20240422_广发证券_纺织服饰行业：家纺行业头部公司成长确定性强高分红、低估值属性显著_36页.pdf

识别风险，发现价值 请务必阅读末页的免责声明 1/36 T ab l e _ P ag e 深度分析|纺织服饰 证券研究报告 T ab l e _ T i t l e T ab l e _ S u m mar y(1)2009 75%(2)2009 2010-2011 2013 2015 2017-2018 2020-2024 20-22 23(1)wind 0.6%(2)/(3)(1)(2)R O E ROE ROE 10.15 T a bl e _G r a de 2024-04-22 T ab l e _ P i cQ u o t e T ab l e _ A u t h o r SAC S0260516020001 SFC CE No.BPH764 021-38003650 T ab l e _ D o cRe p o r t:4.8-4.12 2024-04-15:4.1-4.5 2024-04-07:FY2024Q3 2024-04-02 T ab l e _ C o n t ac ts 021-38003800-24%-17%-10%-4%3%10%04/23 07/23 09/23 11/23 02/24 04/24 300 识别风险，发现价值 请务必阅读末页的免责声明 2/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 Table_impcom EPS()PE(x)EV/EBITDA(x)ROE(%)/2023E 2024E 2023E 2024E 2023E 2024E 2023E 2024E 600398.SH CNY 9.40 2024/02/15 9.79 0.69 0.82 13.62 11.94 8.16 6.85 19.80 22.70 002832.SZ CNY 30.38 2023/12/31 52.95 1.65 2.12 18.41 14.33 11.70 9.70 19.90 21.90 002154.SZ CNY 5.77 2024/04/14 7.93 0.48 0.57 12.02 10.12 7.50 6.64 16.10 17.30 002612.SZ CNY 16.27 2024/02/29 25.84 0.53 0.70 30.70 23.24 12.10 10.68 7.50 9.10 603518.SH CNY 10.84 2024/01/13 15.57 0.84 1.04 12.90 10.42 4.87 4.49 8.60 9.70 002563.SZ CNY 6.17 2024/04/10 8.25 0.42 0.49 14.69 16.84 7.59 6.38 9.80 10.90 603877.SH CNY 14.72 2024/03/24 18.66 0.89 1.24 16.54 11.87 5.30 4.52 9.30 12.40 603808.SH CNY 7.60 2023/11/06 12.91 0.62 0.86 12.26 8.84 5.00 4.16 7.70 10.00 002293.SZ CNY 9.92 2023/04/23 13.56 0.85 1.03 11.67 9.63 7.43 6.31 16.30 18.80 002327.SZ CNY 11.10 2023/11/02 9.96 0.69 0.77 16.09 14.42 11.48 10.54 14.90 16.30 002687.SZ CNY 5.66 2024/03/05 7.35 0.41 0.49 13.80 11.55 8.85 7.66 13.30 13.70 600400.SH CNY 2.45 2023/11/14 3.85 0.03 0.04 81.67 61.25 21.59 17.13 2.40 2.90 300979.SZ CNY 66.34 2024/04/14 68.90 2.74 3.21 24.21 20.67 15.64 13.81 21.20 21.30 002003.SZ CNY 11.82 2024/04/21 11.97 0.53 0.54 22.30 21.89 15.25 14.29 12.80 11.90 603889.SH CNY 7.32 2024/04/21 8.62 0.55 0.62 13.31 11.81 8.44 7.98 12.70 13.20 603055.SH CNY 10.22 2024/04/09 11.87 0.50 0.66 20.44 15.48 9.50 7.60 10.10 11.60 300577.SZ CNY 20.10 2024/02/20 19.62 0.63 0.98 31.90 20.51 13.93 10.73 8.40 11.60 300888.SZ CNY 33.64 2023/11/27 45.72 3.98 2.29 8.45 14.69 12.54 11.16 17.00 8.90 605080.SH CNY 16.82 2024/03/28 21.76 0.92 1.21 18.28 13.90 12.80 9.02 7.00 8.40 A 000726.SZ CNY 6.32 2024/04/22 8.46 0.47 0.74 13.45 8.54 5.19 3.89 4.40 6.30 603558.SH CNY 11.45 2024/03/17 13.24 0.74 0.88 15.47 13.01 8.92 7.55 11.10 12.80 03998.HK HKD 4.32 2024/04/22 5.98 0.20 0.26 21.60 16.62 14.51 9.36 17.04 21.59 02020.HK HKD 83.80 2024/04/22 91.61 3.61 4.53 23.21 18.50 13.69 11.06 