股 票 研 [Table_Industry] 纺织服装业 究 申 洲国际(2313) [评Tab级le_I：nve st] 增持 订单强势复苏，看好全年业绩修复 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 83.30 ——申洲国际调研报告 [Table_Date] 2024.06.11 海 [table_A ut刘ho佳rs]昆 (分析师) 曹冬青(研究助理) 赵博(研究助理) 021-38038184 0755-23976666 010-83939831 外 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880524040004 S0880122070070 S0880122070053 52周内股价区间(港元) 62.75-86.20 司 当前股本(百万股) 1,503 本 报告导读： 当 前市值(百万港元) 125,218 （ 2024年至今公司订单持续恢复，预计2024全年量增15-20%偏上限，美金ASP略有 中 下 ...

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[ 申 TIna 洲fbole] 国 _T 际itle （] 2313） [评Tab级le_：Inv est] 增持 当前价格（港元）： 78.50 从客户角度拆解公司未来收入增长 2024.05.29 海 ——申洲国际系列深度（一） [ 交Ta易bl数e_据M arket] 外 刘佳昆(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 61.95-86.20 公 021-38038184 0755-23976666 010-83939831 当前股本（百万股） 1,503 当前市值（百万港元） 118,003 司 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 证书编号 S0880524040004 S0880122070070 S0880122070053 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 预计2024年公司收入/利润同增16%/24%， ...

证券研究报告 | 公司深度 2024年05月18日 申洲国际（02313.HK） 行业趋势改善，龙头笃行致远 公司是服饰制造行业龙头，数十年来业务规模持续成长。申洲国际是亚洲最大的 买入（维持） 纵向一体化针织制造商，2023年收入规模达250亿元（同比-10%）/净利润达46 股票信息 亿元（同比基本持平）。1）公司定位于中高端服饰制造，面向全球下游市场，客 户以海内外头部品牌商为主，其中运动类客户居多。2）2023 年末公司员工逾 9 行业 服装 万人，年产自用针织面料逾20万、针织成衣约5亿件，近年补充梭织面料产品、 前次评级 买入 进一步完善品类布局。 5月16日收盘价(港元) 82.95 短期：基本面改善趋势清晰，订单快速增长，恢复工厂招工。1）订单：库存周期 总市值(百万港元) 124,692.30 带动客户订单需求改善，2024Q1 服饰制造公司普遍在低基数下同比呈现良好的 总股本(百万股) 1,503.22 增长。作为服饰制造龙头，公司与行业趋势基本保持一致，我们判断2024年以来 其中自由流通股(%) 100.00 公司出货同比快速增长，估计2024年PUMA/Adidas及国内品牌等核心客 ...

公司研 究 证 券研究 报 告 纺织服装 2024年05月17日 申 洲国际（02313.HK）2023年报点评 强 推 （维持） 目标价：97港元 2023 年平稳收官，看好 2024 年业绩修复 当前价：82.95港元 事项： 华创证券研究所  2023年营收249.7亿元，同比-10.1%，归母净利润45.6亿元，同比-0.1%；若 证券分析师：秦一超 剔除汇兑收益、利息收入和政府补贴影响，净利润为37.1亿元，同比+11.3%。 其中，23H2营收134.1亿元，同比-5.5%；归母净利润24.3亿元，同比+10.7%。 邮箱：qinyichao@hcyjs.com 评论： 执业编号：S0360520100002 联系人：刘一怡  去库存压力拖累业绩，新品牌收入占比提升。1）分品类；运动类产品收入180.3 亿元（同比-13.6%），主要系欧美市场需求疲软叠加去库存压力，下半年同比 邮箱： liuyiyi@hcyjs.com 下滑7%，环比上半年降幅（20%）明显收窄；休闲类/内衣类/其他针织类产品 收入为56.7/10.7/2.0亿元，同比-1.4%/+30.2%/-41.6%（剔除口罩+0.4 ...

