Core Viewpoint - Morgan Stanley has raised the target price for Super盈 International Holdings (02111) by 11.8% from HKD 3.4 to HKD 3.8, maintaining an "Overweight" rating while slightly lowering the earnings forecast for 2025-2027 by 1-3% [1] Group 1: Target Price and Valuation - The new target price of HKD 3.8 is based on a discounted cash flow method, equivalent to 5 times the one-year forecasted price-to-earnings ratio [1] - The valuation period has been extended to December 26 [1] Group 2: Earnings Forecast and Growth Drivers - Sales and earnings are expected to grow by 3% and 11% respectively in the second half of 2025, improving from declines of 2% and 6% in the first half [1] - The improvement is attributed to the resolution of tariff issues, leading to better order flow, particularly in sportswear, with a recovery in orders noted in July and August [1] - Increased utilization rates are anticipated, with fabric and webbing utilization at 75% in the first half of 2025, compared to 80-85% in 2024, contributing to a 60 basis point improvement in gross margin in the second half [1] Group 3: Impact of Tariffs and Capacity Expansion - The impact of tariffs on profit margins has been limited in the first half, as most brands did not request adjustments for the second half [1] - The expected recovery in Vietnam's production capacity, which had previously stalled due to tariff uncertainties, is projected to lead to capital expenditures of HKD 500-1,000 million over the next two years [1] - This expansion is expected to increase overseas capacity contributions, currently at approximately 40% [1]

Core Viewpoint - Morgan Stanley has raised the target price for Super盈 International Holdings (02111) by 11.8% from HKD 3.4 to HKD 3.8, maintaining an "Overweight" rating [1] Financial Projections - The earnings forecast for Super盈 for 2025-2027 has been adjusted downwards by 1-3%, with the valuation period extended to December 26 [1] - The new target price of HKD 3.8 is based on a discounted cash flow method, equivalent to 5 times the one-year forecasted P/E ratio [1] Sales and Profitability Expectations - Sales and profit are expected to grow by 3% and 11% respectively in the second half of 2025, improving from declines of 2% and 6% in the first half, due to easing tariff impacts [1] - Factors driving this improvement include: 1. Recovery in orders, particularly in sportswear, with a rebound observed in July-August [1] 2. Improved utilization rates, with fabric/webbing utilization at 75% in the first half of 2025, compared to 80-85% in 2024, leading to a 60 basis point increase in gross margin in the second half [1] 3. Limited impact of tariff allocation on profit margins in the first half, as most brands did not request adjustments for the second half [1] Capacity Expansion and Capital Expenditure - The anticipated recovery of production capacity in Vietnam, previously halted due to tariff uncertainties, is expected to contribute to increased overseas capacity, currently at approximately 40% [1] - Future capital expenditures are projected to reach HKD 500-1,000 million over the next two years [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to uncertainties surrounding U.S. tariff policies, leading to cautious ordering from clients [1][2]. Financial Performance - 1H25 revenue was HKD 2.33 billion, down 2.3% year-on-year, while net profit attributable to shareholders was HKD 260 million, a decrease of 6.1% year-on-year [1]. - The company declared an interim dividend of HKD 0.125 per share, corresponding to a payout ratio of approximately 50% [1]. - Gross margin for 1H25 decreased by 0.4 percentage points to 26.6%, mainly due to a decline in capacity utilization [2]. - The net profit margin for 1H25 was 11.2%, down 0.4 percentage points year-on-year [2]. Product Performance - Revenue from fabrics, webbing, and lace for 1H25 showed mixed results: fabrics down 4.4% to HKD 1.81 billion, webbing up 6.9% to HKD 501 million, and lace down 20.6% to HKD 22 million [1]. - The decline in fabric revenue was attributed to cautious ordering from U.S. apparel brands, particularly in the sportswear segment [1]. Operational Efficiency - Inventory turnover days increased from 112 days at the end of 2024 to 131 days in 1H25 due to the impact of U.S. tariff policies [2]. - The company maintained stable accounts receivable turnover days at 60 days [2]. - Operating cash flow for 1H25 increased by 14.2% year-on-year to HKD 348 million, reflecting improved working capital management [2]. Debt Management - Net debt decreased by 37.1% from the end of 2024 to HKD 300 million, with the net debt-to-equity ratio dropping from 13.5% to 8.2% [2]. Market Outlook - Approximately 50% of the company's revenue comes from the U.S., and it is expected that clarity on U.S. tariff policies will lead to a gradual recovery in client orders in the second half of the year [3]. - The company is anticipated to benefit from new product orders in the sportswear segment and long-term capacity growth supported by a new factory in Vietnam [2][3]. Earnings Forecast and Valuation - The 2025 earnings forecast was revised down by 3.6% to HKD 617 million, with a new 2026 earnings estimate of HKD 661 million [3]. - The current stock price corresponds to a P/E ratio of 5.9x for 2025 and 5.5x for 2026, with a target price increase of 65% to HKD 4.45, indicating a potential upside of 27.5% from the current price [3].

