机构：长江证券 研究员：于旭辉/魏杏梓 晶苑国际：全球制龙头，入局运动驱动成长晶苑国际为全球多品类制衣龙头，近年来布局运动品类驱动 成长。晶苑国际为全球服装代工行业的先驱者，产品矩阵相较同业更为多元均衡，品类涵盖休闲服、运 动服、牛仔服、贴身内衣、毛衣等。2016 年公司收购Vista，成功进军运动服和户外服领域，布局高景 气赛道引领公司营收提速，当前已与优衣库、GAP、Levi's、UA 等多个头部品牌客户建立深度合作。 公司为家族制企业，实控人罗乐风夫妇持股76.5%，管理团队经验丰富，二代接班稳定传承，此外公司 经营现金流较充足，分红率呈现提升趋势。 制衣长期格局优化，看好运动赛道景气度 制衣行业稳健扩容，运动仍为最好的细分赛道。2024 年，全球服装代工行业规模约为5181 亿美元，近 五年复合增速为0.6%，其中运动行业空间广阔且未来增长确定性相对较强，品类特征决定产业链各环 节盈利能力较优且集中度较高，仍为我们长期看好的优质赛道。 造河：降本提效，打造供应链壁垒。晶苑已布局全球化生产网络，实现当地产能配套及产能灵活调配， 降本：较早布局海外产能使晶苑具备相较同行更低的综合所得税率，且享受到发展中国 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [14][16]. Core Insights - The company is a global leader in multi-category garment manufacturing, with a strong focus on the sportswear segment driving growth. It has established deep partnerships with major brands such as Uniqlo, GAP, and Levi's, enhancing its market position [11][20]. - The garment industry is experiencing steady expansion, with sportswear identified as the most promising segment. The global apparel OEM market is projected to reach approximately $518.1 billion in 2024, with a compound annual growth rate (CAGR) of 0.6% over the past five years [12][47]. - The company has a diversified product matrix, including leisurewear, sportswear, denim, and intimate apparel, which allows for quick adaptation to market changes and customer demands [11][12]. Summary by Sections Company Overview - The company was founded in 1970 and has over 50 years of experience in garment manufacturing. It ranks first in production volume and second in value within the industry as of 2016 [20][22]. - In FY2024, the company achieved revenues of $2.47 billion and a net profit of $200 million, reflecting year-on-year growth of 13.4% and 22.6%, respectively [20][24]. Industry Outlook - The sportswear segment is expected to maintain high growth due to increasing consumer awareness of health and fitness, with the global sports footwear and apparel market projected to exceed $400 billion by 2024 [53][55]. - The report highlights that the garment industry remains fragmented, with leading companies holding less than 1% market share, indicating significant room for growth and consolidation [47][52]. Financial Performance - The company has shown a recovery in revenue and profit margins, with a stable gross margin around 19% and a net profit margin exceeding 7% in recent years [22][24]. - The report forecasts continued double-digit revenue growth over the next three years, driven by capacity adjustments and expansion into new customer segments [14][24]. Management and Governance - The company is a family-owned business with a high degree of shareholding concentration, ensuring stable management and continuity in leadership [40][41]. - The management team has extensive industry experience, contributing to the company's strategic direction and operational efficiency [40][41]. Strategic Initiatives - The company is pursuing vertical integration by acquiring upstream fabric manufacturers, which is expected to enhance its competitive edge and profitability [13][34]. - The report emphasizes the importance of cost reduction and efficiency improvements through automation and process enhancements, which have positively impacted asset utilization rates [13][14].