Investment Rating - The report maintains a "Buy" rating for Shenzhou International (2313) [4] Core Views - The company's decision to raise salaries for domestic employees reflects strong order momentum and demonstrates a progressive management approach that shares profits with employees [3] - Short-term order recovery is expected to remain strong, while medium-to-long-term growth will be driven by overseas capacity expansion and new customer/category development [3] - The salary increase for frontline employees is expected to have a limited impact on costs, as it only affects H2 2024 and assumes no cost pass-through to customers [3] - Full-year 2024 revenue is projected to grow by 16%, with sales volume increasing by over 15% and USD ASP rising by 1%, reaching approximately RMB 29 billion [3] - Gross margin is expected to gradually recover to a normal level of 30% by year-end, supported by improved product mix and recruitment progress [3] Financial Projections - Net profit forecasts for 2024-2026 are maintained at RMB 5.65 billion, RMB 6.55 billion, and RMB 7.31 billion, respectively [3] - EPS for 2024-2026 is projected at RMB 3.76, RMB 4.36, and RMB 4.86, respectively [3] - Current PE ratios for 2024-2026 are 20x, 17x, and 15x, respectively [3] - Revenue growth is expected to be 16.2% in 2024, 13.1% in 2025, and 12.1% in 2026 [6] - Net profit growth is projected at 24.1% in 2024, 15.8% in 2025, and 11.7% in 2026 [6] Company Overview - Shenzhou International operates in the textile and apparel industry [4] - The company's current market capitalization is HKD 120.634 billion, with 1.503 billion shares outstanding [5] - The stock price range over the past 52 weeks is HKD 61.95 to HKD 86.15 [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Views - The company experienced a revenue decline of 10.12% year-on-year in 2023, with a total revenue of 24.97 billion yuan. However, the second half of 2023 showed signs of recovery, with a revenue of 13.41 billion yuan, a decrease of only 5.50% year-on-year, and a net profit of 2.43 billion yuan, an increase of 10.67% year-on-year [1] - The company's gross margin improved to 24.3% in 2023 from 22.1% in the previous year, indicating operational improvements [1] - The company is optimistic about 2024, expecting a full utilization of production capacity and continued diversification of products, including expansion into chemical fiber and woven products [1] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 24.97 billion yuan, down 10.12% year-on-year, with a net profit of 4.56 billion yuan, down 0.12% year-on-year [1] - The gross margin for 2023 was 24.3%, an increase of 2.2 percentage points from the previous year [1] - The company expects net profits for 2023-2025 to be 5.36 billion, 5.98 billion, and 6.61 billion yuan respectively, with growth rates of 17.61%, 11.54%, and 10.55% [1][5] Market Dynamics - The company faced a decrease in orders due to major clients reducing inventory, but the decline in orders has slowed in the second half of 2023 as international brands near the end of their inventory reduction phase [1] - Revenue from the largest market, mainland China, saw a slight increase of 0.71%, while revenues from the EU and the US declined by 19.11% and 20.38% respectively [1] Client and Product Strategy - The company has diversified its client base, with the top four clients accounting for 79.62% of revenue in 2023, down 2.42 percentage points from the previous year. This is attributed to increased collaboration with domestic sports brands [1] - The company is actively expanding its product offerings and client relationships, including partnerships with emerging brands like Lululemon [1]

Company Overview and Operations - The Group currently has approximately 92,030 employees, with factory areas covering over 6.35 million sq.m. and floor areas exceeding 4.77 million sq.m., producing about 420 million pieces of knitwear annually[6] - The Group's major clients include international renowned brands such as NIKE, UNIQLO, ADIDAS, and PUMA, with markets spread across Mainland China, Japan, Asia Pacific, Europe, and the US[6] - Shenzhou International was listed on the Main Board of The Stock Exchange of Hong Kong Limited in November 2005, with the stock code 2313[7] - The Group was included in the Hang Seng Composite Index, Hang Seng Composite Industry Index (Consumer Goods), and Hang Seng Composite MiddleCap