Financial Performance - Revenue grew by 7.5% to $770 million[2] - Adjusted net profit rose by 54.1% to $92.9 million[2] - Total comprehensive income for the period amounted to $91.9 million, compared to $55.7 million in the previous year[5] - Basic earnings per share increased to 11.5 cents from 7.0 cents year-on-year[5] - The group acquired property, plant, and equipment amounting to $27,434,000 for the six months ended June 30, 2024, up from $22,803,000 in the same period of 2023, an increase of 20.5%[30] - The operating profit before fair value changes of financial instruments was $99,052 thousand, with a net fair value loss of $1,369 thousand, resulting in an operating profit after fair value changes of $97,683 thousand[24] - The company reported a pre-tax profit of $105,393 thousand for the six months ended June 30, 2024[24] - The cost of goods sold for the six months ended June 30, 2024, was $572,005 thousand, compared to $546,018 thousand for the same period in 2023, indicating an increase of approximately 4.8%[24] - Operating profit surged by 52.9% to $99.1 million, resulting in an operating margin of 12.9%, compared to 9.0% in the same period last year[45] - Net profit reached $91.5 million, significantly higher than $55.2 million in the prior year, with adjusted net profit at $92.9 million, up from $60.3 million[46] Cash Flow and Liquidity - Strong net cash position of $326.1 million, compared to $162.5 million as of June 30, 2023[2] - Operating cash flow before tax profit increased to $105,393 thousand in the first half of 2024, up from $63,453 thousand in the same period of 2023, representing a growth of 66.4%[8] - Net cash flow from operating activities reached $99,178 thousand, significantly higher than $28,246 thousand in the previous year, indicating a year-over-year increase of 250.5%[8] - Cash and cash equivalents increased by $40,680 thousand, compared to a decrease of $38,520 thousand in the same period last year, showing a positive turnaround[9] - Total cash and cash equivalents at the end of the period stood at $334,585 thousand, up from $173,519 thousand in the previous year, reflecting a growth of 92.7%[9] - The company maintained a strong liquidity position with cash and bank balances (excluding time deposits) at $68,323 thousand, down from $75,526 thousand in the previous year[9] - The company's net cash position improved to $326.1 million as of June 30, 2024, compared to $162.5 million a year earlier, with $140 million reserved for new factory projects[47] Dividends and Shareholder Returns - Declared interim dividend of HK$0.65 per share, with a payout ratio of approximately 71.5% based on adjusted net profit[2] - The board approved a maximum return of $180 million to shareholders over the next three years through a combination of share buybacks and special dividends[2] - The company declared a final dividend of 61 HK cents per ordinary share, amounting to approximately $63,415 thousand, compared to 45 HK cents per share in the same period of 2023[27] - The board declared an interim dividend of HKD 0.65 per share, consistent with a long-term payout ratio of 70%[36] - The board declared an interim dividend of 65 cents per ordinary share for the six months ending June 30, 2024, expected to be paid on September 20, 2024[60] Operational Highlights - Shipment volume increased by 12.3%, primarily driven by athletic footwear products[2] - The company expects to maintain its growth trajectory with continued focus on market expansion and new product development[1] - North America and Europe remain the largest markets, accounting for 46.8% and 24.6% of total revenue, respectively[43] - The average selling price of footwear decreased by 4.4% to $28.3 per pair due to a higher proportion of lower-priced athletic products[43] - The company is focusing on expanding high-margin product capacity, starting with a new factory in Solo, Indonesia, to enhance production flexibility[35] - The company is enhancing production capacity in its new factory in Solo, Indonesia, and is also focused on increasing capacity in Bangladesh starting in 2023[39] - The company