Core Viewpoint - CICC has upgraded Super盈 International Holdings (02111) to an "Outperform" rating and raised the target price by 65% to HKD 4.45, reflecting a shift in valuation to 2026 due to the one-time impact of U.S. tariff policies in 2025 [1] Group 1: Financial Performance - For 1H25, the company reported revenue of HKD 2.33 billion, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of HKD 260 million, down 6.1% year-on-year, which was below CICC's expectations due to cautious ordering from clients amid U.S. tariff uncertainties [2] - The gross margin for 1H25 decreased by 0.4 percentage points to 26.6%, primarily due to a decline in capacity utilization in 2Q25, with fabric, webbing, and lace gross margins changing by +0.2, -2.0, and -10.7 percentage points respectively [4] - The net profit margin for 1H25 was 11.2%, down 0.4 percentage points year-on-year [4] Group 2: Product Performance - Revenue from fabrics, webbing, and lace for 1H25 was HKD 1.81 billion, HKD 501 million, and HKD 22 million respectively, with year-on-year changes of -4.4%, +6.9%, and -20.6% [3] - The decline in sportswear and apparel fabric revenue was mainly due to cautious ordering from U.S. apparel brand clients in 2Q25, with sportswear fabric revenue down 5.5% to HKD 1.23 billion [3] Group 3: Operational Efficiency - Inventory turnover days increased from 112 days at the end of 2024 to 131 days at the end of 1H25, influenced by U.S. tariff policies affecting orders [5] - The net debt decreased by 37.1% to HKD 300 million, with the net debt-to-equity ratio dropping from 13.5% to 8.2% [5] Group 4: Future Outlook - Approximately 50% of the company's revenue comes from the U.S., and CICC expects that as U.S. tariff policies become clearer, client orders may gradually recover in the second half of the year, potentially boosting capacity utilization and profitability [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 超盈國際控股有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02111 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,039,808,000 | | 0 | | 1,039,808,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,039,808,000 | | 0 | | 1,039,808,000 | 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 ...

Company Overview - Super盈 International Holdings primarily engages in the manufacturing and trading of elastic fabric materials, elastic webbing, and lace, with a focus on innovation and technology as core values [2] - The company has established itself as a prominent supplier of sportswear and apparel fabric materials, collaborating with leading global sportswear brands such as Anta, Fila, Lululemon, Under Armour, and Uniqlo [2] - As a leader in the global lingerie materials market, Super盈 provides comprehensive one-stop procurement solutions for lingerie brands, maintaining long-term partnerships with notable brands like Aimer, Chantelle, and Victoria's Secret [2] Financial Performance - As of June 30, 2025, Super盈 reported total revenue of 2.125 billion HKD, a year-on-year decrease of 2.33%, and a net profit attributable to shareholders of 238 million HKD, down 6.1% [1][3] - The company's gross profit margin stands at 26.63%, with a debt-to-asset ratio of 43.06% [1] Market Position and Valuation - Super盈's price-to-earnings (P/E) ratio is 5.47, ranking 13th in the textile and apparel industry, which has an average P/E ratio of -47.58 and a median of 3.32 [1] - The company has experienced a cumulative increase of 11.89% in stock price over the past month and 12.04% year-to-date, although it has underperformed compared to the Hang Seng Index, which has risen by 28.76% [1]

Group 1 - The company reported a revenue of HKD 2.33 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 2.33% [1] - Shareholders' profit attributable to the company was HKD 260 million, down 6.1% compared to the previous year [1] - Basic earnings per share were HKD 0.2505, and the company proposed an interim dividend of HKD 0.125 per share [1] Group 2 - The decline in revenue was primarily attributed to the cautious ordering behavior of overseas brand clients due to uncertainties arising from U.S. tariff policies in the second quarter [1]

Core Viewpoint - Chao Ying International Holdings (02111) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to cautious ordering from overseas brand clients influenced by uncertainties from U.S. tariff policies [1] Financial Performance - Revenue for the period was HKD 2.33 billion, representing a year-on-year decrease of 2.33% [1] - Shareholders' profit amounted to HKD 260 million, down 6.1% compared to the previous year [1] - Basic earnings per share were HKD 0.2505 [1] - The company proposed an interim dividend of HKD 0.125 per share [1] Market Conditions - The revenue decline was attributed to increased caution in ordering from overseas brand clients due to uncertainties stemming from U.S. tariff policies [1]

Group 1 - The company, Super Win International Holdings (02111), announced a mid-term dividend of HKD 0.125 per share to be distributed on October 10, 2025 [1]

Core Viewpoint - The company, Super盈 International Holdings (02111), announced a mid-term dividend of HKD 0.125 per share to be distributed on October 10, 2025 [1] Company Summary - Super盈 International Holdings will distribute a mid-term dividend of HKD 0.125 per share [1]