19.90 20.00 02331.HK HKD 16.74 2024/04/08 25.70 1.21 1.29 13.83 12.98 17.26 7.29 13.10 12.10 01368.HK HKD 4.55 2024/04/22 7.32 0.39 0.44 11.67 10.34 7.80 6.98 11.60 12.30 06110.HK HKD 5.17 2023/09/07 7.10 0.30 0.36 17.23 14.36 7.53 6.85 18.70 18.60 02313.HK HKD 73.25 2024/04/16 103.86 3.03 3.76 24.17 19.48 17.23 13.53 13.80 15.77 Wind A 2023 2023E WUFUyRmRmPmNrPnOnQoRmN7NcM8OsQrRtRnRlOqQqMkPoMmQbRpOqNuOnPpRNZpNtM 识别风险，发现价值 请务必阅读末页的免责声明 3/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰.6.12.16.17.21 ROE.25.29.29.31.32.33.33.33.33.34 识别风险，发现价值 请务必阅读末页的免责声明 4/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 1.6 2 2021.6 3 2022.6 4 2011-2023/.8 5 1999-2023 2024M1-3.10 6 2011-2023/.11 7.12 8.12 9 2011-2023.12 10 2009.9-2024.3 SW/300.13 11 2011-2023.16 12%.17 13.17 14.17 15.18 16.18 17.18 18 1000.18 19.18 20.20 21.20 22.21 23.22 24 CR5.22 25.23 26.23 27%.24 28%.24 29 ROE%.27 30%.27 31.27 32().27 33.28 34.28 HdC9kSL3eHwyMmdvO/msjciCYydMK33bsDsO0TSEcfYT63O+CZNwSZZO5bwXygkF 识别风险，发现价值 请务必阅读末页的免责声明 5/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 35.29 36.29 37.30 38.30 39.31 40.31 41.32 42.32 1/.14 2.14 3.15 4 2023 TOP15.19 5 2023 TOP15.20 6 Top10.22 7.25 8 ROE.26 识别风险，发现价值 请务必阅读末页的免责声明 6/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰/2021 2587/59%/19%/6%/13%/3%40%20%1 2 2021 3 2022 1796 1918 2036 2113 2204 2310 2437 2587 0500100015002000250030002014 2015 2016 2017 2018 2019 2020 2021,59%,19%,6%,13%,3%,40%,20%,20%,20%识别风险，发现价值 请务必阅读末页的免责声明 7/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 1 wind SW PE TTM SW 2 3 SW SW PE TTM 1 wind 2012 PE PE 2015 PE 2018 PE 2019 PE 2 2015 2015-2016 2017-2018 2015-2018 2015 2019 6 3 4 PE 2019 PE PE 2023 2024 PE 1 2 20%3/识别风险，发现价值 请务必阅读末页的免责声明 8/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 4 2011-2023/wind PE 2023 12 21 识别风险，发现价值 请务必阅读末页的免责声明 9/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 2024 4 11 65 2024 1.5 13 1 12 3 9 6 2024 2023 9 15 2024 4 2/20%/30%25%/35%2024 4 12 24 4 2024 4 2 2 1 1 2 5 2024 4 8/20 A/AA/AAA 10/20/30 40 40 160 2024 4 9/70/120 60/100/10%/20%识别风险，发现价值 请务必阅读末页的免责声明 10/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 5 1999-2023 2024M1-3 wind 1 wind SW PE TTM SW 2 1 wind 2011 6-2012 6 2013-2016 2019-2023 2 6 识别风险，发现价值 请务必阅读末页的免责声明 11/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 6 2011-2023/wind PE 2023 768 2022 12.4%;2023Q1-3 2022 24.5 2023Q4 60 识别风险，发现价值 请务必阅读末页的免责声明 12/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 7 8 wind wind 200 9-20 23 202 4M1-3 Wind 2009-2023 300 2010-2011 2013 2016 2018 2021-2023 8 2016 2018 2022 300 75%9 