Summary of the Conference Call for Jingyuan International Company Overview - **Company**: Jingyuan International - **Industry**: Apparel Manufacturing Key Points and Arguments Order Visibility and Growth Outlook - Jingyuan International has high order visibility, with ideal orders in the first three quarters, ensuring capacity through close collaboration with major clients [2][4] - The company expects to achieve its initial double-digit growth target for the year despite challenges in the Southeast Asian labor market [2][5] Impact of Tariffs - The company has not experienced significant impacts from tariffs, with a 10% tariff leading to only a 1% to 2% increase in retail prices due to effective measures like direct sales and customs adjustments [3] - The FOB price constitutes only 15% to 20% of the retail price, allowing major clients like Uniqlo to absorb tariff costs without passing them onto the supply chain [3] Labor Market Challenges - Intense competition in the Southeast Asian labor market indirectly affects production capacity, as companies in electronics and decoration sectors are aggressively hiring, making it difficult for Jingyuan to adjust salaries to attract new talent [7][8] - The company maintains a fair compensation policy to stabilize its management team and relies on overtime to sustain production [8] Production Capacity and Supply Chain Management - The company is gradually increasing its self-supply ratio of fabrics from 10% to 20%, focusing on knitwear, and is building its own fabric factories in Vietnam [4][15] - Orders for the fourth quarter have already begun, with strong performance from U.S. brands and significant growth in the European market, projected at 24% [9] Client Relationships and Product Diversification - Major clients like Uniqlo and Adidas are expected to see growth rates between mid to high double digits, with Adidas potentially reaching 20% [13] - The company is expanding its product lines to include denim, casual wear, and sports T-shirts, maintaining a positive outlook on overall order saturation [9][13] Profit Margins and Financial Outlook - The company is confident in maintaining its net profit margin despite capacity constraints, focusing on larger orders and favorable market opportunities [10] - The current cost structure includes raw materials at approximately 40% of revenue and labor costs around 30% to 40% [24] Vertical Integration Strategy - Jingyuan International is committed to vertical integration to enhance profit margins and expand revenue, currently achieving a gross margin of 20% to 22% in finished garments [25] - The integration strategy has contributed to a 4% to 6% overall return, improving operational efficiency [25][26] Market Sensitivity and Inventory Management - The apparel industry exhibits unique inventory management characteristics, where clients prioritize maximizing value at the right time rather than overstocking to avoid minor tariff increases [6][20] - The company is aware of the need for good replenishment capabilities, especially for core product lines, while maintaining sensitivity to inventory levels [20] Future Considerations - The management is exploring capacity investment opportunities in Africa and other regions to diversify production bases and support growth in the European market [11][12] - The company is cautious about increasing dividend payouts, currently at 60%, while ensuring shareholder returns remain stable [18] Additional Important Insights - The company is not currently seeing significant price adjustments from clients to pass on tariff costs, with price changes limited to 1% to 2% [16] - The global apparel manufacturing industry faces low net profit margins, with some companies experiencing pressures to lower prices across the supply chain [22][23]

Financial Performance - Revenue for the fiscal year ended December 31, 2024, reached $2,469,629,000, an increase of 13.4% from $2,177,329,000 in 2023[10] - Gross profit increased to $486,223,000, reflecting a gross margin of 19.7%, up from 19.2% in the previous year[10] - Net profit for the year was $200,828,000, representing a net profit margin of 8.1%, compared to 7.5% in 2023[10] - The total assets grew to $2,254,453,000, up from $1,974,562,000 in 2023, indicating strong asset growth[10] - The total liabilities increased to $719,007,000 from $535,660,000, reflecting a rise in financial obligations[10] - The company achieved a revenue growth of 13% to $2,470 million for the year ending December 31, 2024, compared to $2,177 million in 2023[23] - The net profit increased by 22% to $201 million for the year ending December 31, 2024, up from $164 million in 2023[24] - The gross profit margin improved to 19.7% in 2024, compared to 19.2% in 2023, while the net profit margin rose to 8.1% from 7.5%[23] - Operating cash flow for 2024 was $106 million, down from $313 million in 2023, primarily