Flexible production solutions and co-creation services enabled us to meet these evolving demands seamlessly. With our deep expertise in ladies apparel and ongoing advancement in vertical integration, we are well equipped to unlock new market opportunities and capture a larger market share. As Andy highlighted earlier, we expanded our workforce by 10,000 employees last year, with 5,000 added in the second half, specifically to support anticipated order growth in 2025. These new hires completed the training i ...

机构评级方面，天风证券股份有限公司给予"买入"评级，目标价7.6港元。 4月10日，截至港股收盘，恒生指数上涨2.06%，报20681.78点。晶苑国际（02232.HK）收报4.46港元/ 股，上涨11.78%，成交量3558.54万股，成交额1.64亿港元，振幅10.28%。 最近一个月来，晶苑国际累计跌幅20.2%，今年来累计跌幅8.7%，跑输恒生指数1.02%的涨幅。 财务数据显示，截至2024年12月31日，晶苑国际实现营业总收入177.53亿元，同比增长13.42%；归母净 利润14.41亿元，同比增长22.64%；毛利率19.69%，资产负债率31.89%。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 行业估值方面，纺织及服饰行业市盈率（TTM）平均值为-2.25倍，行业中值-0.45倍。晶苑国际市盈率 7.31倍，行业排名第26位；其他FAST RETAIL-DRS（06288.HK）为0.34倍、浙江永安（08211.HK）为 1.34倍、大人国际（01957.HK）为3.19倍、其利工业集团（01731.HK）为3.34倍、超盈国际控股 （02111 ...

港股公司报告 | 首次覆盖报告 公司自 1970 年成立以来，专注于为全球知名品牌提供一站式成衣生产解 决方案。经过 50 多年的发展，公司已经成为全球领先的服装制造商，并于 2017 年成功在香港联交所上市（02232.HK）。公司的核心品类包括休闲服、 运动及户外服、牛仔服、贴身内衣和毛衣，其中大部分产品类别是其所在 类别的行业领导者。公司不断拓展其业务版图，凭借多品类及全球化生产 布局，已在越南、中国、孟加拉、柬埔寨和斯里兰卡等五个国家设有约 20 座现代化工厂，员工总数接近 80,000 人，年产量超过 4.7 亿件，成为诸如 UNIQLO 等国际知名品牌的重要合作伙伴。 多年来盈利能力稳步提升，长期有望加速成长。从 2019 年到 2024 年，公 司的收入和归母净利润在波动中前进，复合年增长率（CAGR）分别为 0.24% 和 5.64%。公司通过提升生产效率和加强成本控制，成功实现了利润的快 速增长。2024 年公司下游品牌客户销售势头复苏使订单需求有所增加，公 司实现总收入 24.7 亿美元，同增 11.8%；公司实现归母净利润 2.0 亿美元， 同增 22.7%，显示出公司在营收和盈利能力方 ...

港股公司报告 | 首次覆盖报告 晶苑国际（02232） 证券研究报告 客户优势显现，乐观预期 2025 公司是全球领先的成衣制造企业 公司自 1970 年成立以来，专注于为全球知名品牌提供一站式成衣生产解 决方案。经过 50 多年的发展，公司已经成为全球领先的服装制造商，并于 2017 年成功在香港联交所上市（02232.HK）。公司的核心品类包括休闲服、 运动及户外服、牛仔服、贴身内衣和毛衣，其中大部分产品类别是其所在 类别的行业领导者。公司不断拓展其业务版图，凭借多品类及全球化生产 布局，已在越南、中国、孟加拉、柬埔寨和斯里兰卡等五个国家设有约 20 座现代化工厂，员工总数接近 80,000 人，年产量超过 4.7 亿件，成为诸如 UNIQLO 等国际知名品牌的重要合作伙伴。 多年来盈利能力稳步提升，长期有望加速成长。从 2019 年到 2024 年，公 司的收入和归母净利润在波动中前进，复合年增长率（CAGR）分别为 0.24% 和 5.64%。公司通过提升生产效率和加强成本控制，成功实现了利润的快 速增长。2024 年公司下游品牌客户销售势头复苏使订单需求有所增加，公 司实现总收入 24.7 亿美元， ...

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文件的內容概不 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 文 件 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。 * （於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） （股份代號：2232） 截至二零二四年十二月三十一日止年度 年度業績公告 財務摘要 年度業績 晶 苑 國 際 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」、「集 團」或「晶 苑」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 經 審 核 綜 合 財 務 業 績，連 同 截 至 二 零 二 三 年 十 二 月 三 十 一 日 止 年 度 的 比 較 數 字。 * 僅供識別 – 1 – • 截至二零二四年十二月三十一日止年度的收益為2,470百 萬 美 元（二 零 二 三 年：2,177百 萬 美 元）。 • 截至二零二四年十二月三十一日止年度的純利為201百 萬 美 元 ...

