False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

False hair products are artificial hairpieces designed to enhance or alter one’s natural hair appearance. These products come in various forms, including hair extensions, hair wigs, and hair pieces. They are often used to add length, volume, or even different colors to the hair. False hair products can be made from synthetic fibers or natural human hair, and they offer individuals the flexibility to experiment with different hairstyles without committing to permanent changes. While these products can provide instant transformations, its essential to choose high-quality options and use them correctly to achieve a natural and seamless look.

2023 年运动鞋服下游品牌零售行业稳步复苏。根据 wind 数据，（1）营收和净利润：2023 行业实现营收 1366.8 亿元，同比增长 12.5%；归母净利润 159.1 亿元，同比增长 18.6%。（2）毛利率及费用率：2023 年行业毛利率为 51.7%（YoY+1.2pct）；2023 年行业销售费用率 31.1% （YoY+0.1pct）；管理费用率为 5.9%（YoY-0.4pct）。（3）营运指标： 行业库存去化顺利，存货周转 107 天（YoY-16 天），应收账款周转 36 天（YoY 持平）。

24Q1收入端增长提速，盈利水平快速提升。我们选取11家出口链机械公司，包括柏楚电子、宏华数科、涛涛车业、杭叉集团、安徽合力、春风动力、九号公司-WD、银都股份、杰克股份、凌霄泵业、巨星科技。

机械板块 24Q1 收入毛利率温和改善：（1）板块收入和毛利率温和改善：从收入增速看，在经历了 2022 年的增速下降后，板块在 2023 年整体保持相对平稳的增长，23Q4-24Q1 收入增速分别为 3.4%、4.2%。从毛利率看，板块毛利率保持相对平稳。从 ROE 看，机械板块 ROE 波动上升，在 2013、2017、2020 年出现了较多季 度的同比正增长，24Q1 的 ROE 水平与 23 年初接近。（2）季度收入增长较快的是 印包设备、光伏设备、船舶制造等板块，季度毛利率提升较多的是铁路设备、内燃机、其他通用机械、农用机械等板块，24Q1 提升较多的细分板块包括油气装备、纺织服装设备、其他通用机械、农用机械、印刷包装机械等。