plans to optimize its product mix, with non-sport product factories operating near capacity in the second half of 2024[50] Employee and Governance - As of June 30, 2024, the company had approximately 42,100 direct employees, an increase from about 39,900 on December 31, 2023[58] - The total number of employees, including indirect hires, was approximately 63,510[58] - The company has implemented long-term incentive and share reward plans to recognize and retain employees[58] - The company emphasizes attracting, training, and retaining passionate talent as a key asset for its development and expansion[58] - The company adhered to the corporate governance code and complied with all provisions during the reporting period[61] - The governance model combines corporate governance with business governance to create long-term value for the group[62] Financial Position - Total assets for the manufacturing segment increased to $1,367,338 thousand as of June 30, 2024, from $1,315,496 thousand as of December 31, 2023[21] - The company’s total liabilities increased to $301,607 thousand as of June 30, 2024, from $292,237 thousand as of June 30, 2023[19] - The company reported a fair value loss of $1,364,000 on financial assets for the six months ended June 30, 2024, compared to a loss of $5,056,000 for the same period in 2023[34] - Interest income for the six months ended June 30, 2024, was $8,094 thousand, while interest expenses were $384 thousand[24] - The company has not reported any supplier financing arrangements, indicating no impact from recent accounting standard revisions on its financial position[13] Sustainability and ESG - The company's MSCI ESG rating was upgraded from "B" to "A", reflecting improved sustainability practices and transparency[48]

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company is expected to achieve a net profit increase of 63% in the first half of 2024, driven by early shipments and improved operational leverage from increased production capacity utilization [4][5] - The company forecasts a revenue of $770 million for the first half of 2024, representing a year-on-year growth of 7.5%, with manufacturing revenue contributing $750 million, up 7.7% year-on-year [4] - The average selling price (ASP) is expected to decline due to a higher proportion of lower-priced sports orders, despite an increase in shipment volume [4] Financial Performance - The company achieved a net profit margin of approximately 11.7% in the first half of 2024, an increase of 4 percentage points year-on-year [4] - Revenue projections for 2024-2026 are $1.66 billion, $1.84 billion, and $2.03 billion, respectively, with year-on-year growth rates of 17.7%, 11%, and 10% [4][5] - The gross margin for 2023 is reported at 24.6%, with expectations for further improvement in 2024 [5][7] Market Dynamics - The sports category is the largest segment for the company, accounting for 43.2% of revenue in 2023, with a forecasted recovery in orders for the second half of 2024 [4] - The company is positioned to benefit from strong growth in specific product lines, including basketball shoes and retro styles, as a supplier for Nike [4][5] Valuation - The company is assigned a price-to-earnings (PE) ratio of 10-11x for 2024, translating to a fair value range of HKD 15.94 to HKD 17.53 per share [4] - The expected dividend yield is projected to reach 9.0% based on the closing price on July 26 [4]

Investment Rating - The report does not explicitly mention an investment rating for Nine West Holdings [1] Core Viewpoints - Nine West Holdings has shown resilience in a challenging market, with its market cap surpassing $1 billion in 2023 despite overall market downturn [1] - The company has managed to increase its non-GAAP net profit by 23.3% in 2023 despite an 8.5% decline in revenue, indicating improved profitability [4] - The company has successfully completed one of its three-year plan targets ahead of schedule, achieving a 10% operating margin by the end of 2025 [6] - The stock price has risen by 17.9% since the announcement of the Q1 2024 results, reflecting strong investor confidence [7] Revenue and Profitability - Nine West Holdings' revenue has been stagnant over the past 12 years (2012-2023), with a CAGR of 0%, which is a common trend in the industry [4] - The company's revenue in 2023 was $1.49 billion, down 8.5% YoY, but non-GAAP net profit increased by 23.3% to $150 million [4] - The company has shifted its production to higher-end footwear categories, particularly luxury and high-end fashion, which has improved profitability [5] - Nine West Holdings has reduced its workforce by 6.1% and cut employee benefits by 10.2% in 2023 to improve operational efficiency [5] - The company's Q1 2024 revenue increased by 17.6% YoY, with a 21.9% increase in sales volume, reaching 11.7 million pairs of shoes [5] Geographic and Market Focus - Nine West Holdings primarily serves international brand clients, with over 70% of its revenue coming from Europe and North America between 2014 and 2023 [2] - The company has shifted its production capacity to Southeast Asia to take advantage of lower labor costs, which has helped improve profitability [8] - By 2023, 40-50% of the production capacity for international sports brands like Adidas and Nike was already in Vietnam, reflecting a broader industry trend [12] Historical Context and Industry Trends - Nine West Holdings was founded in 1982 during the rise of Taiwan's OEM industry and benefited from the opening up of China's economy [10] - The company's profitability peaked in 2007-2008, with gross margin, operating margin, and net margin reaching 23.6%, 12.8%, and 12.2%, respectively [10] - Rising labor costs in China and stagnant order prices from luxury brands have eroded profitability over the years, leading to a shift in production to Southeast Asia [11] - The COVID-19 pandemic in 2020 accelerated the company's decision to close most of its factories in China and relocate to Southeast Asia [8] Shareholder Returns and Financial Health - Nine West Holdings has a high dividend payout ratio, averaging 75.6% since its IPO, with a 74.4% payout ratio in 2023 [16] - The company's PB ratio has increased from 0.8 in 2023 to 1.4 in June 2024, reflecting improved market valuation [15] - The company has maintained a conservative approach to capital expenditure, with free cash flow of $160 million in 2023 and cumulative free cash flow of $1.16 billion since its IPO [18] - Nine West Holdings has a low debt-to-asset ratio of 24% and a negligible interest-bearing debt ratio of 0.5% as of the end of 2023 [17] Industry Challenges and Risks - The OEM model is inherently risky, as European luxury brands often work with multiple suppliers to avoid dependency on a single manufacturer [19] - Despite strong management, the company is still subject to industry cyclicality and external market forces [19]

业绩点评 业绩点评 24Q1 出货优秀，盈利能力有望持续受益品类组合提升 九兴控股（1836.HK） 2024-04-29 星期一 主要财务指标 百万美元 2019A 2020A 2021A 2022A 2023 销售收入 1,545 1,136 1,541 1,631 1,493 同比增长(%) -2.8% -26.5% 35.6% 5.9% -8.5% 毛利率 19.0% 17.8% 20.6% 21.6% 24.6% 归母净利润 95.9 1.7 89.7 118.0 141.1 同比增长(%) 46.6% -98.2% 8329.9% 29.9% 20.4% 归母净利润率 6.2% 0.1% 5.8% 7.2% 9.5% 每股盈利(USD) 0.12 0.00 0.11 0.15 0.18 数据来源：Wind、公司公告、国元证券经纪（香港）整理 相关报告 业绩点评： ➢ 24Q1制造业务收入同比+17.6%，增幅好于预期及行业整体： 根据公告，24Q1公司制造业务收入同比+17.6%至3.26亿美元。拆分制造业 务量价，出货量同比+21.9%至11.7百万双，ASP同比-3.5%至27.8美金/双。 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司公告点评 2024年04月28日 [Table_InvestInfo] 24Q1 收入增速领跑同业，运动订单恢复 投资评级 优于大市 维持 拉动出货量 股票数据 [Table_StockInfo] 04月26日收盘价（港元） 13.86 [投Ta资ble要_S点um：m ary] 52周股价波动（港元） 6.73-14.20 总股本（百万股） 808  一季度收入高增，制造业务增速领跑制造台企。Q1集团实现收入3.4亿美元， 同比增18.9%。制造业务实现收入3.3亿美元，同比增长17.6%。与制造台企 总市值（百万港元） 11196 相比增速最高，丰泰/裕元（制造）/钰齐/志强/儒鸿/广越/聚阳Q1分别实现同 相关研究 比变动+6.5%/-0.1%/-47.4%/+15%/+17.5%/-11%/+9.9%。零售收入约1210万 [《Ta 20b 2le 3_盈R利e水po平rt创In近fo] 1 0年新高》2024.3.30 美元，公司已削减品牌零售布局，将进一步缩减剩余的中国合资公司业务。 《低 ...

智通财经APP讯，九兴控股(01836)发布公告，于截至2024年3月31日止3个月，集团未经审核综合收入增 加约18.9%至3.384亿美元，去年同期未经审核综合收入约为2.846亿美元。 截至2024年3月31日止3个月的出货量按年增加约21.9%，此乃由于所有产品类别均有所增长，并主要受 运动类别所带动。平均售价按年下降约3.5%，主要由于来自平均售价较低的运动及休闲类别产品订单 占比较高所致。 集团于2023年经营利润率已达约10.7%，提前实现其"3年规划"(2023-2025)的目标，即在2025年底前实现 经营利润率10%及税后利润年度增长率达至低十位数百分比的目标。集团满怀信心在未来两年将继续实 现有关目标。 ...

