纺织服装行业23H1业绩复盘：品牌端业绩修复佳制造端有所承压

索引索引内容目录一、纺服板块23H1业绩情况汇总 4收入端：男女装业绩持续修复，制造端有所承压 4利润端：成本持续上行，利润端基本企稳 7行情复盘：上半年跑赢大盘，估值来到中枢区间 12二、重点公司23H1情况汇总 14三、投资建议 15四、风险提示 17图表目录图1：A股纺织服装细分板块半年度营业收入情况 4图2：A股纺织服装细分板块半年度营业收入情况 4图3：上半年纺织服装细分板块归母净利润情况 5图4：上半年纺织服装细分板块归母净利润5图5：港股纺织服装细分板块半年度营业收入情况 6图6：港股纺织服装细分板块半年度营业收入情况 6图7：上半年纺织服装细分板块归母净利润情况 6图8：上半年纺织服装细分板块归母净利润6图9：棉花328价格走势 7图10：纱线价格走势 7图11：CCFEI锦纶价格走势 7图12：澳大利亚羊毛价格走势 7图13：A股纺服细分板块23H1费用情况 8图14：港股纺服细分板块23H1费用情况 8图15：22H1v.s.23H1A股纺服细分板块毛利率 9图16：23H1A股纺服细分板块毛利率变动情况 9图17：22H1v.s.23H1港股纺服细分板块毛利率 10图18：23H1港股纺服细分板块毛利率变动情况 10图19：2023Q1&2023Q2A股纺服细分板块净利率 图20：23H1A股纺服细分板块净利润变动情况 图21：2022H1v.s.2023H1港股纺服细分板块净利率 图22：23H1港股纺服细分板块净利润变动情况 图23：各板块年初至今涨跌幅（更新至2023年8月31日） 12图24：纺服子板块年初至今涨跌幅（更新至2023年8月31日） 13图25：恒生细分板块年初至今涨跌幅（更新至2023年8月31日） 13图26：纺服行业PE估值水平及中位数（更新至2023年8月31日） 13图27：纺织及服装制造PE估值水平及中位数（更新至2023年8月31日） 13表1：A股纺服板块半年度及分季度营收增速 4表2：A股纺服板块半年度及分季度归母净利润增速 5表3：港股纺服细分板块营收增速 6表4：港股纺服细分板块归母净利润增速 7表5：上半年A股纺服板块销售费用率及管理费用率 8表6：上半年A股纺服板块研发费用率及财务费用率 8表7：上半年港股纺服板块销售费用率及管理费用率 9表8：A股纺服细分板块半年度及分季度毛利率 9表9：港股纺服细分板块半年度毛利率 10表10：A股纺服板块半年度及分季度归母净利润增速 表港股纺服细分板块半年度净利率 12表12：A股重点关注公司23H1情况汇总 14表13：港股重点关注公司23H1情况汇总 14表14：A股重点公司盈利预测与估值表（更新至2023年9月日） 15表15：港股重点个股盈利预测与估值表（更新至2023年9月日） 16一、纺服板块23H1业绩情况汇总2023A+HA305223家、7103423家，2018（468家作收入端：男女装业绩持续修复，制造端有所承压⚫ A股市场23H1-5.0%+9.3%+0.8%-3.7%、休闲营收同比-3.9%、制造端营收同比-9.4%。其中，男装和女装表现较好。女装Q1和Q2-2%和Q1Q2-19.2%和+24.3%。图1：A股纺织服装细分板半年度营业收入情况 图2：A股纺织服装细分板半年度营业收入情况资料来源：， 资料来源：，表1：A股纺服板块半年度及分季度营收增速营业收入YoY2018H12019H12020H12021H12022H12023H12022Q12022Q22022Q32022Q42023Q12023Q2制造端8.3%3.5%-9.7%27.5%15.2%-9.4%20.0%11.4%14.9%-17.7%-6.9%-11.5%男装-3.4%10.7%-3.2%0.5%24.1%-3.7%49.1%-4.8%-19.5%-23.6%-19.2%24.3%女装21.5%13.6%-8.0%44.3%-5.2%4.2%1.4%-12.0%-3.3%-18.1%-2.0%11.7%休闲29.2%15.3%-32.8%7.6%-19.4%-3.9%-8.0%-31.7%-12.7%-20.4%-9.8%4.8%家纺12.4%0.2%-12.7%27.6%2.2%0.8%6.0%-1.6%-4.3%-10.1%-4.0%5.9%内衣11.1%12.5%100.8%20.6%-5.1%9.3%1.3%-11.5%0.3%-18.9%4.5%14.9%户外用品-22.7%-17.4%-34.1%96.1%44.8%1.5%107.2%18.1%38.1%-6.6%4.8%-1.0%资料来源：，注：已剔除个别极端值影响23H1纺服板整体归母净利润稳中有升，休闲服饰增长亮眼。从归母净利润看，A股纺服板块整体同比+1.7%。