2011-2023 wind-30%-20%-10%0%10%20%30%40%50%-900-600-3000300600900120015001978198119841987199019931996199920022005200820112014201720202023 YOY-0204060801001201402003200420052006200720082009201020112012201320142015201620172018201920202021202220-24 25-29 30-34 35-39 识别风险，发现价值 请务必阅读末页的免责声明 13/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 Wind 2009M9-2011M9 2010M4-M9PE 2009.9.10-2011.9.19 SW 112.4%165.4%51.8%29.4%2014M6-2015M6 2015M2-M5PE 2014.6.22-2015.6.7 SW 289.9%299.6%255.4%359.9%2017M8-2018M6 2017.8.11-2018.5.31 SW 35.5%71.0%61.4%-12.9%2017.11.20 2018.5.31 42.8%2017 2018 2020M3-2022M1 2020M4-2020M9PE 2020.3.1-2022.1.17 SW 25.5%93.8%38.1%57.4%-18.7%2022M11-2024M3 2023M11-2023M3PE 2022.11.23-2024.3.28 SW 7.2%2.7%35.9%68.0%-42.1%10 2009.9-2024.3 SW/300 wind SW-50%-40%-30%-20%-10%0%10%20%30%40%50%60%70%80%90%100%-3000-2000-100001000200030004000500060002009/9/122009/12/242010/4/62010/7/182010/10/292011/2/92011/5/232011/9/32011/12/152012/3/272012/7/82012/10/192013/1/302013/5/132013/8/242013/12/52014/3/182014/6/292014/10/102015/1/212015/5/42015/8/152015/11/262016/3/82016/6/192016/9/302017/1/112017/4/242017/8/52017/11/162018/2/272018/6/102018/9/212019/1/22019/4/152019/7/272019/11/72020/2/182020/5/312020/9/112020/12/232021/4/52021/7/172021/10/282022/2/82022/5/222022/9/22022/12/142023/3/272023/7/82023/10/192024/1/30 300()识别风险，发现价值 请务必阅读末页的免责声明 14/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 1 200 9 2 00 9 20 10-20 1 1 2 013 2013 2015-38%2 01 5 201 7-201 8 20 20-2 02 4 2020-2022 2023 1/2019 2020 2021 2022 2023H1 295 257 261 307 318 2030 1,979 2,220 2355 2,374 454 437 470 471 473 1093 1,029 1,055 999 991 557 492 402 495 410 1816 1,573 1,207 1223 1,160 2017 93 2539 2632 2024.4.13 2379/2 2019 2020 2021 2022 2023H1 1174.06 1418.81 1611.58 1481.62 671.34 YOY-20.8%13.6%-8.1%7.1%1007.59 1134.65 1323.41 1280.49 530.88 YOY 21.3%12.6%16.6%-3.2%6.0%1218.19 1510.89 1964.91 2137.27-YOY 19.2%24.0%30.1%8.8%-394.25 431.27 583.92 565.49 249.29 YOY-9.4%35.4%-3.2%1.2%识别风险，发现价值 请务必阅读末页的免责声明 15/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 3 2017 2018 2019 2020 2021 2022 2023 0.96%3.33%7.29%6.45%5.84%8.49%6.72%1.35%3.99%4.00%4.03%8.32%5.34%6.50%-3.35%4.56%5.91%2.36%3.79%4.87%-1.41%2.31%2.08%-0.71%2.00%-5.06%0.61%1.48%1.46%3.06%3.97%1.52%-wind 12()2023 2 2009M9-2011M9 2014M6-2015M6 2017M8-2018M6 2020M3-2022M1 2018M10-2019M3 2022M11-2024M3 识别风险，发现价值 请务必阅读末页的免责声明 16/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 11 2011-2023 wind 1 0.6%2/3 1 2 识别风险，发现价值 请务必阅读末页的免责声明 17/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 1.0.6%wind 2016 0.6%2023 