紡織服裝行業(yè)2018年中報(bào)總結(jié)品牌服裝趨勢(shì)分化，紡織制造持續(xù)向好

1、長(zhǎng)城證券2請(qǐng)參考最后一頁(yè)評(píng)級(jí)說(shuō)明及重要聲明目錄目錄1.概述：服裝結(jié)構(gòu)性復(fù)蘇，制造持續(xù)向好...........................................................................42.品牌服裝：收入業(yè)績(jī)延續(xù)景氣度....................................................................................

2、...82.1成長(zhǎng)能力分析：維持穩(wěn)健增長(zhǎng)，休閑服裝增速亮眼..............................................92.2盈利能力分析：毛利率小幅回升、凈利率略有下降............................................102.3運(yùn)營(yíng)能力分析：周轉(zhuǎn)率小幅回調(diào)，仍在合理區(qū)間................................................1

3、12.4償債能力分析：負(fù)債率略升，流動(dòng)性有所下降....................................................122.5經(jīng)營(yíng)性現(xiàn)金流分析：同比由負(fù)轉(zhuǎn)正，環(huán)比有所下降............................................123.紡織制造：收入穩(wěn)增，匯兌增厚業(yè)績(jī).....................................................

4、........................133.1成長(zhǎng)能力分析：收入、業(yè)績(jī)穩(wěn)健增長(zhǎng)....................................................................133.2盈利能力分析：毛利率、凈利率略有回調(diào)............................................................153.3運(yùn)營(yíng)能力分析：應(yīng)收賬款、存貨周轉(zhuǎn)率總體

5、改善................................................163.4償債能力分析：短期償債能力持續(xù)提升................................................................173.5經(jīng)營(yíng)性現(xiàn)金流分析：行業(yè)趨勢(shì)分化，棉紡持續(xù)改善............................................174.投資建議.....

6、........................................................................................................................185.風(fēng)險(xiǎn)提示............................................................................................

7、.................................18行業(yè)專題報(bào)告長(zhǎng)城證券4請(qǐng)參考最后一頁(yè)評(píng)級(jí)說(shuō)明及重要聲明1.概述：概述：服裝結(jié)構(gòu)性復(fù)蘇，服裝結(jié)構(gòu)性復(fù)蘇，制造持續(xù)向好制造持續(xù)向好2018年上半年品牌服裝行業(yè)整體延續(xù)穩(wěn)步復(fù)蘇態(tài)勢(shì)。年上半年品牌服裝行業(yè)整體延續(xù)穩(wěn)步復(fù)蘇態(tài)勢(shì)。品牌服裝行業(yè)收入實(shí)現(xiàn)兩位數(shù)增長(zhǎng)，但是二季度收入和利潤(rùn)的增速明顯放緩，主要受二季度零售需求相對(duì)低迷影響。我們選取了A股品牌服裝板塊的52家上市公司作為樣本

8、，涵蓋了男裝、女裝、家紡、休閑、鞋類等細(xì)分行業(yè)。就行業(yè)整體而言，18H1實(shí)現(xiàn)營(yíng)業(yè)收入877.58億元，同比增長(zhǎng)14.19%；實(shí)現(xiàn)歸屬于上市公司凈利潤(rùn)75.55億元，同比增長(zhǎng)5.40%。其中18Q2實(shí)現(xiàn)營(yíng)業(yè)收入429.81億元，同比增長(zhǎng)9.85%；實(shí)現(xiàn)歸屬于上市公司凈利潤(rùn)33.44億元，同比下降4.87%。表1：品牌服裝子板塊上市公司收入與凈利潤(rùn)品牌服裝子板塊上市公司收入與凈利潤(rùn)公司簡(jiǎn)稱公司簡(jiǎn)稱營(yíng)業(yè)總收入（億元）營(yíng)業(yè)總收入（億元）歸母凈利

9、潤(rùn)（萬(wàn)元）歸母凈利潤(rùn)（萬(wàn)元）18H1同比同比18Q2同比同比18H1同比同比18Q2同比同比搜于特108.8065.85%56.7742.80%4299819.09%2720924.23%健盛集團(tuán)7.5764.47%4.1558.07%1105969.89%6677108.32%商贏環(huán)球13.9054.77%8.2161.12%342236.12%239948.20%維格娜絲13.7748.33%6.230.94%11718162.90

10、%5206248.85%摩登大道6.4440.23%3.1458.75%526949.96%152890.42%歌力思10.8139.15%5.0715.77%1614732.28%811431.39%比音勒芬6.7636.50%3.0544.85%1224545.84%375056.58%步森股份1.7336.11%0.471.79%127454.48%68964.61%美邦服飾39.3835.96%17.6043.97%531121

11、8.69%271103.67%多喜愛(ài)3.9232.17%2.3351.31%2464259.48%1693552.85%萬(wàn)里馬3.0230.42%2.0531.24%12207.36%17099.99%浪莎股份1.1930.03%0.7022.57%10666.82%6185.33%夢(mèng)潔股份10.0728.22%4.8813.19%918631.07%409820.66%周大生21.2426.98%11.8636.26%3529233.

12、92%1923838.57%三夫戶外2.0525.50%1.0716.27%257452.36%10469.76%喬治白4.3125.23%2.4526.31%403712.38%29197.72%森馬服飾55.3224.80%30.2027.62%6673925.00%3550026.01%天創(chuàng)時(shí)尚10.0323.28%5.3419.68%1382737.37%63266.15%報(bào)喜鳥(niǎo)14.1323.08%6.7613.87%3939

13、228.72%420109.41%朗姿股份12.9822.73%6.5225.07%11166105.72%5133168.03%安正時(shí)尚7.5220.33%3.6113.98%1625025.56%705620.11%富安娜11.4619.21%5.9412.02%1848516.56%879910.99%安奈兒5.6817.48%2.6412.96%554024.62%193083.83%七匹狼14.5913.83%5.4013.7

14、1%1348010.49%51070.47%愛(ài)迪爾10.0312.70%5.646.97%233525.22%138629.11%太平鳥(niǎo)31.6912.59%14.3310.17%19713109.69%641281.15%牧高笛3.5712.18%2.0411.88%388514.10%19048.61%金發(fā)拉比1.9711.99%0.9813.09%352815.45%14356.36%中潛股份2.0811.20%1.046.19%