各细分板块中，23H1休闲净利润同比+189.9%、女装净利润同比+58.3%+24.5%、-3.7%-24.8%23Q123Q2+30.8%和+133.6%23Q1和23Q2-25.4%和+36.5%。图3：上半年纺织服装细分板块归母净利润情况 图4：上半年纺织服装细分板块归母净利润资料来源：， 资料来源：，表2：A股纺服板块半年度及分季度归母净利润增速归母净利润YoY2018H12019H12020H12021H12022H12023H12022Q12022Q22022Q32022Q42023Q12023Q2制造端17.0%-3.7%-27.7%88.3%25.6%-24.8%46.0%16.8%15.9%-27.0%-35.4%-19.0%男装-12.4%18.0%-10.9%-8.1%23.8%-3.7%65.9%-15.7%-32.7%-33.6%-25.4%36.5%女装49.9%-5.9%-15.5%102.8%-51.8%58.3%-27.2%-75.0%-30.6%-93.9%30.8%133.6%休闲34.9%-18.9%-178.1%237.3%-193.4%189.9%-88.7%-519.5%-49.3%13.2%560.2%126.8%家纺8.0%5.5%-23.9%43.2%-12.8%11.4%-8.7%-17.4%-14.0%-25.5%-1.5%27.9%内衣1.3%6.4%38.2%80.6%-37.9%24.5%-9.5%-66.4%-6.7%-95.8%7.0%71.9%户外用品-49.3%89.1%-190.2%202.2%131.5%11.2%200.6%102.7%54.4%60.6%9.4%12.3%资料来源：，注：已剔除个别极端值影响港股市场23H1港股纺服板块整体营收企稳，品牌端表现亮眼，制造端和零售端业绩下滑。23H1+0.2%+14.2%，品牌服饰营收同比+9.8%。制造端和服装零售端业绩下滑，制造端营收同比-8.4%，主要-5.0%图5：港股纺织服装细分板块半年度营业收入情况 图6：港股纺织服装细分板块半年度营业收入情况资料来源：， 资料来源：，表3：港股纺服细分板块营收增速营业收入YoY2018H12019H12020H12021H12022H12023H1运动服饰27.9%31.6%-1.6%47.9%18.5%14.2%品牌服饰36.6%11.0%-1.8%16.3%5.8%9.8%制造端7.8%10.0%-14.9%12.2%10.6%-8.4%服装零售17.7%19.4%0.8%0.5%-11.8%-5.0%资料来源：，23H1港股纺织板块归母净利润表现平淡，受制造端拖累较多。从归母净利润看，23H1港562H100、运动服饰净利润同比+19.1%、服装零售净利润同比+0.2%、制造端净利润同比-43.5%。其图7：上半年纺织服装细分板块归母净利润情况 图8：上半年纺织服装细分板块归母净利润资料来源：， 资料来源：，表4：港股纺服细分板块归母净利润增速归母净利润YoY2018H12019H12020H12021H12022H12023H1运动服饰28.8%40.5%-29.6%129.3%4.4%19.1%品牌服饰31.4%9.2%-37.2%81.7%5.6%20.0%制造端-8.9%10.1%-57.9%-37.1%5.8%-43.5%服装零售2.8%39.3%-9.6%31.1%-25.5%0.2%资料来源：，利润端：成本持续上行，利润端基本企稳202383121.6%3.9%DTY8.8%、锦纶FDY13.7%POY10.8%16.0%。图9：棉花328价格走势 图10：纱线价格走势资料来源：， 资料来源：，图11：CCFEI锦纶价格走势 图12：澳大利亚羊毛价格走势资料来源：， 资料来源：，⚫费用端：控费效果显著A2.0%24.8%35.1%、24.5%17.0%42.0%23H14.7%6.2%6.5%4.9%4.7%6.2%6.7%。23H129.9%35.8%、制5.9%5.9%6.2%、7.5%4.0%。图13：A股纺服细分板块23H1费用情况 图14：港股纺服细分板块23H1费用情况资料来源：， 资料来源：，表5：上半年A股纺服板块销售费用率及管理费用率销售费用率 