业绩预计持续健康增长。我们预计2025-2027 年公司收入分别为27.4/29.8/32.5亿美元，同比分别 +11%/+9%/+9%，主要系产能扩张和品类丰富驱动。同时伴随着产业链效率+订单结构优化，预计未来 公司盈利质量平稳有升，我们预计2025~2027 年公司归母净利润分别为2.32/2.65/2.97 亿美元，同比分别 增长15.7%/14.2%/12.0%，利润增速预计持续快于收入。 高分红具备吸引力。公司现金流稳定，2017~2023 年公司派息比例多在30%~50%之间，2024 年派息比 例提升至70%，公司表示基于目前对于未来现金流的预期，我们估计未来股息派付仍有提升空间。 投资建议。我们认为公司合理股价区间9.15~9.57 港元，对应2026 年PE 为12.6~13.2 倍（（前前股价对 应 2026 年 PE 为 10.3 倍），空间 23%~29%。结合 DCF模型及公司相对估值水平，首次覆盖，给予"买 入"评级。 风险提示：产能扩张风险；行业竞争加剧风险；经济环境及订单波动风险；测算误差风险。 机构：国盛证券 研究员：杨莹/侯子夜/王佳伟 公司是服饰制造行业龙头之一，未来业务 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 13 年 月 日 晶苑国际（02232.HK） 订单品类扩充，产能效率提升，制造龙头稳健成长 公司是服饰制造行业龙头之一，未来业务规模有望持续扩张。1）公司合作下游龙 头品牌公司，包括优衣库、Levis、GAP、Adidas 等，所生产的产品品类包括休闲 服、运动服及户外服、牛仔服、贴身内衣、毛衣、以及针织布料。2）2024 年公司 收入同比+13%至 24.7 亿美元/净利润同比+23%至 2.0 亿美元，2025H1 收入同 比+12%至 12.3 亿美元/净利润同比+17%至 0.98 亿美元，预计未来效率提升及 订单增长有望持续驱动公司业绩增长。 产能：积极布局一体化产业链，产能持续扩张以匹配订单需求。1）公司国际化布 局较早，目前员工人数约 8 万人，每年合计成衣出货量超过 4.7 亿件，2024 年末 在越南、中国、孟加拉国、柬埔寨、斯里兰卡的员工占比分别达到 54.3%/16.1%/11.3%/11.9%/5.9%。2）2024~2025 年间公司持续补充产能、招 聘员工，预计效率爬坡与提升将在 2026 年继续体现。我们 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 13 年 月 日 晶苑国际（02232.HK） 订单品类扩充，产能效率提升，制造龙头稳健成长 公司是服饰制造行业龙头之一，未来业务规模有望持续扩张。1）公司合作下游龙 头品牌公司，包括优衣库、Levis、GAP、Adidas 等，所生产的产品品类包括休闲 服、运动服及户外服、牛仔服、贴身内衣、毛衣、以及针织布料。2）2024 年公司 收入同比+13%至 24.7 亿美元/净利润同比+23%至 2.0 亿美元，2025H1 收入同 比+12%至 12.3 亿美元/净利润同比+17%至 0.98 亿美元，预计未来效率提升及 订单增长有望持续驱动公司业绩增长。 产能：积极布局一体化产业链，产能持续扩张以匹配订单需求。1）公司国际化布 局较早，目前员工人数约 8 万人，每年合计成衣出货量超过 4.7 亿件，2024 年末 在越南、中国、孟加拉国、柬埔寨、斯里兰卡的员工占比分别达到 54.3%/16.1%/11.3%/11.9%/5.9%。2）2024~2025 年间公司持续补充产能、招 聘员工，预计效率爬坡与提升将在 2026 年继续体现。我们 ...

