研究员：糜韩杰/董建芳 核心观点： 埃及产能具备对欧美出口0%关税+快反等诸多优势，公司全球产能布局开新章。我们认为公司布局埃及 产能具备诸多优势，（1）快反能力提升：近年来埃及基础设施改善，且地理位置靠近欧洲，有利于公 司提升海外供应链交付能力，更好满足欧洲快反订单需求；（2）对欧美出口0%关税：2024 年公司欧 洲+北美收入占比约57%，目前埃及出口欧洲（以法国为例）关税为0%（以HS 编码6110.19.9010的女装 为例），此外在合格工业区内，若埃及出口产品价值中有10.5%的以色列制造成分，且以色列和埃及成 分合计超过35%，则埃及服装出口美国0%关税。（3）其他优惠：公司可利用埃及各类税收和非税收优 惠等，降低生产成本。 机构：广发证券 盈利预测与投资建议。预计公司2025-2027 年EPS 分别为0.08/0.09/0.11 美元/股。参考可比公司估值，考 虑到公司成长动能和经营韧性较强，客户份额提升空间较大，给予2026 年12 倍PE，对应合理价值8.66 港元/股，维持"买入"评级。 公司签订埃及土地收购协议，埃及产能项目正式落地。根据公司公告（2026.1.20），公司于埃及时间 ...

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 | [Table_Title] 【 广 发 纺 服 & | 海 外 】 晶 苑 国 际 | | --- | --- | | （02232.HK） | | 签订埃及土地收购协议扩产能，全球产能布局开新篇章 [Table_Summary] 核心观点： 盈利预测：（本文如无特殊说明，货币单位均为美元，港元对美元采用 1: 0.1274） | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2,177 | 2,470 | 2,647 | 2,973 | 3,319 | | 增长率（%） | -12.6% | 13.4% | 7.2% | 12.3% | 11.6% | | EBITDA（百万美元） | 291 | 344 | 332 | 375 | 424 | | 归母净利润（百万美元） | 163 | 200 | 227 | 262 | 302 | | 增长率（ % ） | - ...

截至月份: 2026年1月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: Crystal International Group Limited 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 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) | 02232 | 說明 | | | | | | | | | 多櫃檯證券代號 | | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 | HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,50 ...

晶苑国际(02232)盘中涨超3%，截至发稿，涨2.14%，报7.15港元，成交额563.33万港元。 消息面上，晶苑国际发布公告，于2026年1月18日(埃及时间)，Crystal Egypt Industries(公司拟待埃及当 地政府批准该收购后成立的一家全资附属公司)与SID-New October(S.A.E.)(独立于公司及其关连人士)签 订了一份土地预留表格，以预留一幅位于埃及New October City的地块，以作收购之用，代价为3040万 美元。该收购取决于埃及当地政府批准。该代价将由集团内部资源提供资金。该地块位于埃及New October City的New October Industrial Zone，其总占地面积约为80万平方米。 集团拟使用该地块在埃及兴建生产厂房及配套设施，以开展在埃及的服装及面料业务扩张，提升产能。 集团认为，在埃及部署产能将有助于分散地缘政治风险，为全球客户提供更灵活可靠的生产解决方案， 并协助集团有效应对潜在的贸易政策变化。 ...

消息面上，晶苑国际发布公告，于2026年1月18日(埃及时间)，Crystal Egypt Industries(公司拟待埃及当 地政府批准该收购后成立的一家全资附属公司)与SID - New October(S.A.E.) (独立于公司及其关连人士) 签订了一份土地预留表格，以预留一幅位于埃及New October City的地块，以作收购之用，代价为3040 万美元。该收购取决于埃及当地政府批准。该代价将由集团内部资源提供资金。该地块位于埃及New October City的New October Industrial Zone，其总占地面积约为80万平方米。 集团拟使用该地块在埃及兴建生产厂房及配套设施，以开展在埃及的服装及面料业务扩张，提升产能。 集团认为，在埃及部署产能将有助于分散地缘政治风险，为全球客户提供更灵活可靠的生产解决方案， 并协助集团有效应对潜在的贸易政策变化。 智通财经APP获悉，晶苑国际(02232)盘中涨超3%，截至发稿，涨2.14%，报7.15港元，成交额563.33万 港元。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

【浙商纺服】晶苑国际更新：今日正式公告埃及买地计划，中期成长路线清晰 # 公告拟购买埃及土地 – 公司旗下子公司在埃及签订一份土地预留表格，该土地收购价格为3040万美元，占地面积80万㎡，位于埃及位 于埃及吉萨省新十月城工业区，距开罗上海中心59km，基础设施完善 – 该地块产能预计包括成衣及面料环节，以更加灵活应对欧美客户需求，最快27年开始贡献收入，一方面对核心 客户Uniqlo的欧美订单接单承接形成了有力的 【浙商纺服】晶苑国际更新：今日正式公告埃及买地计划，中期成长路线清晰 # 公告拟购买埃及土地 – 公司旗下子公司在埃及签订一份土地预留表格，该土地收购价格为3040万美元，占地面积80万㎡，位于埃及位 于埃及吉萨省新十月城工业区，距开罗上海中心59km，基础设施完善 – 该地块产能预计包括成衣及面料环节，以更加灵活应对欧美客户需求，最快27年开始贡献收入，一方面对核心 客户Uniqlo的欧美订单接单承接形成了有力的产能增量，另一方面对服务包括Adidas、ZARA、迪卡侬、M&S等欧 洲客户也形成优势 # 埃及产能优势： 1）人力优势：总人口1.2亿，劳动年龄人口7500w，制造业平均每月工资约2 ...

晶苑国际(02232.HK)发布公告，于2026年1月18日(埃及时间)，Crystal Egypt Industries(公司拟待埃及当 地政府批准该收购后成立的一家全资附属公司)与 SID - New October (S.A.E.) (独立于公司及其关连人士) 签订了一份土地预留表格，以预留一幅位于埃及 New October City 的地块，以作收购之用，代价为3040 万美元。该收购取决于埃及当地政府批准。该代价将由集团内部资源提供资金。该地块位于埃及 New October City的 New October Industrial Zone，其总占地面积约为80万平方米。 | 指标 | 晶苑国际 | 服装家纺 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 14.13% | -4.15% | 14 70 | | 港股流通市值 | 205.4亿 | 82.54 Z | 6 70 | | 营业收入 | 26.05 乙 | 38.81亿 | 18 70 | | 净利率 | 8.0% | -16.02% | 19 70 | | 毛利率 | 19.73% | ...

Core Viewpoint - Crystal Egypt Industries, a wholly-owned subsidiary of Crystal International (02232), has signed a land reservation agreement for a plot in New October City, Egypt, for a purchase price of $30.4 million, pending local government approval [1] Group 1: Acquisition Details - The land reservation is for a site in the New October Industrial Zone, covering approximately 800,000 square meters [1] - The acquisition cost will be funded through the company's internal resources [1] Group 2: Strategic Intent - The company plans to use the land to build production facilities and supporting infrastructure to expand its apparel and fabric business in Egypt [1] - Establishing production capacity in Egypt is expected to help mitigate geopolitical risks and provide more flexible and reliable production solutions for global customers [1] - The move is also aimed at effectively responding to potential changes in trade policies [1]