pct\24pct1H242Q24细分板块公司名称收入增速（%）利润增速（%）收入增速超额（pct）利润增速超额（pct）收入是否超额利润是否超额24H124Q224H124Q224H124Q224H124Q224H124H1高端服饰比音勒芬15.010.515.31.711.114.32.623.6是是报喜鸟0.4-4.5-15.6-38.3-3.6-0.7-28.3-16.4否否女装歌力思5.5-1.1-46.6-52.91.62.8-59.3-31.0是否地素时尚-9.5-7.1-27.5-21.0-13.4-3.3-40.20.9否否锦泓集团-1.6-2.03.1-22.4-5.51.8-9.6-0.5否否家纺富安娜2.80.5-0.6-11.7-1.14.3-13.310.2否否罗莱生活-14.3-16.3-44.3-35.7-18.2-12.5-57.0-13.8否否水星家纺0.5-8.9-13.9-38.6-3.4-5.1-26.6-16.7否否大众服饰海澜之家1.5-5.9-2.5-14.4-2.4-2.0-15.27.5否否森马服饰7.110.17.10.73.213.9-5.522.6是否户外牧高笛-2.9-7.4-18.4-30.2-6.9-3.6-31.1-8.3否否三夫户外-8.8-7.5-28.0154.3-12.7-3.6-40.6176.2否否运动服饰安踏体育13.862.69.949.9是是李宁2.3-8.0-1.6-20.7否否724H16.9432.89Q24.55

24.28细分板块公司名称收入增速（%）利润增速（%）收入增速超额（pct）利润增速超额（pct）收入是否超额利润是否超额24H124Q224H124Q224H124Q224H124Q224H124H1辅料伟星股份25.6320.037.836.218.6315.44.911.9是是配件制造健盛集团5.51.533.8-1.8-1.4-3.00.9-26.1否是开润股份17.612.8230.1341.010.78.3197.3316.7是是上游制造新澳股份10.18.44.53.43.23.9-28.4-20.9是否百隆东方23.924.3-14.8-19.316.919.7-47.7-43.6是否户外制造扬州金泉-15.6-11.9-43.8-52.4-22.5-16.4-76.6-76.6否否浙江自然13.212.6-16.416.46.28.1-49.3-7.9是否鞋服制造华利集团24.520.829.011.917.616.3-3.8-12.3是否申洲国际12.237.85.34.9是是九兴控股8.065.81.132.9是是802

利润表端：筛选高景气、高质量标的924H1/24H119H120H1~23H120H1~23H119H119H120H1-23H119H120H1~23H124H1101+131.53%24H1+30.75%+55.64%101.79%+22.02%+93.67%2-14.78%+5.45%+23.89%-38.44%公司名称24H1收入Y24H1归母净利润YOY295.65开润股份探路者 27.5117.62230.14迎丰股份6.01台华新材浔兴股份55.6430.75富春染织194.85131.53101.7993.6722.02泰慕士 20.6977.86孚日股份2.0175.16安踏体育62.62浪莎股份13.809.8436.35公司名称收入YOY归母净利润YOY富安娜2.79-0.59海澜之家1.53-2.54李宁2.33-7.98嘉欣丝绸12.28-9.58宏达高科10.46-12.41水星家纺0.52-13.89百隆东方23.89-14.78夜光明8.34-36.10兴业科技5.45-38.44华纺股份2.53-55.13113-2.92%+121.58%4公司名称4H1收入YO24H1归母净利润YOY美邦服饰-25.80648.34欣龙控股-3.96267.65华升股份-12.63168.78裕元集团-2.92121.58美尔雅-7.4259.40ST摩登-29.0458.24酷特智能-3.3921.06七匹狼-4.9018.43聚杰微纤-15.3012.17公司名称收入YOY归母净利润YOY嘉曼服饰-8.30-4.10梦洁股份-13.78-5.18红豆股份-1.33-5.77江南高纤-20.68-8.66雅戈尔-2.75-9.68牧高笛-2.95-18.42鲁泰A-0.35-23.50华孚时尚-15.87-44.9612开润股份华升股份台华新材-12.63 168.7855.64131.53裕元集团浔兴股份九兴控股-2.92 121.5830.75 101.798.02 65.7735.19 172.538.96150.79安踏体育酷特智能13.80 62.62-3.39 21.06129.97 210.99-4.00 159.08七匹狼比音勒芬-4.90 18.4315.02 15.257.9251.02116.58 175.59公司名称较23H1同比增速收入 归母净利润17.62 230.14较19H1同比增速收入 归母净利润91.81 117.91-38.11 67.31165.01 192.88-15.90 18.07较20H1-23H1平均值增速收入 归母净利润51.97 246.70-27.52 103.8391.31 130.91-3.64 181.5628.66 111.2719.26 175.5244.95 123.256.7870.73-0.61 110.2551.86 71.56龙头股份欣龙控股5.30 291.78-3.96 267.65浙文影业众望布艺10.49 30.2314.18 20.60公司名称较23H1同比增速收入