服装家纺 多元化布局打造强客户粘性，开拓运动赛道成长性提升 ——晶苑国际深度报告 晶苑国际（02232.HK） 证券研究报告/公司深度报告 2025 年 03 月 18 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2022A | | 2023A | 2024E | 2025E | 2026E | | 分析师：张潇 | | 营业收入（百万元） | 17,499 | | 15,651 | 17,593 | 19,569 | 21,635 | | | | 增长率 yoy% | | 16% | -11% | 12% | 11% | 11% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 1,203 | 1,158 | 1,412 | 1,682 | 1,946 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 16% | -4% | 22% | 19% ...

Company and Industry Summary Company Overview - The company was established in 1970 and has over 50 years of industry experience, achieving multi-category coverage and diversified capacity layout [2] - The product categories include leisure wear, denim, intimate apparel, sweaters, and sports & outdoor wear, with significant milestones in product development over the years [2] Industry Dynamics - The company has shifted production capacity to Southeast Asia due to US-China trade tensions, with operations now in five countries: China, Vietnam, Cambodia, Bangladesh, and Sri Lanka [3] - The company has experienced four development phases since its IPO in 2017, with significant impacts from external factors such as trade policies and market demand [3][4] Financial Performance - The company’s PE ratio has fluctuated, with a low range of 4 to 7 times, and has shown recovery from 5 times to 10 times as market conditions improved [5] - Revenue and profit have shown growth from 2014 to 2023, with a notable increase in gross margin from 16.9% in 2014 to 19.2% in 2023 [10][11] - The company’s revenue from sports and outdoor categories has grown significantly, with a compound annual growth rate (CAGR) of 14% from 2017 to 2023 [9] Customer Relationships - The company has established long-term relationships with major clients such as Uniqlo, Levi's, and Victoria's Secret, contributing to stable revenue streams [14][15] - The top five customers account for approximately 60% of total revenue, indicating a concentrated customer base [18] Competitive Advantages - The company employs a unique co-creation model, enhancing customer engagement and loyalty by providing value-added services during product development [19] - The management team has a stable structure with significant industry experience, contributing to effective decision-making and operational efficiency [6][7] Growth Opportunities - Future growth is expected to be driven by the recovery of downstream apparel brand demand and the company’s ability to capture more orders through vertical integration and enhanced customer collaboration [25][26] - The company aims to increase its production efficiency through automation and advanced management practices, which are expected to improve profitability [24] Risks - The company faces risks related to its export-oriented business model, including potential delays in hiring local labor for production expansion [28] - Global economic fluctuations may impact demand for apparel brands, leading to reduced orders for manufacturing companies [28] Investment Recommendation - The company is recommended for strong buy due to its low valuation compared to historical levels and peers, with projected revenue growth of $200 million, $235 million, and $274 million for 2024 to 2026 [27]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company, Crystal International, is positioned as a leading multi-category garment manufacturer, leveraging cross-research and production capabilities to meet downstream brand demands, continuously expanding its customer base and increasing its share among major clients, driving revenue growth beyond expectations [1] Summary by Sections Company Overview - Crystal International is a global leader in garment manufacturing with a diverse product matrix, deeply integrated with top global brand clients. Established in 1970 and listed in 2017, the company has an annual garment production capacity of 470 million pieces and reported revenues of $2.18 billion and a net profit of $160 million in 2023 [20][21] Market Outlook - The global apparel retail market is expected to see a compound annual growth rate (CAGR) of 5% from 2024 to 2028, following a period of stagnation from 2020 to 2023. The market size grew from $1.22 trillion in 2010 to $1.43 trillion in 2023, with a CAGR of 1.3% during this period [33][34] Company Growth Potential - The company is expected to achieve a compound annual growth rate (CAGR) of double digits over the next three years, with a projected dividend payout ratio of around 60%. This growth is supported by the expansion into sports and outdoor apparel, enhancing cross-category research capabilities, and a robust hiring strategy to increase production capacity [3][4] Financial Projections - Revenue forecasts for 2024-2026 are $2.47 billion, $2.81 billion, and $3.18 billion, respectively, with year-on-year growth rates of 13.5%, 13.8%, and 13.0%. Net profit is projected to be $198 million, $231 million, and $267 million for the same years, reflecting growth rates of 20.9%, 16.7%, and 15.6% [5] Competitive Landscape - The textile manufacturing industry is experiencing a shift towards Southeast Asia due to cost advantages and favorable trade agreements. The company holds a market share of approximately 0.4%, indicating significant room for growth as smaller manufacturers exit the market due to rising costs and stricter brand requirements [26][31] Catalysts for Growth - Potential catalysts for the company's growth include exceeding revenue expectations from major clients, continued hiring to saturate production capacity, and an increase in dividend rates [4]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 5.77 HKD, based on a 9x PE multiple for 2025 [2][5] Core Views - The company is a global apparel manufacturing giant with nearly 50 years of industry experience, focusing on five core categories: casualwear, sportswear & outdoor wear, denim, intimate wear, and sweaters [1] - The global apparel manufacturing industry is expected to see increased market share for leading companies due to factors like rising quality demands, cost pressures, and trade frictions [1] - The company has a wide moat, including strong customer relationships, a global manufacturing platform, and excellent R&D capabilities supporting a co-creation business model [2] - Future growth is expected to be driven by vertical integration, automation, and reduced exposure to US-China trade risks [2] Financial Performance - Revenue is forecasted to grow from 2,476 million USD in 2024E to 3,167 million USD in 2026E, with a CAGR of 13.1% [3] - Net profit is expected to increase from 204 million USD in 2024E to 269 million USD in 2026E, with a CAGR of 14.8% [3] - EPS is projected to grow from 0.07 USD in 2024E to 0.09 USD in 2026E [3] Industry Analysis - The global apparel market has shown steady growth, with the sportswear segment growing at a higher rate (4.3% CAGR from 2010-2023) [66] - The apparel manufacturing industry is highly fragmented, with leading companies expected to gain market share due to vertical integration and cost advantages [66][68] - Companies with vertical integration capabilities tend to have better profitability due to cost control, faster response times, and stronger R&D capabilities [71] Competitive Advantages - The company has deep relationships with global apparel brands, with some partnerships spanning 10-30 years [91] - It has a global manufacturing footprint across Vietnam, China, Cambodia, Bangladesh, and Sri Lanka, with 82% of employees located overseas [103] - The company's co-creation model with customers enhances product innovation and strengthens customer relationships [90] - Cross-category sales have been effective in expanding business opportunities [90] Future Outlook - The company is advancing vertical integration and automation, with plans to establish a modern center in Vietnam for advanced equipment development by 2024 [2] - The proportion of US revenue has been declining, which is expected to further reduce trade friction risks [2] - The company's focus on sportswear and outdoor wear is expected to drive future growth, with this category's revenue share increasing from 10% in 2017 to 22% in 2023 [38]