Revenue and Profit Performance - Revenue for 2023 decreased to $1,492,651 thousand from $1,630,771 thousand in 2022, representing a decline of 8.5%[14] - Net profit attributable to shareholders increased to $141,072 thousand in 2023, up 19.5% from $118,033 thousand in 2022[14] - Gross profit increased by 4.1% to $366,700,000 with a gross margin of 24.6% (2022: 21.6%)[29] - Reported operating profit increased by 18.2% to $159,400,000 with an operating profit margin of 10.7% (2022: 8.3%)[30] - Net profit for the year was $140,300,000, including a fair value loss of $7,300,000 related to Lanvin Group investment[31] - Adjusted net profit was $147,600,000 with an adjusted net profit margin of 9.9% (2022: 7.3%)[31] - Revenue for 2023 was $1,492,651 thousand, a decrease of 8.5% compared to $1,630,771 thousand in 2022[147] - Gross profit increased to $366,728 thousand in 2023, up 4.1% from $352,127 thousand in 2022[147] - Net profit attributable to owners of the parent company was $141,072 thousand in 2023, up 19.5% from $118,033 thousand in 2022[148] - Total comprehensive income for the year was $134,676 thousand, a 45.5% increase from $92,537 thousand in 2022[147] - Earnings per share (basic) increased to $0.1780 in 2023 from $0.1490 in 2022[148] - Net profit for the year was $141,072 thousand in 2023, up from $118,033 thousand in 2022, showing a 19.5% growth[151] - Total comprehensive income for the year was $135,505 thousand in 2023, compared to $93,575 thousand in 2022, a 44.8% increase[151] Manufacturing and Product Segments - Manufacturing business revenue in 2023 was divided into 26.1% for fashion, 25.5% for luxury, 9.5% for sports, and 8.3% for casual footwear[16] - Revenue from the luxury segment increased to 26.1% in 2023 from 21.2% in 2022, indicating a shift towards higher-end products[16] - Sports footwear sales decreased by 8.0%, accounting for 43.2% of total manufacturing revenue (2022: 42.6%)[28] - Luxury and fashion category revenue increased by 4.1% and decreased by 6.2%, accounting for 9.5% and 26.1% of total manufacturing revenue respectively (2022: 8.3% and 25.5%)[28] - Manufacturing segment revenue reached $1,491,049,000, while retail and wholesale segment revenue was $4,609,000, with total revenue at $1,492,651,000[198] - Manufacturing segment profit was $175,635,000, while the retail and wholesale segment reported a loss of $11,659,000, resulting in a total segment profit of $163,976,000[198] - Total segment revenue reached $1,637.9 million, with manufacturing contributing $1,627.2 million and retail & wholesale contributing $10.7 million[200] - Segment performance showed a profit of $162.1 million in manufacturing and a loss of $20.9 million in retail & wholesale, resulting in a total segment profit of $141.2 million[200] Production and Capacity Expansion - The company expanded its production capacity in Southeast Asia with new factories in Indonesia and the Philippines[11] - The company plans to expand production capacity in Indonesia and Bangladesh, including a new dedicated sports shoe factory in Indonesia[24] - The company's subsidiaries, such as P.T. Young Tree Industries and P.T. Tyfountex Indonesia, are primarily engaged in footwear manufacturing[156] - The company's subsidiaries in China, such as Dongguan Xingang Footwear Co., Ltd., are wholly owned and engaged in footwear manufacturing[157] - The company's subsidiaries in Vietnam, such as Stella Leather Goods (Ho Chi Minh) Co., Ltd., are engaged in handbag manufacturing[157] - The company's subsidiaries in Europe, such as Stella Fashion Italia S.R.L., are engaged in footwear sales and distribution[156] Strategic Initiatives and Market Expansion - Stella International launched its first three-year strategic plan (2023-2025) to drive future growth[11] - The company entered the handbag market, targeting high-end clients with leather products[7] - The company maintains strong partnerships with global brands such as Nike, HOKA, Coach, and Prada[7] - The company is focusing on strengthening its position in the luxury and premium fashion footwear segments, with new products already showing promising sales[19] - Production improvements and productivity enhancements implemented as part of the three-year plan have contributed to margin expansion[19] - The company aims to achieve a 10% operating profit margin and low double-digit percentage growth in post-tax profit by the end of 2025, with progress ahead of schedule[19] Financial Position and Cash Flow - Net cash position as of December 31, 2023, was $287,400,000 (2022: $206,100,000)[33] - Cash and cash equivalents as of December 31, 2023, were $294,500,000 (2022: $213,300,000)[34] - Bank borrowings decreased to $7,100,000 as of December 31, 2023, compared to $7,200,000 in the previous year[35] - The company maintained a net cash position of $287,400,000 as of December 31, 2023, with a net capital gearing ratio of -26.9%[37] - Cash and cash equivalents increased by 38.1% to $294,471 thousand in 2023 from $213,303 thousand in 2022[149] - Total assets increased to $1,094,465 thousand in 2023, up 5.4% from $1,038,214 thousand in 2022[149] - Total equity rose to $1,067,464 thousand in 2023, a 5.1% increase from $1,015,949 thousand in 2022[150] - Total equity increased to $1,067,464 thousand in 2023, up from $1,015,949 thousand in 2022, reflecting a growth of 5.1%[151] - Retained earnings rose to $853,890 thousand in 2023, compared to $798,533 thousand in 2022, marking a 6.9% increase[151] - Cash flow from operating activities was $229,153 thousand in 2023, slightly down from $240,076 thousand in 2022, a decrease of 4.5%[153] - Investment activities resulted in a net cash outflow of $56.573 million, compared to $53.774 million in the previous year[154] - Financing activities resulted in a net cash outflow of $90.788 million, compared to $106.412 million in the previous year[154] - The company's cash and cash equivalents increased by $81.792 million, reaching $294.471 million at the end of the year[154] - Interest received from investments increased significantly to $10.234 million, up from $1.665 million in the previous year[154] - The company acquired property, plant, and equipment worth $55.699 million, an increase from $45.267 million in the previous year[154] - The company paid dividends of $88.074 million, a decrease from $99.130 million in the previous year[154] Dividends and Shareholder Returns - A final dividend of HK$0.61 per share was declared, bringing the full-year dividend to HK$1.03 per share with a payout ratio of approximately 70%[20] - The board proposed a final dividend of 61 HK cents per ordinary share for the year ended December 31, 2023, amounting to approximately $62.2 million[89] - The final dividend, if approved, will be paid on or around June 7, 2024, to shareholders on the register by May 17, 2024[89] - The company will suspend share transfer registration from May 6, 2024, to May 9, 2024, inclusive, with all transfer documents required to be submitted by May 3, 2024, at 4:30 PM for eligibility to attend and vote at the annual general meeting[90] - The company's distributable reserves as of December 31, 2023, amounted to $449.8 million, compared to $440.7 million in 2022[91] - The company paid dividends of $45,590 thousand for the 2022 final dividend and $42,484 thousand for the 2023 interim dividend[151] Corporate Governance and Board Structure - The board of directors consists mostly of independent non-executive directors, ensuring strong independent elements and effective independent judgment[45] - The company has a board diversity policy that considers factors such as gender, age, cultural and educational background, race, professional experience, and skills[45] - The nomination committee is responsible for reviewing the board's structure, size, and composition, and for identifying and selecting qualified candidates for board membership[46] - The company has set measurable goals for increasing functional experience diversity and understanding of target markets and customer groups[47] - The board's gender diversity is achieved through the inclusion of two female independent non-executive directors, and the nomination committee will continue to seek qualified candidates to maintain gender diversity[47] - The board has adopted a board evaluation plan to enhance efficiency and effectiveness, and to regularly review the corporate governance framework[48] - A third-party consultant has been engaged to ensure the independence and effectiveness of the board evaluation process[49] - The company maintains a formal and transparent process for appointing new directors, with a structured plan for board succession and nomination[50] - The nomination committee currently has five members, all of whom are independent non-executive directors[51] - The Nomination Committee reviewed the board's structure, size, and composition, as well as the board diversity policy and succession planning[52] - Newly appointed directors received tailored induction training, including an overview of the company's operations and regulatory responsibilities[52] - Directors receive monthly updates on financial data, business performance, and market intelligence to better assess the industry[52] - The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers as the guideline for directors and relevant employees[52] - Directors are required to confirm their external commitments and any changes every six months to ensure sufficient time contribution[55] - Independent non-executive directors actively contribute to board discussions and provide independent judgment on business strategies[55] - The Chairman is responsible for setting broad strategic direction and ensuring effective communication between the board, management, and shareholders[55] - The CEO oversees the implementation of board-approved objectives and manages relationships with stakeholders[55] - The board retains authority