金吾财讯 | 广发证券研究认为，短期看，外需回暖，内需企稳，多数代表性海外运动鞋服公司营收指引谨慎乐观，且去库顺利，库存良性，加之美国关税政策逐步明朗化，预计下游客户下单节奏有望恢复正常，同时，25H2受美国对等关税和贸易摩擦影响，运动鞋服代工公司业绩基数较低，因此26H2运动鞋服代工公司业绩有望拐点向上，长期看，受贸易环境和地缘政治扰动，近年来拥有较多海外产能的运动鞋服代工公司其产能的稀缺性有望进一步凸显，加之品牌端的供应商集中化趋势助力，运动鞋服代工公司份额持续提升，且运动鞋服行业市场空间大，景气度较高，运动鞋服代工行业公司护城河宽，竞争力强，具备全球产能布局能力，下游客户质量优秀，长期业绩有望保持稳健增长。
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