due to an increase in trade receivables[37] - The average inventory turnover days for 2024 was 48 days, compared to 54 days in 2023, indicating improved inventory management[38] - The group maintained a healthy liquidity position with a net cash position of $427 million as of December 31, 2024[37] Sustainability Initiatives - The company has set a new goal to plant 2 million trees globally by 2030 as part of its sustainability initiatives[16] - The company is focusing on minimizing environmental footprints across its supply chain as part of its sustainability strategy[16] - The company installed 8 megawatts of solar photovoltaic capacity in Bangladesh, Sri Lanka, and China in 2024, increasing total capacity to 20 megawatts[25] - Approximately 200 energy efficiency measures have been planned, with about 120 completed, expected to reduce carbon emissions by 32,000 tons[25] - The company received multiple sustainability awards, including the "EY Sustainable Development Annual Best Award 2024" and "ESG Excellence Award" in 2024[26] - The company is committed to its "Sustainable Development Vision 2030," aligning with the United Nations Sustainable Development Goals[25] Employee and Management Growth - The total number of employees increased to approximately 75,000 by the end of 2024, up from about 65,000 at the end of 2023, following the recruitment of 10,000 new employees[22] - The company has a leadership team with extensive experience in the garment manufacturing industry, with key executives having over 30 years of experience each[56] - The company has a diverse management team, with members holding significant positions in both local and international business organizations[64] - The company emphasizes gender diversity in its succession planning to maintain a pool of potential successors[151] - The company prioritizes training and development plans for directors and senior management to prepare for future leadership roles[195] Corporate Governance - The company has a strong governance structure with various committees, including audit, remuneration, and nomination committees, ensuring effective oversight and strategic direction[67] - The independent non-executive directors play a crucial role in providing oversight and strategic guidance, ensuring the company's long-term success and sustainability[73] - The board consists of five executive directors, two non-executive directors, and four independent non-executive directors as of December 31, 2024[140] - The audit committee consists solely of independent non-executive directors to ensure independence[164] - The company has complied with all applicable code provisions under the corporate governance code for the financial year ending December 31, 2024[136] Future Outlook - The company expects a strong start in 2025, aiming for significant performance breakthroughs within the year[50] - The company plans to focus on sportswear, casual wear, and intimate apparel in 2025, enhancing collaboration with major brand clients[50] - Capital expenditure for 2025 is expected to be similar to 2024, primarily for upgrading automation equipment and expanding apparel production capacity[51] - The company is well-prepared to capitalize on market trends favoring efficient replenishment and flexible production adjustments[50] Dividend and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.19 per share and a special dividend of HKD 0.055 per share, totaling HKD 0.383 per share for the year[25] - The company aims to provide stable and growing returns to shareholders through dividend distribution, with potential for dividend increases based on forecasted cash flow[51] - The company will actively review its dividend distribution framework annually to align with its financial strength and long-term development goals[51] Risk Management - The company is addressing tariff and policy risks by seeking global diversification opportunities[15] - The Audit Committee continues to assess the effectiveness of the group's risk management procedures, with a focus on cybersecurity risks[172] Strategic Initiatives - The company has been involved in various strategic initiatives, including participation in trade development councils and industry associations[61] - The company is committed to enhancing productivity and innovation, as indicated by the experience of its executives in overseeing these areas[60]

截至2025年3月31日，易方达基金旗下易方达港股通优质增长混合C（017974）期末净资产2.87亿元，比 上期增加230.89%，该基金经理为李剑锋。 简历显示，李剑锋先生:中国国籍,硕士研究生、硕士,2005年7月至2006年4月任高盛集团助理研究 员,2006年5月至2007年12月任瑞银投资银行研究员,2008年1月至2012年6月任里奥尼资本投资经理,2012 年8月至2021年11月任瑞士盈丰资产管理有限公司基金经理、全球股票业务负责人。2022年1月加入易方 达资产管理(香港)有限公司,现任首席投资官(国际权益)、就证券提供意见负责人员(RO)、提供资产管理 负责人员(RO)、证券交易负责人员(RO)、投资决策委员会委员。2022年3月加入易方达基金管理有限公 司,现任国际权益投资部总经理。2022年10月12日至2025年4月12日任易方达港股通红利灵活配置混合型 证券投资基金的基金经理。 数据显示，该基金近3个月收益率15.06%，近一年收益率29.17%，成立以来收益率为9.46%。其股票持 仓前十分别为：腾讯控股、泡泡玛特、阿里巴巴-W、中国移动、三生制药、科伦博泰生物-B、汇丰控 股 ...