over major decisions, including strategy, budget approval, and significant investments or acquisitions[56] - The board has established four governance-related committees: Audit, Corporate Governance, Remuneration, and Nomination Committees[57] - The company's Board of Directors held 7 meetings in 2023, with all executive directors attending all 7 meetings[58] - The company's independent non-executive directors attended all 7 Board meetings, with some exceptions due to resignations or new appointments[58] - The company's Chairman maintains open dialogue with independent non-executive directors outside formal Board meetings[59] - The company's Board members have no significant financial, business, or other relationships, except for one familial relationship between two directors[60] - The company's Board meetings are scheduled in advance with at least 14 days' notice, and meeting agendas are circulated beforehand for directors to add items[60] - The company's management provides monthly updates to the Board, including internal financial data, peer comparisons, and market intelligence[61] - The company's Board reviews the effectiveness of its risk management and internal control systems at least annually, covering financial, operational, and compliance controls[62] - The company has a process for handling significant control failures or weaknesses, with monthly reporting to senior management and the Audit Committee[62] - No significant control failures or weaknesses were identified during the year[62] - The company's Board ensures adequate resources, qualifications, and training for accounting, internal audit, financial reporting, and ESG functions[62] - The company's internal control system, based on COSO, includes five elements: control environment, risk assessment, control activities, information and communication, and monitoring[63] - The company's internal audit team reports directly to the Audit Committee and the CEO, with external auditor EY submitting a report on internal control matters for the year ended December 31, 2023[64] - The Audit Committee reviewed the financial reporting system, risk management, and internal control systems during the year[65] - The company paid $629,000 for audit services and $183,000 for non-audit services (primarily tax advisory services) to the external auditor for the year ended December 31, 2023[66] - The company has established a whistleblowing policy and system for employees and key stakeholders to anonymously report concerns to the Audit Committee[64] - The Audit Committee consists of three independent non-executive directors and reviewed tax matters of the group during the year[65] - The company has a formal and transparent director remuneration policy, with no director involved in determining their own remuneration[68] - The Remuneration Committee reviewed the group's human resources and remuneration strategy, as well as the remuneration policy for executive directors during the year[68] Share Options and Incentive Plans - The company granted a total of 19,760,000 share options to 56 grantees, including 1,500,000 to CEO Qi Leren, 450,000 to Gillman Charles Christopher, and 1,200,000 to Jiang Yimin, with the remaining 16,610,000 granted to 53 other employees[69] - The share options are intended to incentivize grantees to execute the company's strategic plan over the next three years, with vesting conditions spread over three years from the grant date[69] - The company has issued a total of 27,970,000 share options to 107 eligible participants, with each option priced at HKD 11.48 per share[105] - The share options are valid for six years from the grant date and will vest in five tranches, each tied to the company's financial performance and individual performance evaluations[106] - 3,417,500 share options were granted to the company's executive director Qi Leren, and 270,000 share options were granted to current executive director Jiang Yimin[107] - The vesting of share options is contingent on the company achieving both net profit margin and revenue growth targets set by the board for the relevant fiscal year[106] - If the company fails to meet either the net profit margin or revenue growth target, only 50% of the share options expected to vest will be granted[106] - If both the net profit margin and revenue growth targets are met, 100% of the share options expected to vest will be granted[106] - If both the net profit margin and revenue growth targets are not met, all share options expected to vest will automatically lapse[106] - The 2007 Long-Term Incentive Plan, which aimed to attract and retain talent, expired on July 5, 2017[105] - A total of 8,967,750 share options under the 2007 Plan lapsed during the review period[108] - The trustee held 1,778,000 shares in trust as of December 31, 2023, unchanged from December 31, 2022[109] - No share options were granted under the 2007 Plan during the review year, and no options remained unexercised