2019-2021 16 CAGR 18%9900 1.38 12%39%2025 54%ifind 2022 1000 316 2020 20.61%12%13 wind wind 14 2023 0.7%0.7%0.7%0.6%0.6%0.6%0.6%0.6%0.6%0.6%-10%-5%0%5%10%15%20%0204060801001202013 2014 2015 2016 2017 2018 2019 2020 2021 2022-YOY-6%-4%-2%0%2%4%6%8%10%12%14%050001000015000200002500030000:YOY-识别风险，发现价值 请务必阅读末页的免责声明 18/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 15 16 ifind ifind 17 18 1000 ifind ifind 19 2023 0%5%10%15%20%2014 2015 2016 2017 2018 2019 2020 2021 2022 202320%20%20%20%20%808284868890929496980200004000060000800001000002013201420152016201720182019202020212022202320%20%20%20%30 50 71 100 158 197 262 316 050100150200250300350 识别风险，发现价值 请务必阅读末页的免责声明 19/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 2./2022 2023/61.4%2021/2022 52.4%/55.2%28.3%2021/2022 22.0%/26.0%20.6%2021/2022 17.5%/19.4%19.6%2021/2022 16.7%/16.0%2020 4 2023 TOP15 2023 2023 2022 2023 1 100%0.8%0.7%538%2 100%0.6%0.4%198%3 0.4%0.2%102%4 0.3%0.2%195%5 7C 0.3%0.2%388%6 Pro 0.3%-7 2023 2024 0.2%0.1%210%8 0.2%0.1%367%9 0.2%0.2%999%10 0.2%0.1%51%11 2023 0.2%-12 0.2%-13 0.2%0.0%-25%14 95 A 0.2%-15 0.2%-2023 识别风险，发现价值 请务必阅读末页的免责声明 20/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 5 2023 TOP15 2023 2023 2022 2023 1 100%3.3%2.0%143%2 2023 1.4%1.0%241%3 1.7%0.8%74%4 100 1.3%0.7%116%5 A 0.9%0.6%264%6 100 0.6%0.5%601%7 A 0.7%0.5%289%8 0.4%0.4%808%9 100%0.4%0.4%773%10 0.6%0.4%237%11 0.7%0.4%158%12 0.4%0.3%161%13 60 0.3%0.3%999%14 0.3%0.3%999%15 140S 0.8%0.2%33%2023 20 21 41.6%43.9%42.3%45.3%45.6%45.9%45.3%43.3%43.3%41.8%38.5%37.5%6.4%6.4%6.9%6.5%7.2%7.5%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022-10%-5%0%5%10%15%20%25%30%35%40%45%2017 2018 2019 2020 2021 2022 识别风险，发现价值 请务必阅读末页的免责声明 21/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 22 3.1 1 90 00 80 90 00 statista CR5 2015 4.5%2022 4.8%2022/CR5 23.1%/19.9%/18.1%/15.6%/10.6%/4.8%30%32%34%36%38%40%42%2017 2018 2019 2020 2021 2022 识别风险，发现价值 请务必阅读末页的免责声明 22/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 23 24 CR5 statista 6 Top10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-1.4%1.3%1.4%1.5%1.4%1.4%1.6%1.6%0.7%0.7%0.7%0.7%0.8%0.8%0.9%0.9%1.0%1.0%1.0%0.9%0.9%0.9%0.9%0.9%0.8%0.8%0.9%0.9%1.1%1.2%1.0%0.8%0.7%0.7%0.6%0.6%0.6%0.7%0.5%0.5%0.5%0.5%0.6%0.6%0.7%0.6%0.6%0.6%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.4%0.3%0.3%0.3%0.3%0.3%0.4%0.4%0.4%0.5%0.4%0.4%0.4%0.3%0.4%0.4%0.4%0.4%0.4%0.4%IKEA 0.3%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.3%-0.3%0.3%0.3%0.2%0.2%0.2%0.2%CR10 4.9%4.9%6.1%6.0%6.3%6.4%6.3%6.2%6.6%6.7%statista wind 2016 4.54.2 4.4 4.5 4.4 4.34.7 