4月3日上榜港股通成交活跃榜个股中，申洲国际为近一个月首次上榜。 证券时报•数据宝统计显示，4月3日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 573.05亿港元，占当日港股通成交金额的44.62%，净买入金额192.38亿港元。 上榜的成交活跃股中，小米集团-W成交额为150.13亿港元，成交金额居首；其次是阿里巴巴-W、腾讯 控股，成交金额分别为98.68亿港元、86.39亿港元。 以上榜次数统计，4月3日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜23次，最受港股通资金关注。 申洲国际为近一个月首次上榜，当日港股通成交额为10.54亿港元，成交净卖出0.12亿港元，该股当日收 盘下跌14.15%。（数据宝） 4月3日港股通成交活跃股榜单 | 证券代码 | 证券简称 | 成交金额 | 净买入金额 | 近一个月上榜次数 | 最新收盘价 | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | --- | | | | （亿港元） | （亿港元） | | （港元） | | | 00981 | 中芯国际 | 43.87 | 8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company achieved a revenue of 28.66 billion RMB in 2024, representing a year-on-year increase of 14.8%, and a net profit attributable to shareholders of 6.24 billion RMB, up 36.9% year-on-year. The net profit margin was 21.8%, an increase of 3.5 percentage points compared to the previous year, and the gross profit margin was 28.1%, up 3.8 percentage points year-on-year [4][6]. - The revenue growth was driven by effective customer demand expansion, recovery in domestic production capacity utilization, and enhanced production efficiency in overseas facilities [6][9]. - The company is expected to achieve revenues of 31.72 billion RMB, 35.04 billion RMB, and 38.89 billion RMB in 2025, 2026, and 2027 respectively, with corresponding net profits of 6.64 billion RMB, 7.38 billion RMB, and 8.33 billion RMB [8][9]. Revenue and Profit Performance - In 2024, the company reported a revenue breakdown by category: Sports category revenue was 19.80 billion RMB (up 9.8%, 69.1% share), Leisure category revenue was 7.21 billion RMB (up 27.1%, 25.1% share), Underwear category revenue was 1.44 billion RMB (up 34.6%, 5.0% share), and Other knitted products revenue was 0.22 billion RMB (up 10.9%, 0.8% share) [6]. - The revenue by region showed that Europe contributed 5.19 billion RMB (up 3.2%, 18.1% share), the US contributed 4.61 billion RMB (up 18.9%, 16.1% share), Japan contributed 4.83 billion RMB (up 31.5%, 16.9% share), Other markets contributed 5.97 billion RMB (up 13.4%, 20.8% share), and the domestic market contributed 8.06 billion RMB (up 13.2%, 28.1% share) [6]. Capacity and Efficiency - The company has enhanced its production capacity through the completion of a new garment factory in Phnom Penh, Cambodia, which is expected to employ around 6,000 workers. Additionally, a new fabric production capacity of 200 tons per day is being established in Vietnam [9]. - The overall efficiency of overseas factories has improved, contributing to a significant increase in profit margins due to higher capacity utilization and effective cost control [6][9]. Financial Forecasts - The company is projected to maintain a stable growth trajectory with expected revenue growth rates of 15% in 2024, followed by 11%, 10%, and 11% in the subsequent years [8]. - The projected net profit growth rates are 37% for 2024, followed by 6%, 11%, and 13% in the following years [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 exceeded expectations, with a projected revenue of 28.66 billion yuan, representing a year-on-year increase of 14.79% [9] - The net profit attributable to shareholders is expected to reach 6.24 billion yuan in 2024, reflecting a year-on-year growth of 36.94% [9] - The company is expected to maintain steady growth in 2025, with net profit forecasts adjusted upwards to 6.62 billion yuan [4] Financial Performance Summary - Total revenue for 2023 was 24.97 billion yuan, with a year-on-year decline of 10.12% [1] - The gross profit margin for 2024 is projected to increase by 3.8 percentage points to 28.1%, with the first half of 2024 showing a gross margin of 29% and the second half at 27.4% [3] - The company plans to acquire a fabric factory in Vietnam, which is expected to have a production capacity of 200 tons per day once operational [4] - The company’s earnings per share (EPS) for 2024 is projected at 4.15 yuan, with a price-to-earnings (P/E) ratio of 13.30 [1][10] Revenue Breakdown - Revenue from sportswear, casual wear, and underwear is expected to grow by 9.8%, 27.1%, and 34.6% respectively in 2024 [9] - The contribution from major clients such as Nike, Adidas, Uniqlo, and Puma is expected to increase, with respective revenue growth rates of 3.8%, 23.3%, 35.4%, and 10.9% [9] - The company’s revenue from different regions is projected to grow, with Japan showing the highest growth rate of 31.5% [9]