Group 1 - Tencent Holdings (00700) had a net inflow of 4.316 billion, representing a 22.17% increase in net inflow ratio [2][3] - Alibaba-W (09988) experienced a net inflow of 1.658 billion, with a net inflow ratio of 13.70% [2][3] - Pop Mart (09992) saw a net inflow of 588 million, with a net inflow ratio of 17.52% [2][3] Group 2 - Kangfang Biotech (09926) faced a net outflow of -285 million, with a net outflow ratio of -33.89% [2][3] - Yingfu Fund (02800) had a net outflow of -248 million, with a net outflow ratio of -1.88% [2][3] - Yum China (09987) recorded a net outflow of -213 million, with a net outflow ratio of -30.90% [2][3] Group 3 - Huaxia Hang Seng Technology (03088) led in net inflow ratio at 89.30% with a net inflow of 54.532 million [2][3] - Southern East Selection (03441) followed with a net inflow ratio of 68.86% and a net inflow of 14.5209 million [2][3] - China Foods (00506) had a net inflow ratio of 59.26% with a net inflow of 4.9995 million [2][3] Group 4 - Jinyuan International (02232) had the highest net outflow ratio at -50.27% with a net outflow of -40.079 million [3] - iFlytek Medical Technology (02506) recorded a net outflow ratio of -49.63% with a net outflow of -15.2262 million [3] - Sinopec Crown (00934) had a net outflow ratio of -45.08% with a net outflow of -5.1472 million [3]

Investment Rating - The report maintains a "Positive" investment rating for the textile manufacturing sector [8] Core Insights - Egypt is emerging as a new hotspot for textile industry investment due to its multiple tariff benefits, attractive domestic industrial support policies, abundant and inexpensive labor resources, and high cost-effectiveness for factory establishment. The strategic location at the crossroads of Asia, Africa, and Europe, along with the logistical advantages provided by the Suez Canal, facilitates a comprehensive development of the textile industry from quality raw material self-sufficiency to mature garment manufacturing. This combination of advantages positions Egypt as a significant increment for many Chinese textile companies' global capacity layout [2][6] Summary by Sections Trend: Egypt as a New Hotspot for Textile Industry Transfer - In recent years, Egypt has become a new hotspot for the transfer of the Chinese textile industry, with companies like Crystal International, Jian Sheng Group, and New Feng Ming announcing substantial investments in factory construction in Egypt [4][14] Attractiveness of Egypt for Textile Companies - **Business Environment**: Egypt benefits from multiple trade agreements covering Europe, America, and Africa, significantly reducing export costs and compliance thresholds. The government provides comprehensive support for foreign textile companies, enhancing the attractiveness of Egypt as an investment destination [5][19] - **Endowments & Costs**: Egypt has a young, abundant, and inexpensive labor force, with manufacturing average monthly salaries at 1,353 yuan, significantly lower than many Southeast Asian countries. The costs for land, energy, and water are also competitive, allowing for lower overall factory establishment costs [27][33] - **Geographical Conditions**: Egypt's strategic location allows for shorter shipping times to major markets, meeting the demand for quick delivery from downstream brands. Shipping times to the U.S. East Coast are approximately 20-25 days, shorter than from China and other Southeast Asian countries [43] - **Industrial Cluster**: Egypt has a relatively complete textile industry chain, with some quality self-sufficiency in long-staple cotton. However, it relies on imports for upstream fabrics and synthetic fibers, indicating a need for foreign investment to strengthen the industry [5][6] Recommendations - The report recommends investing in companies with multi-category OEM capabilities and those establishing scarce production capacity in Egypt to enhance long-term competitiveness, such as Crystal International and Shenzhou International. It also suggests focusing on companies like New Australia Co., which benefit from low inventory costs due to rising raw material prices [6]