Index effective from 8 March 2010[7] - Shenzhou International has been included in the MSCI Index since 1 June 2013 and in the Hang Seng Corporate Sustainability Benchmark Index Series since September 2015[7] - The Group became a constituent stock of the Hang Seng China Enterprises Index from 5 March 2018 and the Hang Seng Index from 10 September 2018[7] - In April 2018, the Group was selected as a constituent stock of the CES Belt and Road Index by China Exchanges Services Company Limited[7] - Shenzhou International was included in the Hang Seng Stock Connect Hong Kong Top Shareholding 50 Index effective from March 2021[8] - The Group has won "Best IR Company (Largecap)" at the Hong Kong Investor Relations Awards from 2017 to 2023[10] - Shenzhou International was named one of the winners in the "Listed Company Awards" by Hong Kong Economic Journal from 2019 to 2023[12] Financial Performance - Sales for 2023 decreased to RMB 24,969,792 thousand, down 10.1% from RMB 27,781,412 thousand in 2022[14] - Profit before income tax for 2023 was RMB 4,995,501 thousand, a 5.1% decrease from RMB 5,262,073 thousand in 2022[14] - Net profit margin improved to 18.3% in 2023, up from 16.4% in 2022[14] - Sportswear accounted for 72.2% of total revenue in 2023, down from 75.1% in 2022[17] - Revenue from the European market decreased to RMB 5,027,285 thousand in 2023, down 19.1% from RMB 6,215,018 thousand in 2022[20] - Revenue from the US market declined to RMB 3,879,987 thousand in 2023, a 20.4% decrease from RMB 4,873,358 thousand in 2022[20] - Cash and cash equivalents increased significantly to RMB 11,596,453 thousand in 2023, up 57.4% from RMB 7,369,498 thousand in 2022[14] - Gearing ratio increased to 36.8% in 2023, up from 29.9% in 2022[14] - Revenue from the China domestic market grew to RMB 7,124,052 thousand in 2023, a 0.7% increase from RMB 7,074,146 thousand in 2022[20] - Inventory turnover period increased to 120 days in 2023, up from 109 days in 2022[14] - Annual sales for 2023 amounted to approximately RMB24,969,792,000, a decrease of 10.1% compared to 2022[36] - Profit attributable to owners of the parent for 2023 was approximately RMB4,557,263,000, a slight decrease of 0.1% from 2022[36] - Earnings per share for 2023 were RMB3.03[36] - Cash and cash equivalents as of 31 December 2023 were approximately RMB11,596,453,000[36] - Sales revenue in 2023 was approximately RMB24,969,792,000, a decrease of 10.1% compared to 2022[69][71][77] - Profit attributable to owners of the parent in 2023 was RMB4,557,263,000, a slight decrease of 0.1% compared to 2022[69][71] - Gross profit margin in 2023 increased by 2.2 percentage points to 24.3%, with the second half of the year reaching 25.8%, up 3.4 percentage points from the first half[69][71] - The company's net profit and cash flow have shown solid growth, ensuring long-term sustainable development and sound returns for shareholders[124][126] Market and Industry Trends - The Group faced a challenging external environment with declining demand and high inventories in traditional developed markets, leading to a significant drop in export value[35] - Some orders shifted to Southeast Asia, South Asia, Turkey, and Mexico, increasing pressure on China's garment exporters[35] - China's textile and apparel exports in 2023 decreased by 8.1% year-on-year, with exports to the US, EU, and Japan falling by 11.2%, 17.6%, and 14.1% respectively[38] - The total decline in exports to major economies (US, EU, Japan) accounted for approximately 65% of the total export decline[38] - Vietnam's garment industry relies heavily on imported fabrics, but its industrial chain is rapidly improving, forming regional advantages[39][40] - Cambodia's garment industry benefits from low or zero import tariffs when exporting to EU countries[39][40] - Indonesia has potential advantages in population size, labor costs, and domestic market consumption, making it a potential next hub for the textile and apparel industry[39][40] - The textile and apparel industry is expected to recover as inflationary pressures in developed economies ease and interest rates are gradually lowered[41] - Total export value of China's textile and clothing in 2023 was approximately $293.64 billion, a decrease of 8.1% compared to 2022[51] - Export value of textile products in 2023 was approximately $134.5 billion, a decrease of 8.3% compared to 2022[51] - Export value