Summary of Conference Call Company Overview - The company expanded its workforce by 10,000 employees in the previous year, with 5,000 added in the second half to support anticipated order growth in 2025 [1] - The company aims to achieve a growth rate in PAT dollars that outpaces sales growth through economies of scale and continuous investment in automation [1] - Capital expenditure plans for 2025 are expected to be similar to 2024, focusing on upgrading automation equipment and expanding garment production capacity [1] Financial Performance and Outlook - The company achieved a CDD score of A for two consecutive years, highlighting its commitment to sustainability [1] - The company plans to maintain a dividend payout ratio of at least 60% and aims to provide stable and growing returns to shareholders [10][12] - The order visibility for 2025 is strong, with expectations of low team growth driven by capacity expansion [2][3] Key Drivers of Growth - The primary driver of growth is the capacity to meet strong demand from customers, particularly from major clients like Unico and Lululemon [6][8] - The company is experiencing strong demand across various product categories, with casual wear showing stronger growth compared to sportswear [13] - The company is focusing on strategic alignment with customers and enhancing sustainability performance to secure more orders [14][15] Sustainability Initiatives - The company has outlined approximately 200 initiatives aimed at enhancing energy efficiency and reducing carbon emissions [1] - Investments in sustainability are expected to deliver strong returns on investment, typically reaching high teens to 20% [1] Labor and Workforce Management - The company plans to hire an additional 4,000 employees in 2025, maintaining a similar pace as in 2024 [7] - Employee satisfaction and wellbeing, particularly for women who make up nearly 70% of the workforce, are emphasized as key drivers of productivity [2] Market Dynamics and Challenges - The company is navigating uncertainties related to U.S. tariffs and is prepared to shift orders as needed [8][9] - The demand for capacities is currently exceeding available capacities, prompting the company to explore further capacity expansion [16] - The company has been cautious with factoring arrangements to mitigate risks associated with customer financial stability [4][5] Conclusion - The company is well-positioned for growth in 2025, with strong order visibility and a focus on capacity expansion, sustainability, and employee satisfaction [2][6][12] - The management remains optimistic about maintaining profitability and dividend payouts while navigating market challenges and uncertainties [10][17]

Company Overview - Crystal International Group Limited was founded in 1970 and initially operated small workshops in Hong Kong with a few sewing and knitting machines. It has since expanded to approximately 20 automated manufacturing facilities across five countries, employing around 80,000 people and delivering over 470 million garments annually for leading global apparel brands [4]. Financial Performance - As of December 31, 2024, Crystal International reported total revenue of 17.753 billion yuan, representing a year-on-year growth of 13.42%. The net profit attributable to shareholders was 1.441 billion yuan, with a year-on-year increase of 22.64%. The gross profit margin stood at 19.69%, and the debt-to-asset ratio was 31.89% [2]. Stock Performance - Recently, Crystal International's stock price closed at 4.46 HKD per share, marking an increase of 11.78% with a trading volume of 35.585 million shares and a turnover of 164 million HKD. However, the stock has experienced a cumulative decline of 20.2% over the past month and an 8.7% decline year-to-date, underperforming the Hang Seng Index's increase of 1.02% [1][2]. Industry Valuation - In terms of valuation, the textile and apparel industry has an average price-to-earnings (P/E) ratio of -2.25 times, with a median of -0.45 times. Crystal International's P/E ratio is 7.31 times, ranking 26th in the industry. Comparatively, other companies in the sector have varying P/E ratios, such as FAST RETAIL-DRS at 0.34 times and Zhejiang Yong'an at 1.34 times [3]. Business Model and Sustainability - The company's co-creation business model is crucial for maintaining and enhancing its industry-leading position. This model leverages nearly 50 years of industry experience, long-term partnerships with leading apparel brands, a highly diversified product portfolio across five categories, and a multi-country manufacturing platform. The company emphasizes sustainable development, focusing on environmental protection, innovation, product integrity, employee care, and community engagement [4]. Analyst Ratings - Tianfeng Securities has initiated a "Buy" rating for Crystal International with a target price of 7.6 HKD per share [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][48] Core Insights - The company is a global leader in garment