4.817.217.718.318.819.8 19.919.619.921.120.720.320.721.118.517.418.115.7 15.7 15.8 15.816.215.81715.621.222.2 22.32222.6 23.821.923.113.212.613.4 13.61311.210.5 10.605101520252015 2016 2017 2018 2019 2020 2021 2022 识别风险，发现价值 请务必阅读末页的免责声明 23/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 25 26 wind wind 1 2 1.19 2017 0.3%2023 1.0%2017-2019 2020 1.0%1.2%2017 1.2%2023 0.5%0.3%-0.4%2017 2017 3.6%2023 1.7%2019 1.2%2023 2.4%2019-2022 5.0%-5.2%2023 6.2%2019 5.9%2023 5.1%0.7%-1.0%2019 2019 7.3%2023 6.3%-30%-20%-10%0%10%20%30%40%50%60%-200%-150%-100%-50%0%50%100%150%200%识别风险，发现价值 请务必阅读末页的免责声明 24/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 27%28%2.2022 65.14%49.97%38.65%/58.34%/17.75%/27.39%/23.89%/21.29%2023.12.7 10.15 1.41 2022.12.14 1.47 01234500.511.522.52017 2018 2019 2020 2021 2022 2023 02468102019 2020 2021 2022 2023 识别风险，发现价值 请务必阅读末页的免责声明 25/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 ROE 1 2 3 4 IP 5 7 LOVO 3000-5000 700-1100 500-4000 4000-16000 499-1000 1000-3000 4000-15000 400-600 1090-3000 4000-10000 400-800 900-3000 2022 27.88%5.82%35.02%22.31%58.46%7.65%32.38%41.58%23.74%26.88%27.82%34.69%37.50%2022 307 2355 2662 93 2539 2632 2017 471 999 1470 495 1223 1718 识别风险，发现价值 请务必阅读末页的免责声明 26/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 ROE ROE 1 ROE 2 2022 2662 2024.4.13 2379 2022/45.08%/32.38%26.88%ROE 8 ROE 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 23Q1 23H1 23Q1-3 ROE()(%)21.71 16.60 17.13 16.63 12.05 14.79 14.98 13.45 14.11 16.47 13.73 3.82 6.61 9.88(%)14.02 13.16 14.42 14.51 10.75 9.72 11.32 11.50 12.08 12.48 10.79 14.24 11.56 11.03 1.24 1.24 1.25 1.31 1.46 1.46 1.29 1.28 1.35 1.53 1.66 1.59 1.61 1.61()1.21 1.01 0.96 0.88 0.82 1.06 1 0.94 0.88 0.95 0.8 0.18 0.37 0.55 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 23Q1 23H1 23Q1-3 ROE()(%)-19.39 20.58 20.36 24.36 24.21 13.57 14.04 11.88 15.51 10.32 2.98 6.03 9.00(%)-6.79 6.73 7.28 10 10.45 10.48 10.51 9.05 10.16 7.59 10.23 9.44 9.15-1.9 1.96 1.79 1.65 1.29 1.26 1.24 1.27 1.32 1.28 1.22 1.25 1.24()-1.56 1.59 1.44 1.4 1.2 1.01 1.07 1.04 1.17 1.05 0.23 0.52 0.78 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 23Q1 23H1 23Q1-3 ROE()(%)18.93 19.09 19.06 16.33 15.73 17.05 16.19 14.17 14.27 15.73 14.33 2.90 6.03 9.36(%)14.65 16.9 19.12 19.17 18.99 18.86 18.62 18.17 17.97 17.17 17.33 17.91 17.24 17.99 1.37 1.32 1.29 1.28 1.33 1.28 1.28 1.32 1.25 1.27 1.24 1.21 1.24 1.23()0.94 0.84 0.76 0.73 0.72 0.69 0.68 0.6 0.63 0.69 0.66 0.13 0.28 0.42 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 23Q1 23H1 23Q1-3 ROE()(%)5.24 8.65 12.17 11.65 6.87 3.57 