of garments and apparel accessories in 2023 was approximately $159.14 billion, a year-on-year decrease of 7.8%[51] - Export value of knitwear in 2023 was approximately $70.56 billion, accounting for 44.3% of total apparel products export value[51] - Export value of apparel products to the US, EU, Japan, and UK in 2023 accounted for 48.8% of total export value, with decreases of 12.0%, 19.5%, 13.2%, and 15.7% respectively[51] - Total retail sales of apparel, footwear, headwear, knitwear, and textile in China in 2023 amounted to approximately RMB1,409.48 billion, a year-on-year increase of 12.9%[53] - Retail sales of apparel products in China in 2023 amounted to approximately RMB1,035.29 billion, a year-on-year increase of 15.4%[53] - National online retail sales of products in the wearing segment in China in 2023 saw a year-on-year increase of approximately 10.8%[53] - China's foreign trade import and export value in 2023 was $5,936.83 billion, a decrease of 5.0% compared to 2022[55] - Trade surplus of textile and apparel products in 2023 was $272.12 billion, accounting for 33.1% of total external trade surplus[55] - Vietnam's textile industry export value in 2023 was approximately USD37.68 billion, a decrease of 10.9% compared to 2022[57] - Textile and clothing exports to the US, Japan, and Korea were USD14.47 billion, USD4.06 billion, and USD3.05 billion respectively, with declines of 16.7%, 0.4%, and 7.9% compared to 2022[57] - Yarn exports to China in 2023 were USD2.32 billion, accounting for 53.2% of total yarn exports, an increase of 6.2% compared to 2022[57] - Vietnam imported USD13.02 billion of fabrics in 2023, a decrease of 11.5% compared to 2022, with 64.0% sourced from Mainland China[57] - Textile and clothing exports to RCEP member countries were USD10.62 billion, accounting for 31.8% of total exports, an increase of 2.3 percentage points compared to 2022[59] - The central parity rate of RMB against USD depreciated by 1.7% at the end of 2023 compared to 2022, with a narrowing trend in depreciation[61] - China's total population at the end of 2023 was approximately 1.41 billion, a decrease of 2.08 million compared to 2022, marking the second consecutive year of negative population growth[62] - The population aged 60 and above accounted for 21.1% of China's total population in 2023, an increase of 16.93 million compared to 2022[62] - The labor force aged 16 to 59 decreased by approximately 10.75 million in 2023, posing challenges for labor-intensive manufacturing enterprises[62] - China's total population decreased by 2.08 million in 2023, marking the second consecutive year of negative growth, with the elderly population aged 60 and above increasing by 16.93 million to 21.1% of the total population[63] - China's cotton planting area decreased by 210,000 hectares in 2023, with cotton output dropping by 6.1% to 5.62 million tons[64][65] - Global cotton production in 2023/24 is estimated to decrease by 2.8% to 24.59 million tons, while consumption increased by 1.6% to 24.59 million tons[65] - China's cotton imports in 2023 totaled 1.96 million tons, a 1.1% increase, with imports from the US dropping by 33.6% to 752,000 tons[65] - The average price of imported cotton in China decreased by 21.3% to $2,128.9/ton in 2023, with total import value dropping by 20.5% to $4.17 billion[65] - China's cotton inventory in 2023 was estimated at 8.76 million tons, accounting for 48% of global inventory[65] - The China Cotton Index (CCIndex3128B) averaged RMB16,767/ton in 2023, down 11% year-on-year, with a peak of RMB18,433/ton on September 4[65] - Global inflation is expected to decrease in 2024, with developed economies likely to lower interest rates, potentially leading to a slight rebound in cotton prices[65] - China's textile industry is undergoing green transformation, with policies aiming to reduce energy consumption and emissions, and achieve technological upgrades by 2026[66][67] - The EU's sustainable textile strategy requires all textile products entering the EU market to be durable and recyclable by 2030, driving global green transformation in the industry[67] Strategic Initiatives and Future Plans - The Group maintained a reasonable recruitment mechanism and employment scale, focusing on stabilizing existing employees and expanding new clientele[35] - The Group strengthened its transformation to a green and low-carbon production model and improved