管理费用率2018H12019H12020H12021H12022H12023H12018H12019H12020H12021H12022H12023H1制造端2.4%2.7%2.8%1.9%1.7%2.0%5.8%4.4%5.4%4.3%4.3%4.7%男装16.2%17.4%17.0%24.4%21.2%24.8%7.3%7.0%6.7%7.0%5.9%6.2%女装31.3%34.5%34.7%34.1%36.3%35.1%10.0%7.1%6.8%5.9%6.4%6.5%休闲25.6%27.7%31.2%25.3%30.3%24.5%3.8%4.1%6.6%4.3%5.3%4.9%家纺15.5%16.3%17.6%16.2%16.2%17.0%6.1%5.2%5.9%5.4%4.7%4.7%内衣34.4%37.6%40.3%39.1%43.3%42.0%11.0%6.6%9.2%6.5%6.7%6.2%户外用品12.3%15.3%20.8%12.4%9.6%11.2%9.4%8.7%10.2%5.4%5.2%6.7%资料来源：，表6：上半年A股纺服板块研发费用率及财务费用率研发费用率 财务费用率2018H12019H12020H12021H12022H12023H12018H12019H12020H12021H12022H12023H1制造端N/A2.2%2.5%2.3%2.1%2.4%1.6%2.2%1.5%0.9%0.1%0.0%男装N/A0.8%0.8%1.2%1.1%1.4%2.9%2.6%2.0%1.5%0.8%0.7%女装N/A2.7%2.5%2.1%2.3%2.5%2.2%1.4%1.1%1.1%0.9%0.4%休闲N/A2.2%2.3%2.0%2.3%2.0%-0.2%-0.2%-0.3%-0.2%0.4%-0.9%家纺N/A1.5%1.2%1.5%1.9%1.9%0.9%0.8%0.7%0.5%-0.1%0.1%内衣N/A0.5%2.2%2.1%2.7%2.8%-0.3%-0.4%-0.2%0.0%-0.1%-0.3%研发费用率财务费用率2018H1 2019H1 2020H1 2021H12022H12023H12018H12019H12020H1 2021H12022H12023H1户外用品N/A 1.8% 3.0% 2.7%2.4%2.4%-1.0%-2.1%-2.1% 0.2%-1.1%-2.3%资料来源：，表7：上半年港股纺服板块销售费用率及管理费用率销售费用率 管理费用率2018H12019H12020H12021H12022H12023H12018H12019H12020H12021H12022H12023H1运动服饰26.0%26.4%27.1%28.9%30.3%29.9%6.5%5.3%7.8%6.1%6.5%5.9%品牌服饰32.4%31.4%35.4%35.6%36.8%35.8%6.3%6.3%6.2%5.5%6.2%6.2%制造端7.3%7.1%6.5%6.8%5.8%5.9%5.4%6.0%6.9%7.2%7.0%7.5%服装零售26.7%27.0%27.0%27.1%29.9%29.0%3.5%4.1%4.0%3.5%4.0%4.0%资料来源：，⚫ 23H1，A股及港股纺服板块整体毛利率均同比提升。23H1，A股纺服板块整体毛利率34.6%，同比提升1.01ppt；港股纺服板块整体毛利率38.0%，同比提升0.69ppt。A23H118.2%51.7%55.9%44.2%35.9%67.1%37.0%。图15：22H1v.s.23H1A股纺细分板块毛利率 图16：23H1A股纺服细分块毛利率变动情况资料来源：， 资料来源：，毛利率半年度按季度表8：毛利率半年度按季度2018H12019H12020H12021H12022H12023H12022Q12022Q22022Q32022Q42023Q12023Q2制造端18.4%22.8%18.0%18.4%19.3%18.2%18.8%19.8%18.8%20.3%16.5%19.7%男装52.1%47.2%45.6%52.1%51.8%51.7%52.4%50.7%47.2%53.2%50.9%52.6%女装57.3%56.8%54.1%57.3%52.7%55.9%54.4%50.6%50.0%51.8%56.8%54.9%休闲43.6%44.7%41.7%43.6%40.5%44.2%41.7%38.8%39.1%41.3%43.9%44.5%2018H12019H12020H12021H12022H12023H12022Q12022Q22022Q32022Q42023Q12023Q2家纺36.9%35.9%36.5%36.9%33.9%35.9%33.6%34.2%33.8%39.6%33.9%37.7%内衣68.7%67.9%67.1%68.7%66.6%67.1%68.5%64.3%66.0%65.0%68.0%66.1%户外用品30.4%34.4%33.4%30.4%30.7%37.0%30.6%30.8%33.2%46.3%35.0%38.7%资料来源：，55.4%58.7%19.4%图17：22H1v.s.23H1港股服细分板块毛利率 图18：23H1港股纺服细分块毛利率变动情况资料来源：， 资料来源：，表9：港股纺服细分板块半年度毛利率毛利率2018H12019H12020H12021H12022H12023H1运动服饰49.8%51.4%51.1%57.5%54.9%55.4%品牌服饰53.3%52.7%52.3%57.1%57.8%58.7%制造端23.1%22.7%20.5%24.4%21.5%19.4%服装零售33.5%38.9%38.1%39.1%41.0%40.1%资料来源：，23H1，相较港股纺服板块，A股纺服板块净利润修复更佳。