4.16 4.39 2.22-9.19-32.77 0.95 1.84 2.70(%)4.68 6.92 9.5 10.3 6.87 4.18 4.02 3.64 2.11-6.41-22.05 2.30 2.09 2.10 1.44 1.49 1.47 1.42 1.64 1.57 1.61 1.69 1.84 2.13 2.42 2.43 2.35 2.25()0.76 0.85 0.86 0.79 0.65 0.67 0.69 0.76 0.65 0.72 0.66 0.17 0.36 0.54 wind 识别风险，发现价值 请务必阅读末页的免责声明 27/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 29 ROE%30%wind 2021 2022 ROE-9.19%-32.77%wind 2021 2022-6.41%-22.05%31 32()wind wind 1 5 80%20%“”“”“”“”“”051015202530 00.511.522.53 00.20.40.60.811.21.41.61.8 0510152025 识别风险，发现价值 请务必阅读末页的免责声明 28/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 1 2022 1470 2662 2024.4.13 2379 1718 2022 471 32.04%11.53%3.53%2017 28.81%23.74%11.53%7.65%2022/155/83/101/79/142/62 2 33 34 2 ROE LOVO KIDS 1 2022 2662050100150200250 2020 2021 2022 2022H1 2023H105001000150020002500 2020 2021 2022 2022H1 2023H1 识别风险，发现价值 请务必阅读末页的免责声明 29/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 2024.4.13 2379 2017 1470 1718 2017 2632 96%2022 88%68%71%45.08%32.38%26.88%2 2010 2022 21.4 58%14.8 28%12.8 42%2014-2022 CAGR 25.0%18.4%18.3%35 36 wind 2020 2021 2022 2023Q1-3 3.06%10.62%-3.14%-2.90%1.89%5.69%2.21%5.69%1.04%17.30%-7.75%0.99%7.13%21.92%-19.59%6.17%1.09%25.19%-3.57%10.25%-12.99%40.55%-27.89%38.09%-20%-10%0%10%20%30%40%50%60%2017 2018 2019 2020 2021 2022 2023H1 0%10%20%30%40%50%60%70%识别风险，发现价值 请务必阅读末页的免责声明 30/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 2023 1417 2023 9 2022 46.90%14.25%19.11%2023H1 160+1-6 12+2023 AIGC AI SCRM OMS 37 38 wind wind 2023H1 2022 999 2355 1880 VIP-20-1001020304050607080051015202530352006200720082009201020112012201320142015201620172018201920202021202223Q1-3 YOY(%)-YOY(%)-01020304050602006200720082009201020112012201320142015201620172018201920202021202223Q1-3(%)(%)识别风险，发现价值 请务必阅读末页的免责声明 31/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 45%48%17%2018-2022 6.5%2022 8.49%18 2005-2022 39 40 wind wind Texsoft Texsoft 1 2023-40-2002040608010001020304050607020052006200720082009201020112012201320142015201620172018201920202021202223Q1-3 YOY(%)-YOY(%)-010203040506020052006200720082009201020112012201320142015201620172018201920202021202223Q1-3(%)(%)识别风险，发现价值 请务必阅读末页的免责声明 32/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 2023 SAP 2022 2023 wind 2010 1 2022 21.4 58%14.8 28%12.8 42%2 2014-2022 CAGR 25.0%18.4%18.3%2016-2021 2020 2021-2022 2016-2021 41 42 wind wind 2017 2632 96%2539-40-2002040600510152025303540 YOY(%)-YOY(%)-051015202530354045(%)(%)识别风险，发现价值 请务必阅读末页的免责声明 33/36 T ab l e _ P ag eT e x t 深度分 析|纺织 服饰 2022 88%2335/2662 68%999/1470 10.1 5 2023.12.7 6.44 1.41 2.30 1 30 40 175 85 5.53 4848 13.