海通证券：5月纺服出口数据环比回暖关注当前优质制造企业三条投资主线

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智通财经APP获悉，海通证券发布研报称，5月中越两国纺服出口环比均有所改善，背后原因主要是国际品牌库存优化催生补库需求&去年同期基数不高。市场对业绩确定性的偏好高于业绩成长性，低估值+高股息仍是品牌服饰投资主线之一。由于各品牌经营分化较大，品牌力的持续提升+销售渠道的扩张优化决定品牌增长后劲。另一方面，重点关注出口景气度回升&海外企业补库进度，当前优质制造企业拥有三条投资主线：①具备优质客户开拓...

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enterprises","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600837":1,"06837":1,"01910":0.9,"02313":0.9,"03306":0.9,"03998":0.9,"06110":0.9,"01836":0.9},"content_text":"智通财经APP获悉，海通证券发布研报称，5月中越两国纺服出口环比均有所改善，背后原因主要是国际品牌库存优化催生补库需求&去年同期基数不高。市场对业绩确定性的偏好高于业绩成长性，低估值+高股息仍是品牌服饰投资主线之一。由于各品牌经营分化较大，品牌力的持续提升+销售渠道的扩张优化决定品牌增长后劲。另一方面，重点关注出口景气度回升&海外企业补库进度，当前优质制造企业拥有三条投资主线：①具备优质客户开拓能力，②能在核心客户中持续提升供应商份额，③现金储备充足、资本开支稳健，具备高分红能力。海通证券主要观点如下：5月中国&越南纺服出口环比改善，其中纺织品表现较好5月中国纺织品/服装/鞋靴/箱包出口金额同比分别+7.2%/-0.4%/-11.8%/+0.0%，4月同比分别-4.3%/-9.1%/-18.3%/-13.5%。各品类出口均环比改善，其中纺织品同比转为正增长，服装/箱包同比基本持平，鞋靴仍有压力。1-5月，中国纺织品/服装/鞋靴/箱包出口金额累计同比分别+0.6%/-4.2%/-9.4%/-4.9%。5月越南纺织品/鞋类出口金额同比分别+3.9%/+0.0%，较上月同比+6.3%/-2.8%有所分化，纺织品环比走弱、鞋类环比走强。1-5月，越南纺织品/鞋类出口金额累计同比分别+3.3%/+7.2%。海通证券表示，整体来看，5月中越两国纺服出口环比均有所改善，背后原因主要是国际品牌库存优化催生补库需求&去年同期基数不高。5月多家制造台企营收增长加速目前已公布5月业绩的制造台企中，丰泰/钰齐/志强/儒鸿营收同比分别+16.6%/-11.6%/+33.8%/+27.8%，各企业营收同比均较上月有所改善(4月各家同比分别+4.4%/-34.8%/+3.4%/+13.1%)，其中丰泰、志强、儒鸿5月营收增长较4月有所加速。海通证券表示，整体来看，5月制造台企数据走势与中越两国纺服出口数据相似，国际品牌库存优化催生补库需求&去年同期基数不高共同塑造了5月强劲的纺服出口数据。618“开门红”销售战绩出炉，时尚、功能性品类表现亮眼目前各电商平台已公布618“开门红”销售战绩，从天猫公布的各品类Top10榜单来看：女装品牌Top5依次为优衣库/UR/MOCO/TennieWeenie/三彩，优衣库从去年第三登上今年榜首，隶属于BestSeller的伊芙丽、ONLY今年掉出Top10榜单;男装品牌Top5依次为优衣库/海澜之家/太平鸟/GXG/Ralph Lauren，去年位列第三的Jack&Jones掉出前五;运动品牌Top5依次为NIKE/FILA/adidas/lululemon/安踏，其中lululemon排名从去年第八跃升为今年第四;户外品牌Top5依次为北面/骆驼/迪卡侬/蕉下/可隆;床上用品品牌Top5依次为罗莱/水星/亚朵星球/博洋/黄古林。据金融界百家号援引京东数据显示，618开门红前4小时服饰板块整体迎来爆发，其中时尚防晒衣/儿童休闲鞋、篮球鞋/顶奢品类成交额同比分别超100%/200%/100%。据金融界百家号援引唯品会数据显示，女士时尚防晒衣/新中式服饰/极简、工装风格服饰销量同比增长了4倍/3倍/50%以上，或体现出当下消费者对于时尚、功能性品类的偏好。海外重点公司INDITEX & lululemon披露24Q1业绩INDITEX 24Q1录得营收82亿欧元/同比+7.1%，净利润13亿欧元/同比+10.8%，呈现稳健增长态势。公司春夏产品销售良好有望延续至Q2，Q2开始至今线上线下销售同比+12%。lululemon 24Q1录得营收22亿美元/yoy+10%(此前指引为9-10%)，摊薄EPS2.54美元/yoy+11.4%(略超此前指引2.35-2.40美元)。公司在美国/加拿大/中国内地/其他地区营收同比+2%/+11%/+45%/+27%，美国市场较为疲软，增长主要由中国与其他地区驱动。投资建议品牌服饰：海通证券认为，市场对业绩确定性的偏好高于业绩成长性，低估值+高股息仍是投资主线之一。由于各品牌经营分化较大，品牌力的持续提升+销售渠道的扩张优化决定品牌增长后劲。建议关注海澜之家(600398.SH)、富安娜(002327.SZ)、江南布衣(03306)、滔搏(06110)、波司登(03998)、新秀丽(01910)。优质制造：重点关注出口景气度回升&海外企业补库进度，当前优质制造企业拥有三条投资主线：①具备优质客户开拓能力，②能在核心客户中持续提升供应商份额，③现金储备充足、资本开支稳健，具备高分红能力。建议关注华利集团(300979.SZ)、九兴控股(01836)、申洲国际(02313)、伟星股份(002003.SZ)、新澳股份(603889.SH)、裕元集团(00551)。风险提示：消费者喜好改变，行业竞争加剧，经济下行零售环境疲软。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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海通证券：5月纺服出口数据环比回暖 关注当前优质制造企业三条投资主线

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海通证券：5月纺服出口数据环比回暖关注当前优质制造企业三条投资主线