23H1A股纺服板块整体净利率10.6%，同比+0.69ppt；港股纺服板块整体净利率9.0%，同比-0.55ppt。A23H17.4%19.3%8.3%9.8%14.6%。图19：2023Q1&2023Q2A纺服细分板块净利率 图20：23H1A股纺服细分块净利润变动情况资料来源：， 资料来源：，净利率半年度按季度表10：净利率半年度按季度2018H12019H12020H12021H12022H12023H12022Q12022Q22022Q32022Q42023Q12023Q2制造端7.4%6.9%5.5%8.1%8.9%7.4%8.0%9.8%8.6%6.1%5.6%9.0%男装21.5%22.9%21.1%19.3%19.2%19.3%19.4%19.0%16.5%14.0%17.9%20.8%女装10.1%8.4%7.7%10.8%5.5%8.3%7.4%3.2%5.6%0.4%9.8%6.8%休闲7.6%5.4%-6.2%7.9%-9.2%8.6%5.5%-4.0%4.7%7.5%9.1%7.6%家纺10.1%10.6%9.3%10.4%8.9%9.8%9.6%8.1%10.1%8.9%9.9%9.8%内衣15.6%14.8%10.2%15.2%10.0%11.3%13.6%5.8%3.0%0.3%14.0%8.6%户外用品5.1%11.7%-16.0%8.3%13.3%14.6%11.9%14.4%11.3%10.5%12.4%16.4%资料来源：，2H1512546、6.0%。图21：2022H1v.s.2023H1股纺服细分板块净利率 图22：23H1港股纺服细分块净利润变动情况资料来源：， 资料来源：，表11：港股纺服细分板块半年度净利率净利率2018H12019H12020H12021H12022H12023H1运动品牌13.9%14.9%10.6%16.5%14.5%15.1%品牌服饰11.6%11.4%7.3%11.4%11.4%12.5%制造端7.0%7.0%3.5%7.8%7.5%4.6%服装零售2.7%5.8%5.2%6.7%5.7%6.0%资料来源：，1.3行情复盘：上半年跑赢大盘，估值来到中枢区间涨跌幅复盘A8313004.38ppt(+8.64%)(-0.39%)(-0.58%)(-3.41%)、鞋帽及其他(-8.87%)。8317.07%18.9%21497pp7.33%9.17%9.93%图23：各板块年初至今涨跌幅（更新至2023年8月31日）资料来源：，图24：纺服子板块年初至今跌幅（更新至2023年8月31日） 图恒生细分板块年初至涨跌（更新至2023年8月31日资料来源：， 资料来源：，⚫ 估值复盘831TTM装及服装制造板块TTM图26：纺服行业PE估值水平及中位数（更新至2023年8月31日）资料来源：，图27：纺织及服装制造PE估值水平及中位数（更新至2023年8月31日）资料来源：，二、重点公司23H1情况汇总A61582（3839（02617表12：A股重点关注公司23H1情况汇总营业收入（亿元） 归母净利润（亿元） 毛利率 归母净利率类别公司23H1YoY23H1YoY23H123H1华利集团92.12-6.9%14.56-6.8%24.6%15.8%伟星股份18.290.0%3.02-3.2%41.2%16.5%兴业科技11.9661.5%0.9380.6%20.3%7.8%制造端新澳股份23.219.5%2.555.1%20.3%11.0%台华新材21.977.2%1.83-23.5%21.2%8.3%华利集团92.12-6.9%14.56-6.8%24.6%15.8%开润股份15.5718.1%0.7551.3%21.7%4.8%海澜之家111.9917.7%16.7931.6%45.1%15.0%男装雅戈尔比音勒芬58.7216.84-38.5%28.2%20.654.16-34.1%41.0%52.0%77.2%35.2%24.7%报喜鸟24.7123.8%4.0853.9%65.5%16.5%太平鸟36.01-14.2%2.5188.1%58.2%7.0%女装地素时尚歌力思12.4813.7213.4%17.2%3.071.1021.8%75.7%67.5%24.6%8.0%锦泓集团21.1114.3%1.43302.6%69.0%6.8%休闲森马服饰55.60-1.4%5.16393.9%44.6%9.3%罗莱生活24.563.1%2.8527.7%45.5%11.6%家纺富安娜12.72-4.7%2.193.8%54.2%17.2%水星家纺17.969.4%1.7058.6%39.9%9.4%户外用品探路者牧高笛5.568.6019.5%-0.8%0.220.973.1%-14.3%53.4%28.4%3.9%资料来源：，H1（227、61（180赢家时尚（154；2H1利润端表现较好的有慕尚集团控股（419.6、赢家时尚（7096表13：港股重点关注公司23H1情况汇总营业收入（亿元） 