the operating performance of overseas plants[35] - The Group resolved to transform towards diversified and high-end products[35] - The Group is confident in achieving sustainable business growth through future strategic measures[35] - The company plans to accelerate industry upgrading, improve green and low-carbon development systems, and expand overseas production capacity[42][45] - The company will strengthen talent pool development and enhance management and innovation capabilities[45] - The company aims to optimize global resource allocation through overseas production capacity expansion[45] - The Group is actively considering expanding overseas production capacity beyond existing bases in Vietnam and Cambodia to better meet customer procurement needs[113] - The Group plans to accelerate the application of intelligent manufacturing and digital management, improve green and low-carbon development systems, and promote diversified and high-end products[114] - The Group aims to reduce resource consumption per unit of output and increase the proportion of clean energy in its energy mix, including photovoltaic power, wind power, and natural gas[117] - The Group will increase investment in R&D for innovative and functional products, focusing on new fiber materials for high-end textile fabrics[119] - The Group plans to implement the "Young Seedlings Plan" to recruit and cultivate outstanding on-site management officials, improving production site management[120] - The Group expects business to return to growth in 2024 despite industry challenges and uncertainties[120] - The Group will optimize its salary system to enhance employee performance incentives under a fair and transparent system[120] - The Group is committed to strengthening sustainable development capabilities and enhancing long-term competitiveness in the industry[121] Corporate Governance and Board Structure - The Board adopted its own Code of Corporate Governance, covering all code provisions and most recommended best practices since 9 October 2005[127] - The Board complied with the requirement of having at least three independent non-executive directors, with one-third of the Board being independent non-executive directors[129][131] - Directors received continuous professional development training, including seminars and updates on Listing Rules and legal requirements[132][133] - The company adopted a corporate governance function policy effective from 1 April 2012, focusing on policy development, training, and compliance[134][135] - The company invited external auditors to the 2023 AGM to address shareholder questions on audit, accounting policies, and auditor independence[137] - The Board comprises 5 Executive Directors and 4 Independent Non-executive Directors, with independent directors accounting for approximately 44.4% of the Board[139][147] - The Company held 4 full Board meetings in 2023, with all Board members attending[149] - The Board will hold at least 4 meetings annually, with additional meetings convened as necessary to determine strategic directions and approve financial results[150] - The Chairman held separate meetings with all independent non-executive Directors to address business issues and concerns[150] - The Board is responsible for formulating the Group's business strategies, supervising management, and evaluating the effectiveness of management strategies[140] - The Chairman and Group General Manager have separate roles, with the Chairman responsible for significant operational decisions and the Group General Manager managing day-to-day operations[146] - Directors have full and timely access to relevant information about the Group and can seek independent professional advice at the Group's expense[141] - The Company has adopted a Board diversity policy, considering factors such as gender, age, cultural background, and industry experience when appointing or reappointing Directors[151] - As of the report date, the Board consists of 7 male and 2 female members, exceeding the stock exchange's gender ratio requirements[151] - Significant related party transactions involving Directors or their associates are disclosed in the financial statements[145] - The Board currently comprises 9 members, with 7 male and 2 female members, representing a gender ratio higher than the Stock Exchange requirement[152] - Approximately 77.8% of Directors and 27.7% of the total workforce (including senior management) are male as of the report date[153][155] - The Remuneration Committee held one meeting in 2023, reviewing the remuneration of Directors and senior management[157][160] - The senior management's remuneration for 2023 includes 4 individuals in the RMB 1,000 to 2,000 thousand band and 7 individuals above RMB 2,000 thousand[161] - The Nomination Committee held one meeting in 2023, reviewing and approving the appointment and reappointment of Directors[162][164] - The overall attendance rate of Directors at Board meetings in 2023 was 100.00%[171] - The Audit Committee met with external auditors twice in 2023 to discuss audit procedures and accounting issues[171] - The Audit Committee comprises four independent non-executive Directors: Ms. Liu Chunhong, Mr. Liu Xinggao, Mr. Zhang Bingsheng, and Ms. Wang Feirong[168][169] - Ms. Wang Feirong was appointed as the chairwoman of the Audit Committee on 1 April 2024, following Mr. Jiang Xianpin's resignation[168][169] - The Audit Committee reviewed the Group's financial statements for the year ended 31 December 2023[171] - The Board acknowledges its responsibility to prepare true and fair financial reports in accordance with Hong Kong accounting standards[175] - The Group's risk management system aims to provide reasonable assurance against material misstatement or loss[177] - The Board is responsible for assessing and determining the nature and degree of risks the company is willing to take to achieve strategic goals[176] - The risk management and internal control system is designed to enhance operating effectiveness and efficiency[177] - The Board ensures accurate and timely reporting of the company's state of affairs to shareholders and the public[176] - The Group's internal audit department has unrestricted access to information and conducts regular audits on major activities and processes, reporting directly to the Audit Committee and senior management[180] - The Board reviewed the effectiveness of the risk management and internal control system for the year ended 31 December 2023, considering it effective and adequate[181] - The Group's external auditor, Ernst & Young, received RMB3,700,000 for audit services and RMB960,000 for non-audit services in 2023, primarily for tax advisory fees[183][185] - The Group has a written inside information disclosure policy adopted on 27 March 2017 to standardize the responsibility and procedure of information disclosure[182] - The Investor Relations Department received the Best Investor Relations Awards (Large-cap) from the Hong Kong Investor Relations Association in 2023[189] - The Company Secretary, Mr. Chan Tak Hing Kenji, undertook not less than 15 hours of professional training during the year to update his skills and knowledge[188] - The Board ensures compliance with the Securities Trading Code, with all Directors confirming strict adherence throughout 2023[186] - The Group's risk management process includes setting contingency plans to minimize the impact of unpredictable events, with findings reported to the Audit Committee and Board[178] - The internal audit function plays a key role in monitoring governance, conducting special reviews or investigations of areas of concern identified by management or the Audit Committee[179] - The Board, through the Audit Committee, assesses the effectiveness of the risk management and internal control system by reviewing management reports and internal audit results[181] - The company has a policy of open communication and fair disclosure to enhance corporate governance standards, providing shareholders with necessary information for judgment and feedback[192] - Shareholders holding at least one-tenth of the

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 74.95 HKD [6] Core Views - The company demonstrated operational resilience despite a 10.1% YoY decline in revenue to 24.97 billion RMB in 2023, primarily due to reduced demand in the European and US markets and brand customers' inventory reduction [1] - Net profit attributable to shareholders decreased slightly by 0.1% YoY to 4.557 billion RMB, while gross margin improved by 2.2 percentage points to 24.3% due to increased efficiency in overseas factories and reduced pandemic-related expenses [1] - The company is expected to benefit from the recovery of overseas apparel demand as brand customers complete inventory reduction, with projected