Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve a revenue of 28.66 billion RMB in 2024, representing a year-on-year increase of 14.8%, with a projected sales volume growth of 21% and a decrease in the average selling price by 5% [5] - The net profit attributable to shareholders for 2024 is forecasted to be 6.24 billion RMB, reflecting a growth of 36.9%, with core profit expected to be 4.92 billion RMB, up by 37% [5] - The company is enhancing new product development and diversifying its product categories, which is anticipated to increase market share among existing customers and accelerate the acquisition of new customers [5] Financial Summary and Valuation Metrics - Revenue for 2023 was 24.97 billion RMB, with a projected increase to 28.66 billion RMB in 2024, and further growth expected to 31.96 billion RMB in 2025 [8] - The net profit for 2023 was 4.56 billion RMB, expected to rise to 6.24 billion RMB in 2024, and to 6.55 billion RMB in 2025 [8] - The gross margin for 2024 is projected at 28.1%, with a net profit margin of 21.8% [7][8] - The company’s P/E ratios are forecasted to be 13.2, 11.8, and 10.5 for the years 2025, 2026, and 2027 respectively [8] Operational Insights - The company is expanding its workforce, with the number of employees expected to increase from 92,000 to 103,000 by the end of 2024, which will support production capacity growth [8] - The new fabric factory in Vietnam is expected to increase daily fabric production capacity from 400 tons to 600 tons [8] - The new garment factory in Cambodia is nearing completion and is expected to start hiring approximately 6,000 workers [8] Market Performance - The company’s core clients, including Uniqlo, Nike, Adidas, and Puma, have shown significant revenue growth, with Uniqlo and Lululemon experiencing over 70% year-on-year growth [6] - The revenue contribution from the top four clients (CR4) increased to 80.7% in 2024, indicating a strong reliance on key customers [6] - The company is expected to see double-digit growth in orders from major clients in 2025 [6]

纺织服饰/纺织制造 申洲国际（02313.HK） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 申洲国际 恒生指数 相关研究报告 《2024H1 量增亮眼单价承压，毛利率 修复超预期—港股公司信息更新报 告》-2024.8.30 《全年毛利率逐季改善，期待 2024 年 盈利能力再向上—港股公司信息更新 报告》-2024.3.29 毛利率修复下核心利润亮眼，海外持续扩产提效 ——港股公司信息更新报告 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 62.300 | | 一年最高最低(港元) | 86.900/54.800 | | 总市值(亿港元) | 936.51 | | 流通市值(亿港元) | 936.51 | | 总股本(亿股) | 15.03 | | 流通港股(亿股) | 15.03 | | 近 3 个月换手率(%) | 23.55 | 股价走势图 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7][21] Core Insights - The company reported record high revenue and net profit for 2024, with revenue reaching 28.663 billion RMB (up 14.8% YoY) and net profit at 6.241 billion RMB (up 36.9% YoY) [7][10] - Strong cash position with over 25 billion RMB in cash and cash equivalents, and a proposed total dividend of 2.53 HKD per share, yielding over 4% based on the stock price [7][10] - The company is experiencing high growth in orders from Uniqlo, particularly in leisure and Japanese markets, with expectations of a gradual return to sports categories in 2025 [7][10] Financial Data and Profit Forecast - Revenue projections for 2025 are set at 31.779 billion RMB, with a growth rate of 11% [6] - Expected net profit for 2025 is 6.606 billion RMB, reflecting a 6% increase [6] - The company’s gross margin is projected to stabilize around 28% in the coming years, with a net profit margin of 21.8% for 2024 [6][11] Market Performance - The company's stock price closed at 62.30 HKD, with a market capitalization of 936.51 billion HKD [2] - The stock has shown a performance of -13% over the past year compared to the HSCEI index, which increased by 37% [4][5] Operational Highlights - The company is expanding its production capacity with new factories in Cambodia and Vietnam, indicating strong growth potential [7][10] - The order structure is expected to improve gross margins, which have already increased to 28.1% in 2024 [7][11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has reported a revenue of 28.7 billion RMB for 2024, representing a 15% year-on-year increase, driven by growth in demand from the mainland China and US sports brands [1]. - The gross profit margin for 2024 is 28.1%, an increase of 3.8 percentage points, with net profit rising by 37% to 6.2 billion RMB [1]. - The company is optimistic about its future growth, having emerged from a low point in operations and is focusing on enhancing core competitiveness and long-term development [4]. Summary by Sections Financial Performance - Revenue breakdown: Sports products account for 69% of total revenue with a 10% increase, leisure products 25% with a 27% increase, and underwear 5% with a 35% increase [1]. - Major clients: Client A generated 8 billion RMB (up 33%), Client B 7.4 billion RMB (down 4%), and Client C 5 billion RMB (up 35%) [1]. - The company plans to maintain a dividend payout ratio of approximately 56% [1]. Operational Efficiency - The company has restored its production capacity utilization to normal levels, with increased employee numbers and improved production efficiency [2][3]. - New factories in Cambodia and Vietnam are expected to enhance production capacity, with the Cambodian factory projected to employ around 6,000 workers [2]. Market Strategy - The company is focusing on diversifying its product offerings and enhancing supply chain management to improve competitiveness [2][5]. - Plans to increase market demand through new product development and optimizing production allocation based on customer needs are in place [5]. Future Outlook - The company anticipates continued growth despite challenges such as market demand weakness and rising manufacturing costs [4]. - It aims to leverage artificial intelligence and automation to enhance production processes and respond quickly to customer demands [4].

