Core Viewpoint - Zhongyin Securities reports that despite Shenzhou International's (02313) revenue growth of 15.3% year-on-year to 14.966 billion RMB in the first half, the gross margin of 27.1% fell short of expectations, and net profit growth of 8% was relatively modest. The firm attributes this to rising labor costs and production efficiency not fully catching up after large-scale recruitment in 2023-2024. The target price is lowered from 90 HKD to 77 HKD while maintaining a "Buy" rating [1] Group 1 - Shenzhou International's revenue for the first half of the year reached 14.966 billion RMB, exceeding market expectations with a year-on-year growth of 15.3% [1] - The company's gross margin was reported at 27.1%, which was below expectations, indicating potential challenges in cost management [1] - Net profit growth was recorded at 8% year-on-year, suggesting a relatively stable but slow growth trajectory [1] Group 2 - The increase in labor costs and the lag in production efficiency following significant recruitment efforts in 2023-2024 are identified as key factors affecting profitability [1] - The company is focusing on improving production efficiency through training and automation measures, with expectations for gradual improvement in performance [1] - Shenzhou International continues to make steady progress with major clients like Adidas and Uniqlo, with order growth outpacing client retail sales growth, indicating a sustained increase in market share [1] Group 3 - The firm anticipates that Shenzhou International will achieve moderate growth by 2026, supported by its strong order acquisition capabilities [1]

交银国际发布研报称，申洲国际(02313)上半年收入同比增长15.3%至149.7亿元人民币，主要由量的增长 带动归母净利润同比增长8.4%至31.8亿元人民币。上半年毛利率录得27.1%，同比降1.9个百分点，受员 工加薪持续影响。该行将公司在2025-26年收入预测小幅下调3%至4%，料全年毛利率仍会同比下滑0.9 个百分点，同时下调2025年至2026年盈利预测15.9%至16.4%。该行将其目标价下调至84港元，评级"买 入"。 该行认为，下半年毛利率有望在品类结构的推动下按半年略微改善，但考虑到人工成本持续影响、新工 厂仍在爬坡期，毛利率恢复需时，全年同比仍可能小幅下滑。 ...

Core Viewpoint - The report from CMB International indicates that Shenzhou International (02313) experienced a 15.3% year-on-year revenue growth in the first half of the year, reaching 14.97 billion RMB, driven primarily by volume growth. The net profit attributable to shareholders increased by 8.4% to 3.18 billion RMB [1]. Financial Performance - Revenue for the first half of the year was 14.97 billion RMB, reflecting a 15.3% increase year-on-year [1]. - Net profit attributable to shareholders rose to 3.18 billion RMB, marking an 8.4% year-on-year growth [1]. - Gross margin recorded at 27.1%, down 1.9 percentage points year-on-year, primarily due to ongoing employee salary increases [1]. Forecast Adjustments - The company’s revenue forecast for 2025-2026 has been slightly reduced by 3% to 4% [1]. - The gross margin is expected to decline by 0.9 percentage points year-on-year for the full year [1]. - Earnings forecasts for 2025 and 2026 have been lowered by 15.9% to 16.4% [1]. Target Price and Rating - The target price for Shenzhou International has been adjusted down to 84 HKD, maintaining a "Buy" rating [1]. Future Outlook - There is potential for a slight improvement in gross margin in the second half of the year, driven by product mix changes [1]. - However, ongoing impacts from labor costs and the ramp-up period of new factories suggest that recovery in gross margin will take time, with a slight year-on-year decline still anticipated for the full year [1].

公司强调通过培训与自动化措施提升生产效率，该行预期情况将逐步改善。业务方面，集团在主要客 户，如Adidas和Uniqlo仍取得稳健进展，订单增速超越客户零售销售增长，显示市场份额持续提升。凭 借其强大的订单获取能力，该行预期2026年公司仍能实现温和增长。 智通财经APP获悉，中银证券发布研报称，虽然申洲国际(02313)上半年收入同比增长15.3%至149.66亿 元人民币，超出市场预期，但毛利率27.1%逊预期，净利润增同比增长8%相对平缓。该行认为关键因素 在于劳动成本上升，且2023至24年大规模招聘后生产效率尚未完全跟上。考虑到在地缘政治新常态下， 盈利增速可能放缓并拖累估值，将目标价由90港元下调至77港元，维持"买入"评级。 ...

Core Viewpoint - Bank of America Securities has downgraded the earnings per share forecast for Shenzhou International (02313) by 2% and 3% for the next two years, while also lowering the target price from HKD 73 to HKD 71.8, despite maintaining a "Buy" rating due to strong sales growth from major clients [1] Group 1: Financial Performance - Shenzhou International's gross margin performance in the first half of the year was below expectations, with a reported gross margin of 27.1% [1] - The company experienced strong revenue performance, partly due to favorable order timing [1] - The forecast for the second half of the year indicates only a slight improvement in gross margin, remaining below the 28.1% expected for 2024 and the pre-pandemic level of over 30% [1] Group 2: Market Position and Client Performance - Major clients of Shenzhou International showed significant sales growth that outperformed global industry peers in the first half of the year [1] - The recovery of Nike is anticipated to be a key factor influencing Shenzhou's stock performance moving forward [1]

高盛发布研报称，申洲国际(02313)上半年收入略胜预期，但经营利润逊预期1%，因劳动成本上升导致 毛利率及营业利润率均不及预期。净利润较该行预期高6%，因受惠政府补助增加及汇兑收益等因素。 该行将2025至27年净利润预测下调0.2%至上调0.6%，目标价由71港元升至74港元，维持"买入"评级。 正面而言，该行对公司有序推进的订单情况感到鼓舞，受惠于从关键客户获得稳定的份额增长，以及对 美国市场销售敝口较低等。但另一方面，毛利率复苏较预期缓慢，反映国内劳动成本上升无法有效转嫁 予客户等。 ...