manufacturing, providing comprehensive production solutions for renowned brands since its establishment in 1970 [1][11] - The company has shown steady improvement in profitability, with a compound annual growth rate (CAGR) of 0.24% in revenue and 5.64% in net profit from 2019 to 2024, indicating a recovery phase in 2024 [2][19] - The company has adopted a co-creation business model, enhancing collaboration with high-quality clients and providing value-added services [3][31] Summary by Sections Company Overview - The company operates approximately 20 modern factories across five countries, employing nearly 80,000 people and producing over 470 million garments annually [1][11] - It has established long-term partnerships with major brands like UNIQLO, UA, and Levi's, contributing to its industry-leading position [1][11] Financial Performance - In 2024, the company achieved total revenue of $2.47 billion, a year-on-year increase of 11.8%, and a net profit of $200 million, up 22.7% [2][19] - The gross margin and net margin have shown stability, with gross margin at 19.7% and net margin at 8.1% in 2024, reflecting effective cost control and operational efficiency [22][24] Co-Creation Business Model - The co-creation model allows the company to provide comprehensive services from market trend analysis to logistics, enhancing product development speed and reducing costs [3][31][32] - This model has led to successful product innovations, such as seamless bras and hybrid garments, which have become bestsellers [37][38] 2025 Outlook - The company is optimistic about achieving significant performance breakthroughs in 2025, supported by strong demand from core clients and planned capacity expansions [4][42][43] - Revenue projections for 2025-2027 are $2.74 billion, $3.01 billion, and $3.30 billion, with net profits expected to reach $230 million, $270 million, and $310 million respectively [5][44][46] Valuation and Estimates - The report estimates a target price of HKD 7.60 based on a 12x price-to-earnings (PE) ratio, translating to a market capitalization of HKD 21.7 billion [5][48]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][48] Core Views - The company is a global leader in garment manufacturing, providing comprehensive production solutions for renowned brands since its establishment in 1970 [1][11] - The company has shown steady improvement in profitability, with a compound annual growth rate (CAGR) of 0.24% in revenue and 5.64% in net profit from 2019 to 2024, indicating a recovery phase in 2024 [2][19] - The company has adopted a co-creation business model, enhancing collaboration with high-quality clients and providing value-added services [3][31] Summary by Sections Company Overview - The company operates approximately 20 modern factories across five countries, employing nearly 80,000 people and producing over 470 million garments annually [1][11] - It has established long-term partnerships with major brands like UNIQLO, UA, and Levi's, contributing to its industry-leading position [1][11] Financial Performance - In 2024, the company achieved total revenue of $2.47 billion, a year-on-year increase of 11.8%, and a net profit of $200 million, up 22.7% [2][19] - The gross margin improved from 19.1% in 2019 to 19.7% in 2024, while the net margin increased from 6.2% to 8.1% during the same period [22][24] Co-Creation Business Model - The co-creation model allows the company to provide comprehensive services from market trend analysis to logistics, enhancing product development efficiency [3][31] - This model has led to significant advantages, such as reduced product development time and lower raw material costs [32][36] 2025 Outlook - The company is optimistic about achieving significant performance breakthroughs in 2025, supported by strong demand from core clients [4][42] - It plans to expand production capacity in mid-2024 to meet increasing order volumes, with a focus on maintaining strict cost control [4][43] Revenue and Valuation Forecast - Revenue projections for 2025-2027 are $2.74 billion, $3.01 billion, and $3.30 billion, respectively, with net profits expected to be $230 million, $270 million, and $310 million [5][44][46] - The target price is set at HKD 7.60, based on a 12x price-to-earnings ratio [5][48]