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].

Investment Rating - The report maintains a strong buy rating for the company [4] Core Insights - The company is expected to achieve a revenue growth of 15% and a net profit growth of 37% in 2024, driven by improved capacity utilization and efficiency in overseas factories [1][9] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 6.61 billion, 7.25 billion, and 7.98 billion respectively, with corresponding price-to-earnings ratios of 13X and 12X for 2025 and 2026 [1][9] Summary by Sections Customer Segmentation - Revenue from the top four customers in 2024 shows significant growth: Uniqlo +33% (28% share), Nike -3% (26% share), Adidas +35% (17% share), and Puma +11% (10% share) [2] Product Category - Revenue growth by category in 2024: Sports category +9.8% (69.1% share), Leisure category +27.1% (25.1% share), and Underwear category +34.6% (5.0% share) [2] Regional Performance - Revenue growth by region in 2024: Europe +3.2%, Japan +31.5%, USA +18.9%, and China +13.2% [2] Financial Data and Valuation - Total revenue for 2024 is projected at 28.663 billion, with a year-on-year growth of 15% [3] - Net profit for 2024 is expected to reach 6.241 billion, reflecting a 37% increase [3] - The company’s gross margin improved by 3.8 percentage points to 28.1% in 2024 [9] - The company’s return on equity (ROE) is projected to be 17.4% in 2024, with a decrease in the debt-to-asset ratio to 32.5% [4][11] Dividend Information - The company plans to distribute a total dividend of 2.53 HKD per share for 2024, with a payout ratio of 55.8% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The increase in capacity utilization is driving profit growth, with expectations for new customers and capacity expansion [5] - The company reported a revenue of 28.66 billion RMB for 2024, representing a year-on-year growth of 14.8%, attributed to effective customer expansion and improved capacity utilization [7] - The gross profit for 2024 was 8.05 billion RMB, a year-on-year increase of 32.9%, with a gross margin of 28.1%, up 3.8 percentage points [7] - The company announced a final dividend of 1.28 HKD per share, with a total dividend payout of 2.53 HKD per share for 2024, indicating a strong dividend policy [7] - The company has seen significant growth in leisure products, with revenue from the Japanese market growing over 30% year-on-year [7] - The company maintains a stable share of core customers, with major brands like Adidas, Nike, Puma, and UNIQLO contributing to 80.7% of revenue in 2024 [7] - The company is expected to achieve net profits of 6.61 billion RMB, 7.47 billion RMB, and 8.38 billion RMB for 2025-2027, with respective growth rates of 5.95%, 12.95%, and 12.14% [7] Financial Summary - Revenue projections for 2025 are estimated at 31.91 billion RMB, with a growth rate of 11.32% [8] - The projected net profit for 2025 is 6.61 billion RMB, with a net profit margin of 20.7% [8] - The company’s total assets are expected to reach 59.56 billion RMB by 2025, with a debt-to-asset ratio of 28.70% [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve a revenue growth of 14.7% year-on-year in 2024, reaching 28.66 billion yuan, with a net profit growth of 36.9%, totaling 6.24 billion yuan, both exceeding expectations [1][10] - The company demonstrates strong competitive advantages, with orders growing faster than major brand clients, particularly benefiting from the performance of non-Nike clients [3][53] - The company is positioned to maintain its leading growth rate in the industry, with a target price adjustment to 75-82 HKD, reflecting a PE ratio of 16-17.5x for 2025 [3][54] Revenue and Profitability - Revenue is projected to grow by 14.8% in 2024, with net profit expected to increase by 36.9% [4][56] - The gross profit margin is anticipated to rise by 3.8 percentage points to 28.1% in 2024, with improvements in both the first and second halves of the year [1][10] - The company’s net cash position is 13.4 billion yuan, an increase of 2 billion yuan year-on-year [1] Customer and Product Performance - Performance varies by product category, with sportswear, casual