revenue of 28.76/32.98/37.70 billion RMB for 2024-2026 [4] Business Performance Breakdown By Product Category - Sportswear sales decreased by 13.6% YoY due to declining demand in Europe and the US [1] - Casual wear sales dropped by 1.4% YoY, mainly due to reduced demand in Japan and other markets [1] - Underwear sales increased by 30.2% YoY, driven by rising demand in Japan and other markets [1] - Other knitwear sales fell by 41.6% YoY due to the discontinuation of mask production, but excluding masks, sales increased by 0.4% YoY [1] By Region - China revenue grew by 0.7% YoY to 7.1 billion RMB, accounting for 29% of total revenue [1] - Europe revenue decreased by 19% YoY to 5.0 billion RMB, representing 20% of total revenue [1] - US revenue declined by 20% YoY to 3.9 billion RMB, making up 16% of total revenue [1] - Japan revenue fell by 6% YoY to 3.7 billion RMB, contributing 15% to total revenue [1] - Other regions' revenue decreased by 8% YoY to 5.3 billion RMB, accounting for 21% of total revenue [1] Operational Highlights - Overseas factories accounted for 53% of total garment output in 2023, with Cambodia contributing 26%, up 4 percentage points YoY [2] - Overseas employees represented 57% of the total workforce, an increase of 5 percentage points YoY [2] - The company improved supply chain efficiency through enhanced information sharing and optimized production site selection [3] Strategic Initiatives - The company is actively considering expanding overseas production capacity beyond existing facilities in Vietnam and Cambodia to better meet global customer demand [4] - Efforts are being made to accelerate the application of intelligent manufacturing and digital management, while promoting product diversification and high-end development [4] - The company is increasing R&D investment in innovative and functional products, with a focus on applying new fiber materials in high-end textile fabric development [4]

Investment Rating - Buy rating with a target price of HKD 98.09, implying a 32.4% upside from the current price of HKD 74.10 [1][3] Core Views - 2023 net profit of RMB 4.56 billion met expectations, with capacity utilization recovering to 100% [1] - Revenue declined 10.1% YoY to RMB 24.97 billion due to weak global consumer demand and customer destocking [1] - Gross margin improved 2.2ppt to 24.3%, driven by higher capacity utilization and overseas factory efficiency [1] - Effective tax rate dropped to 8.8% due to higher overseas profit contribution [1] - Final dividend of HKD 1.08 declared, representing a payout ratio of 60.3% [1] - Double-digit revenue growth expected in 2024 as destocking progresses and capacity utilization remains at 100% [3] Financial Performance - Revenue breakdown by product: sportswear -13.6%, casualwear -1.4%, underwear +30.2%, others -41.6% [2] - Revenue breakdown by region: Europe -19.1%, US -20.4%, Japan -6.4%, other regions -7.6%, China +0.7% [2] - Key customer growth: Nike -10.8%, Adidas -24.1%, Uniqlo +2.9%, Puma -28.1% [2] - Domestic brands' share increased to 11%, while Lululemon accounted for 2% of sales [2] - 2H23 revenue declined 5.5% YoY, with Q4 returning to positive growth [3] - 2H23 gross margin improved 3.1ppt QoQ to 25.8% [3] Forecasts - 2024 revenue forecast at RMB 28.15 billion, +12.8% YoY [4] - 2024 net profit forecast at RMB 5.37 billion, +17.8% YoY [4] - 2024 EPS forecast at RMB 3.57, +17.8% YoY [4] - 2024 dividend forecast at HKD 2.41, with payout ratio maintained at 60% [4] - 2024-2026 revenue CAGR forecast at 13.0% [4] - 2024-2026 net profit CAGR forecast at 17.8% [4] Industry and Company Positioning - The company operates in the apparel and textile industry [2] - It benefits from vertical integration, balanced domestic and overseas presence, and strong management execution [3] - The company is well-positioned as an industry leader with innovative product capabilities [3]

公司研究 | 动态跟踪 申洲国际 02313.HK 买入（维持） 毛利率逐步修复，2024 年业绩展望乐观 股价（2024年03月28日） 74.1港元 目标价格 97.65港元 52周最高价/最低价 87.25/59.3港元 总股本/流通H股（万股） 150,322/150,322 H股市值（百万港币） 111,389 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入249.7亿，同比下滑10.1%，实现净利润 报告发布日期 2024年03月29日 45.6亿，同比下滑0.1%，其中23H2收入和归母净利润分别下滑5.8%和增长 10.7%，全年盈利好于市场预期。2023派息比例为60.3%。 1周 1月 3月 12月 ⚫ 欧美运动产品订单拖累公司收入表现，国内市场表现好于国际。具体来看，1）分品 绝对表现% 8.02 12.02 -8.91 -4.31 类来看，2023年运动类/休闲类/内衣类/其他针织品收入分别下滑13.6%、下滑 相对表现% 9.93 11.99 -5.96 12.08 1.4%、增长30.2%和下滑41.6%，其中运动类产品下滑主要系欧洲和美国 ...