as of the annual report date[109] - The 2017 Plan was approved by shareholders on May 19, 2017, and aligns with Chapter 17 of the applicable listing rules[110] - The 2017 Plan aims to reward selected participants, including employees and directors, for their contributions to the group[111] - From January 1, 2023, the company can only grant share options under the 2017 Plan to "qualified participants" as defined by Chapter 17 of the listing rules[112] - The 2017 Plan allows the board to set performance targets and minimum holding periods for share options, with exercise prices not lower than the listing rules' requirements[111] - Participants eligible for share options under the 2017 Plan include employees, directors, suppliers, customers, and consultants contributing to the group's development[112] - The total number of shares that may be issued upon the exercise of all options granted under the 2017 Plan and any other share option schemes of the Group shall not exceed 79,437,950 shares, equivalent to 10% of the issued shares as of the effective date of the 2017 Plan[113] - As of January 1, 2023, December 31, 2023, and the date of this annual report, the total number of shares that could be allotted and issued upon the exercise of options under the general plan limit were 79,437,950 shares[114] - The number of options that could still be granted under the general plan limit as of January 1, 2023, December 31, 2023, and the date of this annual report were 27,957,950, 9,133,450, and 9,193,450 shares respectively[114] - The total number of shares that may be issued and to be issued upon the exercise of options granted to each participant under the 2017 Plan and any other share option schemes of the Group within any 12-month period shall not exceed 1% of the issued shares at that time[115] - Any grant of options to a director, chief executive, or substantial shareholder of the company or their associates must be approved by the independent non-executive directors of the company[116] - Participants may accept the option offer within 21 days from the date of the option offer[117] - The subscription price for shares under the 2017 Plan shall not be less than the highest of (i) the closing price of the shares on the offer date, (ii) the average closing price of the shares over the five trading days immediately preceding the offer date, and (iii) the nominal value of the shares[118] - The 2017 Plan will remain in effect for a period of 10 years from May 19, 2027, and will expire on May 18, 2027[119] - During the

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company achieved a net profit margin of 9.5% in 2023, an increase of 2.2 percentage points year-on-year, despite a revenue decline of 8.5% to $1.493 billion [4][5] - The gross profit margin improved to 24.6%, up 3 percentage points year-on-year, indicating better profitability management [4][5] - The company has maintained a dividend payout ratio of approximately 70%, with a dividend yield of 8.3% based on the closing price on March 29 [4][5] Financial Performance Summary - In 2023, the company reported total revenue of $1.493 billion, a decrease of 8% year-on-year, with manufacturing revenue at $1.445 billion, down 8.9% [5][7] - The operating profit margin reached 10.7%, an increase of 2.4 percentage points year-on-year, reflecting improved operational efficiency [4][5] - The company plans to continue its capacity expansion, with production distribution in China, Vietnam, and other Asian regions at 26%, 51%, and 23% respectively [6][7] Earnings Forecast and Valuation - The company is expected to achieve net profits of $161 million, $180 million, and $199 million for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 13.8%, 11.9%, and 10.5% [4][5][7] - The average selling price (ASP) for products reached $29.7 in 2023, the highest since 2009, driven by a shift towards higher-end products [4][5] - The estimated price-to-earnings (P/E) ratio for 2024 is projected to be between 10-11 times, with a corresponding fair value range of HKD 15.75 to 17.33 per share [4][5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 Stella International Holdings Limited 九興控股有限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二三年十二月三十一日止年度的全年業績 | --- | --- | |--------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要： | | | － | 平均售價（「平均售價」）增長 4.2% | | － | 進一步提升客戶組合，尤其在奢華及高端時尚類別 | | － | 精簡本集團在中國大陸的零售業務，並已結束所有其他位於世界各地的實體銷 售點 | | － | 毛利率增長 3.0 個百分點 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司研究报告 2024年03月12日 [Table_InvestInfo] 首次 低估值+高股息+稳增长顶尖时尚与休闲鞋类 投资评级 优于大市 覆盖 制造企业 股票数据 [Table_Summary] 3[T月ab11le日_S收t盘oc价kI（nf港o元] ） 11.00 投资要点： 52周股价波动（港元） 6.46-11.00 总股本（百万股） 797 总市值（百万港元） 8768  全球顶尖时尚与休闲鞋履制造企业。公司从事鞋履及皮具产品的开发及制造， 市场表现 品类涵盖奢华、运动及休闲品类，产能分布于国内、越南及印尼。公司拥有 [Table_QuoteInfo] 全球众多全球知名品牌客户，包括①运动品牌：Nike、Saucony、Under Armour 等，②时尚鞋履品牌：Cole Haan、Kate Spade、Michael Kors、Tory Burch 等，③高端时尚品牌：Amiri、Ambush、Alexander Wang、Balenciaga、 Balmain、Chloe、Jimmy ...