Key Points Company Overview 1. **Company Name and Background**: Jingyuan International, established in 1970, has over 50 years of experience in garment manufacturing. It was listed in Hong Kong in 2017. The company's revenue in 2022 was $2.18 billion, with a net profit of $160 million. Jingyuan is the second-largest player in the global garment manufacturing industry, with a revenue volume second only to Shenzhen. [1] 2. **Product Categories**: Jingyuan offers a diverse range of products, including sweaters, leisurewear, denim, intimate wear, and sports and outdoor wear. [1] 3. **Customer Base**: Jingyuan serves a wide range of global fashion brands, including Uniqlo, Levi's, Gap, H&M, Adidas, Nike, LULU, UA, and Puma. [1] 4. **Global Manufacturing Presence**: Jingyuan has 23 factories in China, Vietnam, Bangladesh, Cambodia, and Sri Lanka, with a total workforce of 70,000, of which over 80% are overseas employees. [2] Financial Performance 1. **2023 H1 Revenue and Profit Growth**: Jingyuan's revenue and net profit for the first half of 2023 increased by 8.4% and 14.1%, respectively. This growth was driven by the recovery of orders from European and American brand customers and additional orders received on top of the original expectations. [3] 2. **Employee Expansion**: Jingyuan hired 5,000 employees in the first half of 2023 and plans to continue hiring in the second half. The total workforce is expected to reach 65,000 by the end of 2025. [3] 3. **Historical Performance**: Jingyuan's historical data shows a strong correlation between employee numbers and revenue scale. The company's gross margin has remained stable at 19-20% over the years, indicating strong operational control capabilities. [4] Future Outlook 1. **Order Growth**: Jingyuan's order growth is expected to be driven by two main factors: the continued growth of its largest customer, Uniqlo, and the rapid growth of the sports and outdoor wear category. [5] 2. **Uniqlo Collaboration**: Uniqlo, Jingyuan's largest customer, accounts for about one-third of its revenue. The two companies have a long-standing partnership, with a history of creating best-selling products together. [5] 3. **Sports and Outdoor Wear**: Jingyuan entered the sports and outdoor wear category in 2016 through acquisitions and has since entered into partnerships with major brands like Adidas, Nike, LULU, and UA. This category has seen a load growth of 14% from 2017 to 2023, becoming the second-largest category after leisurewear. [6] 4. **Other Categories**: Jingyuan's other categories, such as sweaters and denim, are also experiencing upward trends. [6] 5. **Revenue and Profit Projections**: Jingyuan is expected to achieve revenue of $2.47, $2.81, and $3.18 billion in 2024, 2025, and 2026, respectively, with corresponding net profits of $198 million, $231 million, and $267 million. [8]