归母净利润探路者 27.51 295.65较19H1同比增速收入

归母净利润138.32 4.45-47.21 108.97-36.29 88.49-4.02 57.5628.66 19.83较20H1-23H1平均值增速收入 归母净利润64.10 -487.36-34.23 -265.07-47.89 -134.5033.63 -159.056.50 -23.1413322H123H124H1424H1

迎丰股份孚日股份浪莎股份恒辉安防森马服饰航民股份公司名称较23H1同比增速收入 归母净利润6.01 194.852.0175.16美尔雅 -7.42

59.409.8436.3516.5117.08安奈儿 -16.29

15.927.117.1419.776.44较19H1同比增速收入 归母净利润86.61 -39.845.32-14.2633.26-162.5834.92-5.0836.64-2.98-30.11 -153.433.85-23.4961.58-7.75较20H1-23H1平均值增速收入 归母净利润41.90 29.588.8144.28-3.14 64.7717.23 13.6621.78 3.38-31.76 47.811.5769.1140.9811.73美邦服饰华生科技收入

归母净利润

收入

归母净利润

收入

归母净利润-25.80 648.34 -74.14 -155.68 -61.10 -125.6864.25 65.77 15.60 -6.41 -2.09 -31.85ST摩登凤竹纺织-29.04

58.24

-63.09

-298.14

-42.45

-682.504.66

38.69

-9.84

-65.90

-10.68

-59.68康隆达0.26 6.16 50.20 -215.08 27.24 -384.06公司名称较23H1同比增速 较19H1同比增速 较20H1-23H1平均值增速14富安娜海澜之家嘉曼服饰梦洁股份红豆股份江南高纤宏达高科百隆东方鲁泰A兴业科技公司名称较23H1同比增速收入 归母净利润2.79 -0.591.53 -2.54-8.30 -4.10-13.78 -5.18-1.33 -5.77-20.68 -8.6610.46 -12.4123.89 -14.78-0.35 -23.505.45 -38.44较19H1同比增速收入 归母净利润18.84 40.7840.33 -23.0046.24 76.23-2.79 -75.76-11.59 -53.35-51.64 -22.1411.23 6.7939.26 3.70-11.14 -58.7980.17 -17.58较20H1-23H1平均值增速收入 归母净利润4.27 7.9316.76 17.881.87 30.12-10.62 13.89-3.39 -36.71-43.11 -70.7610.45 -16.5416.17 -46.376.03 -25.7359.16 -12.811503

资产负债表端：存货健康，开店延续1624H12.9318.3124H16.5522.343.28存货绝对值及同比增速(单位:亿元，%)服装家纺公司名称2023H12024H1同比增速罗莱生活15.6912.82-18.31%牧高笛5.304.61-13.10%森马服饰31.7528.51-10.18%锦泓集团9.208.37-8.96%报喜鸟10.8610.75-1.05%地素时尚4.264.577.33%李宁21.2023.139.12%比音勒芬6.887.6310.97%富安娜7.368.1811.09%三夫户外3.814.2712.11%水星家纺9.5910.8212.76%海澜之家78.2695.5322.07%安踏体育64.8780.1323.52%歌力思7.119.3831.98%服装家纺行业731.64710.19-2.93%存货绝对值及同比增速(单位:亿元，%)纺织制造证券名称2023H12024H1同比增速百隆东方54.6442.43-22.34%新澳股份18.8718.25-3.28%九兴控股14.2214.743.66%申洲国际63.1966.945.93%华利集团28.0030.047.29%健盛集团5.466.7423.38%浙江自然1.601.9924.83%伟星股份6.037.7829.02%扬州金泉1.001.3131.21%开润股份3.957.2182.84%纺织制造行业493.61525.976.55%1724

H1124.71Q2182.49

24H12032.56%8024

H155.