Core Viewpoint - Goldman Sachs reports that Shenzhou International (02313) slightly exceeded revenue expectations for the first half of the year, but operating profit fell short by 1% due to rising labor costs impacting gross and operating profit margins. Net profit was 6% higher than the bank's expectations, benefiting from increased government subsidies and foreign exchange gains [1] Financial Performance - Revenue for the first half of the year was slightly above expectations [1] - Operating profit was 1% below expectations due to increased labor costs affecting margins [1] - Net profit exceeded expectations by 6%, attributed to government subsidies and foreign exchange gains [1] Profitability Metrics - Gross margin and operating profit margin were both below expectations due to rising domestic labor costs that could not be effectively passed on to customers [1] Future Outlook - Goldman Sachs adjusted net profit forecasts for 2025 to 2027 down by 0.2% to up by 0.6% [1] - Target price increased from HKD 71 to HKD 74, maintaining a "Buy" rating [1] Market Position - The company is encouraged by the orderly progress of orders, benefiting from stable market share growth from key clients [1] - The company has a relatively low sales exposure to the U.S. market, which is viewed positively [1]

Investment Rating - The investment rating for the company is "Recommended" [1][4][7] Core Views - The company has shown steady performance in revenue with a year-on-year increase of 15.3% in the first half of 2025, reaching 14.97 billion yuan, and a net profit increase of 8.4% to 3.18 billion yuan [4][7] - The company is focusing on market expansion, capacity optimization, and institutional improvement to navigate the complex operating environment [7] - The projected net profits for 2025 and 2026 have been revised upwards to 6.74 billion yuan and 7.45 billion yuan respectively, with a new forecast for 2027 set at 8.14 billion yuan [7] Financial Summary - Revenue and Profit Forecasts: - 2025E revenue is projected at 31.91 billion yuan, with a year-on-year growth of 11.3% [6][10] - Net profit for 2025E is estimated at 6.74 billion yuan, reflecting a growth of 7.9% [6][10] - Key Financial Ratios: - Gross margin is expected to be 28.2% in 2025E, with a net margin of 21.1% [10] - Return on equity (ROE) is projected to be 19.7% in 2025E [10] - Earnings Per Share (EPS): - The diluted EPS for 2025E is forecasted at 4.48 yuan [10] Revenue Breakdown - In the first half of 2025, the revenue composition is as follows: - Sports products accounted for 67.7% of total revenue, with a year-on-year growth of 9.9% - Casual wear contributed 25.3% with a significant increase of 37.4% - Underwear represented 6.3% with a growth of 4.1% [7] Geographic Revenue Distribution - Revenue by region in the first half of 2025: - Europe: 20.2% of total revenue, up 19.9% year-on-year - Americas: 17.1%, with a growth of 35.8% - Japan: 16.7%, increasing by 18.1% [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 14.97 billion RMB for the first half of 2025, representing a year-on-year growth of 15.3%, and a net profit of 3.18 billion RMB, up 8.4% year-on-year, both achieving historical highs for the same period [6][8] - The company demonstrates strong growth potential across cycles, with significant contributions from increased sales volume and a slight increase in unit price [6] - The company has a robust cash position with over 12 billion RMB in net cash and a proposed dividend of 1.38 HKD per share, reflecting a cash dividend payout ratio of approximately 60% [6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 24,970 million RMB - 2024: 28,663 million RMB - 2025E: 32,053 million RMB - 2026E: 35,437 million RMB - 2027E: 39,032 million RMB - Year-on-year growth rates are projected at -10% for 2023, 15% for 2024, 12% for 2025, 11% for 2026, and 10% for 2027 [5] - The net profit forecast is as follows: - 2023: 4,557 million RMB - 2024: 6,241 million RMB - 2025E: 6,606 million RMB - 2026E: 7,330 million RMB - 2027E: 8,113 million RMB - The company’s gross margin is expected to improve from 24% in 2023 to 29% by 2027 [5][6] Revenue Breakdown - The company’s revenue by product category for the first half of 2025 shows significant growth in leisure and sports categories, with sales of 10.13 billion RMB for sports, 3.79 billion RMB for leisure, and 0.94 billion RMB for underwear, reflecting year-on-year growth rates of 9.9%, 37.4%, and 4.1% respectively [6] - Revenue from major clients such as Uniqlo, Nike, Adidas, and Puma has shown strong growth, with Uniqlo's revenue increasing by 27.4% to 4.33 billion RMB [6]

该行将2025至27年净利润预测下调0.2%至上调0.6%，目标价由71港元上调至74港元，维持"买入"评 级。 高盛发表研究报告指，申洲国际上半年收入略胜预期，但经营利润逊预期1%，因劳动成本上升导致毛 利率及营业利润率均不及预期。净利润较该行预期高6%，因受惠政府补助增加及汇兑收益等因素。 正面而言，该行对公司有序推进的订单情况感到鼓舞，受惠于从关键客户获得稳定的份额增长，以及对 美国市场销售敝口较低等。但另一方面，毛利率复苏较预期缓慢，反映国内劳动成本上升无法有效转嫁 予客户等。 ...