Financial Performance - For the fiscal year ending December 31, 2024, the revenue was $2,470 million, an increase of 13.5% compared to $2,177 million in 2023[4] - The net profit for the fiscal year was $201 million, up from $164 million in 2023, representing a growth of 22.6%[4] - Gross profit for the year was $486 million, reflecting a gross margin of approximately 19.7%, compared to $418 million in 2023[5] - The operating profit before tax was $248 million, an increase of 27.2% from $195 million in the previous year[5] - The company reported a total comprehensive income of $194 million for the year, compared to $155 million in 2023, marking a growth of 25.0%[6] - Basic earnings per share increased to $0.0703 from $0.0573 in 2023, representing a growth of 22.0%[6] - The group achieved a 22% increase in net profit to $201 million in 2024, compared to $164 million in 2023[54] - The gross margin improved to 19.7% in 2024, up from 19.2% in 2023, while the net profit margin increased to 8.1% from 7.5%[54] Dividends - The proposed final dividend is HKD 0.19 per share (approximately USD 0.024), with a total dividend of HKD 0.383 per share for the year, compared to HKD 0.180 in 2023[4] - The company plans to celebrate its 55th anniversary with a special dividend of HKD 0.055 per share[4] - The proposed final dividend for the year ended December 31, 2024, is 19.0 HKD per share, compared to 13.0 HKD per share in 2023, which is an increase of approximately 46.2%[37] - The company has proposed a special dividend of 5.5 HKD per share, totaling approximately 156,905,000 HKD (about 20,209,000 USD), which was not paid in the previous year[36] - The company's mid-term dividend for the year ended December 31, 2024, was 13.8 HKD per share, significantly higher than 5.0 HKD per share in 2023, reflecting an increase of approximately 176%[36] Revenue Sources - Revenue from external sales reached $2,469,629 thousand in 2024, with significant contributions from sportswear ($694,237 thousand) and casual wear ($554,603 thousand)[20] - Revenue from major customer A increased to $898,614,000 in 2024 from $712,836,000 in 2023, representing a growth of approximately 26%[24] - Revenue from the Asia-Pacific region was $982,088,000 in 2024, up from $877,298,000 in 2023, indicating a growth of about 11.9%[25] - North America revenue also saw an increase to $942,461,000 in 2024 from $843,110,000 in 2023, reflecting a growth of approximately 11.8%[25] Costs and Expenses - The total sales cost for the year was $1,983 million, which is an increase from $1,760 million in 2023, indicating a rise in operational costs[5] - Total employee costs rose to $594,998,000 in 2024 from $516,743,000 in 2023, marking an increase of about 15.1%[29] - Income tax expenses for the year totaled $49,678,000, compared to $36,637,000 in the previous year, indicating an increase of approximately 35.5%[31] - Sales and distribution expenses remained stable at 1.6% of revenue in 2024, compared to 1.2% in 2023[65] - Administrative and R&D expenses as a percentage of revenue decreased to 7.4% in 2024 from 8.5% in 2023, reflecting effective cost-saving measures[67] Assets and Liabilities - Total assets increased to $2,254,453 thousand in 2024 from $1,974,562 thousand in 2023, representing a growth of approximately 14.2%[8] - Current assets rose to $1,360,337 thousand in 2024, up from $1,135,020 thousand in 2023, indicating an increase of about 19.9%[8] - Total equity increased to $1,535,446 thousand in 2024, compared to $1,438,902 thousand in 2023, reflecting a growth of approximately 6.7%[10] - The total amount of trade and other payables increased to $478,046,000 in 2024 from $380,969,000 in 2023, marking a rise of approximately 25.5%[44] - The company's trade payables as of December 31, 2024, were $176,404,000, compared to $125,496,000 in 2023, representing an increase of approximately 40.6%[44] Research and Development - Research and development expenses remained stable at $32 million, slightly increasing from $32 million in 2023[5] - The company incurred research and development expenses of $32,441 thousand in 2024, highlighting its commitment to innovation[20] Future Outlook - The group is confident in achieving strong performance in 2025, driven by core customers that include influential leading apparel brands, aiming to enhance market penetration[82] - The group plans to focus on sportswear, leisurewear, and fitted underwear in 2025, deepening collaboration with major brand customers[83] - The group anticipates sufficient production capacity to meet the increasing order volume in 2025, supported by a mid-2024 capacity expansion[83] - The group's profitability is expected to continue improving due to economies of scale from anticipated revenue growth, with a commitment to strict cost control[85] - Capital expenditure plans for 2025 will be similar to 2024, focusing on upgrading automation equipment and expanding apparel production capacity[86] Corporate Governance - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange Listing Rules for the fiscal year ending December 31, 2024[91] - The board confirmed compliance with the standard code for securities trading by directors for the fiscal year ending December 31, 2024[92] - The audit committee reviewed the audited consolidated financial statements and expressed satisfaction with the accounting policies and financial judgments applied by the company[96] Sustainability Initiatives - The group expanded its solar photovoltaic capacity to 20 gigawatts in 2024, contributing to its sustainability goals[57] - The group received multiple awards for its sustainability achievements, including the "Best Sustainable Development Company" award from Ernst & Young[58]