32Q2155.74证券名称2023H12024H1同比增速2023Q22024Q2同比增速牧高笛0.340.060.190.02三夫户外0.080.03-81.86%-65.17%-0.020.00-88.89%-105.56%比音勒芬7.917.131.79报喜鸟2.002.961.47-62.60%-26.64%1.030.72-74.90%-29.70%地素时尚0.260.210.080.05歌力思0.39-17.71%4.54%0.180.17-38.57%-1.25%海澜之家2.560.412.694.84%0.171.58锦泓集团0.190.21-0.030.10827.59%-503.95%安踏体育6.648.9110.88%34.19%------罗莱生活0.891.560.150.72378.63%森马服饰0.591.530.430.5427.58%富安娜0.040.150.000.02402.04%水星家纺0.150.600.050.44876.82%李宁6.71--74.32%157.30%285.05%306.97%--------124.71%19.0253.72182.49%证券名称 2023H12024H12024Q2同比增速百隆东方4.400.01同比增速 2023Q2-99.70% 3.690.00-100.03%开润股份0.21-38.08%伟星股份0.713.320.433.11-39.50% 0.34-6.20% 1.331.23-7.81%九兴控股1.661.74------扬州金泉0.100.130.080.03-59.67%华利集团4.847.893.454.6133.43%浙江自然0.480.310.4545.18%新澳股份1.501.271.8848.19%健盛集团0.190.884.400.974.85%26.77%62.87%81.28%192.73%413.75%0.010.705486.40%申洲国际6.27----------44.1519.73-55.32%63.5228.11-155.74%资本支出绝对值及同比增速（单位：亿元，%）纺织制造服装家纺行业 30.40 68.31服装家纺纺织制造行业服装家纺门店数量及同比增速（单位：家，

）证券名称20232024H1净变动增速三夫户外5447-7-12.96%地素时尚1037977-60-5.79%锦泓集团12961260-36-2.78%罗莱生活27302690-40-1.47%歌力思652645-7-1.07%李宁7668767790.12%牧高笛21121210.47%报喜62%比音勒芬1255126380.64%安踏体育1215412242880.72%海澜之家68776957801.16%富安48%森马服饰793781402032.56%合计2871804

超预期个股梳理192024H125.57 22.9632.2

14.9637.79 4.1636.17

3.3833.65

4.0131.062024H1; Q23.251) 24H1///+24.0 /+27.1 /+23.2 /+52.254.8/40.4/3.3 /1.52)23H1/+24.8/+27.267/331):24H1+0.58pct41.80/+0.34pct/+0.27pct24H2)42.89 /42.09:24H1-0.95pct

20.06/ / /13.6pct

70.7+0.12/-0.68/-0.25/-0.14pct7.97 /9.07 /3.61

/-0.593):24H119871226 4):24H1+1.6pct18.1120项目 2023A2024E2025E2026E营业收入（亿元） 39.0745.9152.5959.84营业收入增长率（%） 8%18%15%14%归母净利润（亿元） 5.586.847.868.99归母净利润增长率（%） 14%23%15%14%摊薄每股收益（元/股） 0.530.590.670.77每股经营现金流净额（元/股） 0.610.790.850.95ROE（%） 17%15%16%17%PE（倍） 25.3321.1518.4016.09PB（倍） 2.943.082.852.63212024H1337.413.8(AMER)77.262.661.617.0

EPS2.7550.12024H11.18160.77

(+13.5

)47.7(-0.1pct)Q1/Q2/DTC:DTC//89.37/55.67/15.73+10.5/+20.1/+8.555.6/34.6/9.8/7073 (+20)2831( +53 )2024H1FILA/1981

(

+9

)130.56 (+6.8 )20 +46

(+41.8

)38.7

(-2.6pct)

Q1/Q213.6 (+2.7pct)3050

+/197/160

(2024H1+10/-4

)1))2020( Amer)

18.3

(+0.5pct.)202064.1

(+0.8pct.)2)25.7

(/FILA/56.6 /70.2 /72.7+0.8pct./+1pct./-0.7pct.FILA3)21.8 /28.6 /29.9+0.8pct/-1.1pct/-0.4pct/FILA/FILA222023FILA1DescenteKolon营业收入（亿元） 626.61702.70786.20873.84营业收入增长率（%） 16%12%12%11%归母净利润（亿元） 102.36133.79139.31157.58归母净利润增长率（%） 35%31%4%13%摊薄每股收益（元/股） 3.604.724.925.56每股经营现金流净额（元/股） 6.935.466.306.35ROE（%） 20%22%20%21%PE（倍） 22.6116.2615.6213.80PB（倍） 4.063.142.712.36项目2023A2024E2025E2026E232024H124H1129.812.2:92.1+7.671;+2021.3 ;9.0+47.47.0 ;9.950.792.5+9.4+4.471.316.3 ;18.827.6+12.225.3+2.719.5 ;37.221.2+20.0+27.028.72024H129 (+6.6pct)2024H12024Q29.4(-0.47pct)30/ /0.65

(-0.05pct)/7.3

(-0.6pct)/1.47 (+0.2pct)22.6

(+4.2pct)2024H12.1: 2024H19543.6/7516.5

( 0.7/1.7

)66.9 ( 2023 +9.3 )/2023 +7/-1100.8 (-13.1

)2024H11 1255 256

66.910124/H134.033.9

Adidas23.323.820;37.221.227营业收入（亿元） 249.96282.24316.68352.29营业收入增长率（%） -10%13%12%11%归母净利润（亿元