wear, and underwear growing by 9.8%, 27.1%, and 34.6% respectively [2][27] - Customer performance shows significant growth for clients other than the second-largest client, with notable increases for clients A, C, and D [2][30] - The company is expected to benefit from the recovery of Nike, which has been under pressure, as it continues to outperform its competitors [45][51] Regional Performance - Revenue growth by region shows double-digit increases in China, with the US and Japan also seeing improved sales proportions [2][36] - The company’s revenue from China grew by 13.2%, while sales in Europe saw single-digit growth [36] Future Outlook - The company plans a 10% increase in production capacity for 2025, with stable pricing and gross margins [51] - The management indicates that if Nike recovers, there could be further upside potential for the company’s orders and performance [53][54]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 85.50 [7][8] Core Insights - The company achieved a revenue of RMB 28.66 billion in 2024, representing a year-on-year increase of 14.8%, and a net profit of RMB 6.24 billion, up 36.9% year-on-year, exceeding previous expectations [1][4] - The company has a strong international customer base and an integrated supply chain, which positions it well for long-term growth [1][4] - The company plans to continue its high-quality growth across all product categories, driven by increasing market demand and improved operational efficiency [2][4] Revenue Growth - The sports product sales increased by 9.8% to RMB 19.80 billion, driven by demand from China and the US [2] - The leisure product sales surged by 27.1% to RMB 7.21 billion, primarily due to increased demand from Japan and other regions [2] - The underwear product sales rose by 34.6% to RMB 1.44 billion, also driven by demand from Japan [2] Profitability and Cost Management - The gross margin improved by 3.8 percentage points to 28.1%, attributed to increased capacity utilization and operational efficiency [3] - The net profit margin increased by 3.5 percentage points to 21.8%, indicating a significant enhancement in profitability [3] - The overall expense ratio was well-managed, decreasing by 0.6 percentage points to 9.0% [3] Earnings Forecast and Valuation - The net profit estimates for 2025 and 2026 have been adjusted upwards by 3.4% and 4.6% to RMB 6.79 billion and RMB 7.75 billion, respectively [4] - The target price is based on a projected PE ratio of 17.4x for 2025, reflecting the company's growth potential and operational improvements [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [10]. Core Insights - The company reported a 14.8% year-on-year increase in revenue to 28.66 billion, with a net profit growth of 36.9% to 6.24 billion for the year 2024. The second half of the year saw a revenue increase of 17% and a net profit increase of 36.2% [1][2]. - The company plans to distribute a final dividend of HKD 1.28 per share, totaling HKD 2.53 for the year, with a payout ratio of 55.8% [1]. Revenue Breakdown - Revenue from leisure and underwear segments grew significantly, with sports, leisure, and underwear revenues increasing by 9.8%, 27.1%, and 34.6% respectively, contributing to 69%, 25%, and 5% of total revenue [2]. - Geographically, revenue from mainland China, Europe, Japan, the United States, and other regions was 8.06 billion, 5.19 billion, 4.83 billion, 4.61 billion, and 5.97 billion respectively, with year-on-year growth rates of 13.2%, 3.2%, 31.5%, 18.9%, and 13.4% [2]. Profitability Improvement - The company's gross margin improved by 3.8 percentage points to 28.1% in 2024, with the second half showing a gross margin of 27.4% [3]. - The net profit margin increased by 3.5 percentage points to 21.8%, supported by a rise in asset disposal income [3]. Future Projections - The company is expected to achieve revenue growth of 12.4%, 10.2%, and 10% for the years 2025, 2026, and 2027, reaching 32.22 billion, 35.52 billion, and 39.06 billion respectively [3]. - Net profit is projected to grow by 6.8%, 12.1%, and 11.1% for the same years, reaching 6.67 billion, 7.48 billion, and 8.30 billion respectively [3].