Core Viewpoint - The company has signed a land acquisition agreement in Egypt, marking the official launch of its capacity project in the region. The agreement was signed on January 18, 2026, for a total amount of 30.4 million USD, funded by the company's own resources. The land, located in the New October Industrial Zone, spans approximately 800,000 square meters, and will be used to build production facilities for expanding the company's apparel and fabric business in Egypt, enhancing capacity and diversifying geopolitical risks [1]. Group 1 - The establishment of capacity in Egypt offers multiple advantages for the company, including improved quick response capabilities due to enhanced infrastructure and proximity to Europe, which aids in meeting European quick response order demands [2]. - The company benefits from a 0% tariff on exports to Europe and North America, with an expected revenue share of approximately 57% from these regions in 2024. For instance, exports of women's clothing to Europe, such as those classified under HS code 6110.19.9010, incur no tariffs. Additionally, products exported to the U.S. can also enjoy 0% tariffs if they meet specific criteria regarding Israeli manufacturing components [2]. - The company can leverage various tax and non-tax incentives in Egypt to reduce production costs, further enhancing its competitive edge [2]. Group 2 - Earnings per share (EPS) forecasts for the company are projected to be 0.08, 0.09, and 0.11 USD per share for the years 2025 to 2027, respectively. Given the company's strong growth momentum and operational resilience, a price-to-earnings (PE) ratio of 12 times for 2026 is suggested, leading to a reasonable value of 8.66 HKD per share, maintaining a "buy" rating [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 7.16 HKD and a target value of 8.66 HKD [4]. Core Insights - The company has signed a land acquisition agreement in Egypt to expand its production capacity, marking a new chapter in its global capacity layout. The transaction amount is 30.4 million USD, funded by the company's own resources. The site is located in the New October Industrial Zone, covering approximately 800,000 square meters, aimed at enhancing the company's apparel and fabric business in Egypt [8]. - The establishment of production capacity in Egypt is expected to help mitigate geopolitical risks and provide more flexible and reliable production solutions for global customers. The advantages include zero tariffs for exports to Europe and the U.S., improved rapid response capabilities, and various tax incentives to lower production costs [8]. - The company forecasts EPS of 0.08, 0.09, and 0.11 USD per share for 2025, 2026, and 2027, respectively. Based on comparable company valuations and considering the company's strong growth momentum and operational resilience, a 12x PE ratio is applied for 2026, leading to a reasonable value of 8.66 HKD per share [8]. Financial Summary - Revenue (million USD): 2,177 in 2023, projected to grow to 3,319 by 2027, with a CAGR of 11.6% from 2025 to 2027 [3]. - EBITDA (million USD): Expected to increase from 291 in 2023 to 424 by 2027 [3]. - Net profit (million USD): Forecasted to rise from 163 in 2023 to 302 by 2027, with a growth rate of 15% in 2027 [3]. - EPS: Expected to grow from 0.06 in 2023 to 0.11 in 2027 [3]. - ROE: Projected to improve from 11.4% in 2023 to 15.4% in 2027 [3].

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 ...

Core Viewpoint - Crystal International (02232) has announced plans to acquire land in Egypt for $30.4 million to expand its apparel and fabric business, pending local government approval [1] Group 1: Acquisition Details - The company has signed a land reservation form with SID-New October (S.A.E.) for a plot located in New October City, Egypt, covering approximately 800,000 square meters [1] - The acquisition cost will be funded through the company's internal resources [1] Group 2: Strategic Implications - The establishment of production facilities in Egypt is aimed at enhancing capacity and providing more flexible and reliable production solutions for global clients [1] - The company believes that deploying capacity in Egypt will help mitigate geopolitical risks and effectively respond to potential changes in trade policies [1]

Core Viewpoint - Crystal International (02232) has announced plans to acquire land in Egypt for $30.4 million, pending local government approval, to expand its apparel and fabric business, enhancing production capacity and mitigating geopolitical risks [1][1][1] Group 1: Acquisition Details - The company signed a land reservation form with SID - New October (S.A.E.) for a plot located in New October City, Egypt, covering approximately 800,000 square meters [1][1][1] - The acquisition cost of $30.4 million will be funded through internal resources of the group [1][1][1] Group 2: Strategic Implications - The establishment of production facilities in Egypt is aimed at expanding the company's operations and providing more flexible and reliable production solutions for global clients [1][1][1] - The move is expected to help the company effectively respond to potential changes in trade policies and diversify geopolitical risks [1][1][1]