归母净利润（亿元） 毛利率 归母净利率公司23H1YoY23H1YoY23H123H1安踏体育296.514.2%47.4832.3%63.3%16.0%运动服饰李宁特步国际140.265.213.0%14.8%21.216.65-3.1%12.7%48.8%42.9%15.1%10.2%361度43.118.0%7.0427.7%41.7%16.3%品牌服饰波司登61.814.7%7.3415.0%50.0%11.9%营业收入（亿元） 归母净利润（亿元） 毛利率 归母净利率公司23H1YoY23H1YoY23H123H1赢家时尚33.415.4%4.4570.9%75.3%13.3%中国利郎14.96.7%2.705.2%51.8%18.1%江南布衣23.6-5.0%3.72-16.2%64.7%15.8%慕尚集团控股10.93.5%0.30419.6%53.2%2.8%裕元集团300.2-5.0%6.04-48.6%23.5%2.0%制造端申洲国际天虹国际集团107.9-14.9%-17.1%21.27-7.47-10.1%-175.3%22.4%2.4%18.4%-6.9%维珍妮41.722.7%2.8333.6%25.3%6.8%服装零售宝胜滔搏132.2109.6-15.1%3.05-19.9%1654.2%45.6%33.5%8.7%2.8%资料来源：，注：滔搏对应FY23H1三、投资建议持续关注低估值的制造端，及高股息的热点赛道：关注估值洼地的制造端，可在中报后重点布局。一方面，服装上游制造端估值持续回89月93618表14：A股重点公司盈利预测与估值表（更新至2023年9月11日）细分行业公司名称公司代码市值（亿元）报告货币收盘价（元）EPS（元）P/E股息率22A23E24E22A23E24E（%）地素时尚603587.SH74.14CNY15.530.801.251.4819.412.410.54.47比音勒芬002832.SZ195.47CNY34.251.281.692.0826.820.316.50.88服装品牌太平鸟603877.SH88.53CNY18.680.391.311.5847.914.311.80.80森马服饰002563.SZ168.65CNY6.260.240.400.4926.115.812.73.19锦泓集团603518.SH32.36CNY9.320.250.811.0437.311.58.91.06海澜之家*600398.SH322.24CNY7.460.500.630.7514.911.89.95.76欣贺股份003016.SZ42.53CNY9.890.300.550.6732.518.114.82.97报喜鸟002154.SZ93.69CNY6.420.310.450.5420.714.211.96.23九牧王601566.SH58.73CNY10.22(0.16)0.460.66-63.922.4015.50.98歌力思603808.SH45.73CNY12.390.060.811.07206.515.211.50.14华利集团300979.SZ624.11CNY53.482.772.723.2619.319.616.42.24富春染织605189.SH23.65CNY15.791.311.472.0212.110.87.81.42服装制造浙江自然605080.SH38.41CNY27.132.111.491.8012.918.315.10.58鲁泰A000726.SZ51.99CNY6.801.100.821.006.28.36.81.47罗莱生活002293.SZ91.63CNY10.920.680.850.9916.012.811.05.50家纺及旅行富安娜002327.SZ69.09CNY8.330.650.700.7812.811.910.77.20箱水星家纺603365.SH39.39CNY14.771.051.361.6214.110.99.14.67开润股份300577.SZ39.18CNY16.340.200.640.8681.725.618.90.55资料来源：