Investment Rating - The report maintains a "Buy-A" rating for Shenzhou International (02313.HK) [1] Core Views - In 2024, the company's revenue reached 28.663 billion yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was 6.241 billion yuan, up 36.9% year-on-year [2][3] - The company is expected to continue benefiting from increased production capacity and improved operational efficiency, leading to a significant recovery in profitability [8] Revenue and Profit Analysis - In 2024, the company achieved a revenue of 28.663 billion yuan, with a volume increase of approximately 21% and a decrease in average selling price by 5% due to a shift in product mix towards lower-priced casual wear and underwear [3] - The gross profit margin improved by 3.8 percentage points year-on-year, driven by increased capacity utilization and a decrease in management expense ratio [6][7] Product Performance - Revenue growth in 2024 was led by casual wear and underwear, with respective year-on-year increases of 27.1% and 34.6% [4] - The company’s four core customers accounted for 80.7% of total revenue, with Uniqlo and Adidas showing significant growth [5] Market Performance - The company’s primary market is mainland China, followed by the US and Japan, with respective revenue growth rates of 13.2%, 18.9%, and 31.5% in 2024 [4] Future Projections - Revenue forecasts for 2025-2027 are 31.529 billion, 35.173 billion, and 38.883 billion yuan, with expected year-on-year growth rates of 10.0%, 11.6%, and 10.6% respectively [8][10] - Projected net profits for the same period are 6.520 billion, 7.284 billion, and 8.158 billion yuan, with growth rates of 4.5%, 11.7%, and 12.0% [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company reported better-than-expected performance for 2024, with revenue of 28.66 billion RMB, a year-on-year increase of 14.8%, and a net profit attributable to the parent company of 6.24 billion RMB, up 36.9% year-on-year [6]. - The DCF target valuation is set at 93.18 HKD, reflecting an optimistic outlook for the company's growth potential [2][7]. - The company is expected to maintain a high production capacity utilization rate, with an output growth of no less than 10% in 2025, despite uncertainties in the external environment [6]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024-2026 are 28.66 billion, 32.21 billion, and 36.13 billion RMB, respectively [2][10]. - **Net Profit**: Expected net profits for the same period are 6.24 billion, 6.70 billion, and 7.66 billion RMB, respectively [2][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 4.15, 4.46, and 5.10 RMB for 2024-2026 [2][10]. - **Profit Margins**: The gross margin is expected to improve to 28.1% in 2024, with a net profit margin of 21.8% [6][10]. - **Valuation Ratios**: The projected P/E ratios for 2024-2026 are 12.4, 11.6, and 10.1, indicating a favorable valuation [2][10]. Market Performance - The company's stock price as of March 25, 2025, was 55.3 HKD, with a 52-week high of 84.23 HKD and a low of 54.78 HKD [3]. - The report notes a relative underperformance compared to the Hang Seng Index over various time frames [4].

申洲国际 02313.HK 公司研究 | 动态跟踪 业绩超预期，期待 2025 年表现 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整盈利预测，预计公司 2024-2026 年每股收益分别为 4.15、 4.46 和 5.1 元（原 3.99、4.49 和 5.04 元），DCF 目标估值 93.18 港币（1 人民币 =1.07 港币），维持"买入"评级。 风险提示：经济恢复不及预期，人民币汇率波动、中美贸易摩擦对产业的扰动等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,781 | 24,970 | 28,663 | 32,205 | 36,134 | | 同比增长 (%) | 16.5% | -10.1% | 14.8% | 12.4% | 12.2% | | 营业利润(百万元) | 5,262 | 4,996 | 7,164 | 7,706 | 8,825 | | 同比增长 (%) | 37.6% | -5.1% | 43. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve a revenue of 28.66 billion RMB in 2024, representing a year-on-year increase of 14.8%, with a projected sales volume growth of 21% and a decrease in the average selling price by 5% [5] - The net profit attributable to shareholders for 2024 is forecasted to be 6.24 billion RMB, reflecting a growth of 36.9%, with core profit expected to be 4.92 billion RMB, up by 37% [5] - The company is enhancing new product development and diversifying its product categories, which is anticipated to increase market share among existing customers and accelerate the acquisition of new customers [5] Financial Summary and Valuation Metrics - Revenue for 2023 was 24.97 billion RMB, with a projected increase to 28.66 billion RMB in 2024, and further growth expected to 31.96 billion RMB in 2025 [8] - The net profit for 2023 was 4.56 billion RMB, expected to rise to 6.24 billion RMB in 2024, and to 6.55 billion RMB in 2025 [8] - The gross margin for 2024 is projected at 28.1%, with a net profit margin of 21.8% [7][8] - The company’s P/E ratios are forecasted to be 13.2, 11.8, and 10.5 for the years 2025, 2026, and 2027 respectively [8] Operational Insights - The company is expanding its workforce, with the number of employees expected to increase from 92,000 to 103,000 by the end of 2024, which will support production capacity growth [8] - The new fabric factory in Vietnam is expected to increase daily fabric production capacity from 400 tons to 600 tons [8] - The new garment factory in Cambodia is nearing completion and is expected to start hiring approximately 6,000 workers [8] Market Performance - The company’s core clients, including Uniqlo, Nike, Adidas, and Puma, have shown significant revenue growth, with Uniqlo and Lululemon experiencing over 70% year-on-year growth [6] - The revenue contribution from the top four clients (CR4) increased to 80.7% in 2024, indicating a strong reliance on key customers [6] - The company is expected to see double-digit growth in orders from major clients in 2025 [6]

纺织服饰/纺织制造 申洲国际（02313.HK） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 申洲国际 恒生指数 相关研究报告 《2024H1 量增亮眼单价承压，毛利率 修复超预期—港股公司信息更新报 告》-2024.8.30 《全年毛利率逐季改善，期待 2024 年 盈利能力再向上—港股公司信息更新 报告》-2024.3.29 毛利率修复下核心利润亮眼，海外持续扩产提效 ——港股公司信息更新报告 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 62.300 | | 一年最高最低(港元) | 86.900/54.800 | | 总市值(亿港元) | 936.51 | | 流通市值(亿港元) | 936.51 | | 总股本(亿股) | 15.03 | | 流通港股(亿股) | 15.03 | | 近 3 个月换手率(%) | 23.55 | 股价走势图 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7][21] Core Insights - The company reported record high revenue and net profit for 2024, with revenue reaching 28.663 billion RMB (up 14.8% YoY) and net profit at 6.241 billion RMB (up 36.9% YoY) [7][10] - Strong cash position with over 25 billion RMB in cash and cash equivalents, and a proposed total dividend of 2.53 HKD per share, yielding over 4% based on the stock price [7][10] - The company is experiencing high growth in orders from Uniqlo, particularly in leisure and Japanese markets, with expectations of a gradual return to sports categories in 2025 [7][10] Financial Data and Profit Forecast - Revenue projections for 2025 are set at 31.779 billion RMB, with a growth rate of 11% [6] - Expected net profit for 2025 is 6.606 billion RMB, reflecting a 6% increase [6] - The company’s gross margin is projected to stabilize around 28% in the coming years, with a net profit margin of 21.8% for 2024 [6][11] Market Performance - The company's stock price closed at 62.30 HKD, with a market capitalization of 936.51 billion HKD [2] - The stock has shown a performance of -13% over the past year compared to the HSCEI index, which increased by 37% [4][5] Operational Highlights - The company is expanding its production capacity with new factories in Cambodia and Vietnam, indicating strong growth potential [7][10] - The order structure is expected to improve gross margins, which have already increased to 28.1% in 2024 [7][11]

港股公司报告 | 公司点评 申洲国际（02313） 证券研究报告 重新找回稳健积极成长节奏 公司发布 2024 年财报 全年收入 287 亿人民币，同增 15%；其中运动类占比 69%，收入同增 10%， 主要系中国大陆市场及美国运动品牌需求增长所致；休闲产品收入占比 25%，收入同增 27%，主要系日本及其他市场休闲产品需求增长；内衣收 入占比 5%，收入同增 35%，主要系日本市场内衣需求增长。 分客户看，客户甲收入 80 亿人民币，同增 33%；客户乙 74 亿元，同减 4%； 客户丙营收 50 亿元，同增 35%。 2024 年毛利率 28.1%，同增 3.8pct，毛利 81 亿人民币，同增 33%； 2024 年净利 62 亿元，同增 37%； 2024 年分红率约 56%。 公司对未来发展抱有充分信心和乐观展望 2024 年公司产能利用率已恢复至正常水平，海内外各生产基地员工人数进 一步增加，生产效率亦明显提升，有效促进盈利水平回升。 回顾年内工作，公司努力提升服务质量，积极拓展市场需求；进一步扩充 产能规模，提升全员生产效率；加强供应商管理，促进了供应链的整体竞 争力和协同效应。 年内服装零售 ...