公司研 究 证 券研究 报 告 纺织服装 2024年05月17日 申 洲国际（02313.HK）2023年报点评 强 推 （维持） 目标价：97港元 2023 年平稳收官，看好 2024 年业绩修复 当前价：82.95港元 事项： 华创证券研究所  2023年营收249.7亿元，同比-10.1%，归母净利润45.6亿元，同比-0.1%；若 证券分析师：秦一超 剔除汇兑收益、利息收入和政府补贴影响，净利润为37.1亿元，同比+11.3%。 其中，23H2营收134.1亿元，同比-5.5%；归母净利润24.3亿元，同比+10.7%。 邮箱：qinyichao@hcyjs.com 评论： 执业编号：S0360520100002 联系人：刘一怡  去库存压力拖累业绩，新品牌收入占比提升。1）分品类；运动类产品收入180.3 亿元（同比-13.6%），主要系欧美市场需求疲软叠加去库存压力，下半年同比 邮箱： liuyiyi@hcyjs.com 下滑7%，环比上半年降幅（20%）明显收窄；休闲类/内衣类/其他针织类产品 收入为56.7/10.7/2.0亿元，同比-1.4%/+30.2%/-41.6%（剔除口罩+0.4 ...

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[申I Tnaf 洲bol]e 国_Ti际tle]（ 2313） [评Tab级le_：Inv est] 增持 当前价格（港元）： 80.25 国内提薪前线员工，彰显订单向好势头 2024.05.03 海 ——申洲国际事件点评 [ 交Ta易bl数e_M据a rket] 外 刘佳昆(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 61.95-86.15 当前股本（百万股） 1,503 公 021-38038184 0755-23976666 010-83939831 当前市值（百万港元） 120,634 司 liujiakun029641@gtjas.com caodongqing026730@gtjas.c zhaobo026729@gtjas.com （ 证书编号 S0880524040004 oSm08 80122070070 S0880122070053 [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司为国内员工提薪，侧面印证了订单景气度的持续向上，同时更彰 ...

公 司 研 究 DONGXING SECURITIES 申洲国际（02313）：23年下半年已好 2024年4月25日 强烈推荐/维持 转，24年展望乐观 申洲国际 公司报告 东 兴 证 事件：申洲集团2023年实现营业收入249.70亿元，同比-10.12%，归属母 公司简介： 券 公司净利润45.57亿元，同比-0.12%。其中23H2营业收入134.08亿元，同 申洲国际为中国最具规模的纵向一体化针 股 比-5.50%，归母净利润24.30亿元，同比+10.67%；下半年收入降幅缩窄， 织制造商，集织布、染整、印绣花、裁剪与 份 利润率有所提升，经营改善明显。全年毛利率24.3%，去年同期22.1%。期 缝制四个完整的工序于一身，产品涵盖了所 有 末派息比例为60.3%。 有的针织服装，包括运动服、休闲服、内衣、 限 睡衣等。集团与国内外知名客户建立了稳固 23年下半年公司订单有明显好转，客户结构所变化支撑部分收入。公司全年 的合作伙伴关系，包括运动品牌的 NIKE、 公 收入减少10.12%，系主要客户在去库存的阶段，订单量减少导致的。从变化 UNIQLO、ADIDAS、PUMA等客户。 司 来看，下 ...

Company Overview and Operations - The Group currently has approximately 92,030 employees, with factory areas covering over 6.35 million sq.m. and floor areas exceeding 4.77 million sq.m., producing about 420 million pieces of knitwear annually[6] - The Group's major clients include international renowned brands such as NIKE, UNIQLO, ADIDAS, and PUMA, with markets spread across Mainland China, Japan, Asia Pacific, Europe, and the US[6] - Shenzhou International was listed on the Main Board of The Stock Exchange of Hong Kong Limited in November 2005, with the stock code 2313[7] - The Group was included in the Hang Seng Composite Index, Hang Seng Composite Industry Index (Consumer Goods), and Hang Seng Composite MiddleCap Index effective from 8 March 2010[7] - Shenzhou International has been included in the MSCI Index since 1 June 2013 and in the Hang Seng Corporate Sustainability Benchmark Index Series since September 2015[7] - The Group became a constituent stock of the Hang Seng China Enterprises Index from 5 March 2018 and the Hang Seng Index from 10 September 2018[7] - In April 2018, the Group was selected as a constituent stock of the CES Belt and Road Index by China Exchanges Services Company Limited[7] - Shenzhou International was included in the Hang Seng Stock Connect Hong Kong Top Shareholding 50 Index effective from March 2021[8] - The Group has won "Best IR Company (Largecap)" at the Hong Kong Investor Relations Awards from 2017 to 2023[10] - Shenzhou International was named one of the winners in the "Listed Company Awards" by Hong Kong Economic Journal from 2019 to 2023[12] Financial Performance - Sales for 2023 decreased to RMB 24,969,792 thousand, down 10.1% from RMB 27,781,412 thousand in 2022[14] - Profit before income tax for 2023 was RMB 4,995,501 thousand, a 5.1% decrease from RMB 5,262,073 thousand in 2022[14] - Net profit margin improved to 18.3% in 2023, up from 16.4% in 2022[14] - Sportswear accounted for 72.2% of total revenue in 2023, down from 75.1% in 2022[17] - Revenue from the European market decreased to RMB 5,027,285 thousand in 2023, down 19.1% from RMB 6,215,018 thousand in 2022[20] - Revenue from the US market declined to RMB 3,879,987 thousand in 2023, a 20.4% decrease from RMB 4,873,358 thousand in 2022[20] - Cash and cash equivalents increased significantly to RMB 11,596,453 thousand in 2023, up 57.4% from RMB 7,369,498 thousand in 2022[14] - Gearing ratio increased to 36.8% in 2023, up from 29.9% in 2022[14] - Revenue from the China domestic market grew to RMB 7,124,052 thousand in 2023, a 0.7% increase from RMB 7,074,146 thousand in 2022[20] - Inventory turnover period increased to 120 days in 2023, up from 109 days in 2022[14] - Annual sales for 2023 amounted to approximately RMB24,969,792,000, a decrease of 10.1% compared to 2022[36] - Profit attributable to owners of the parent for 2023 was approximately RMB4,557,263,000, a slight decrease of 0.1% from 2022[36] - Earnings per share for 2023 were RMB3.03[36] - Cash and cash equivalents as of 31 December 2023 were approximately RMB11,596,453,000[36] - Sales revenue in 2023 was approximately RMB24,969,792,000, a decrease of 10.1% compared to 2022[69][71][77] - Profit attributable to owners of the parent in 2023 was RMB4,557,263,000, a slight decrease of 0.1% compared to 2022[69][71] - Gross profit margin in 2023 increased by 2.2 percentage points to 24.3%, with the second half of the year reaching 25.8%, up 3.4 percentage points from the first half[69][71] - The company's net profit and cash flow have shown solid growth, ensuring long-term sustainable development and sound returns for shareholders[124][126] Market and Industry Trends - The Group faced a challenging external environment with declining demand and high inventories in traditional developed markets, leading to a significant drop in export value[35] - Some orders shifted to Southeast Asia, South Asia, Turkey, and Mexico, increasing pressure on China's garment exporters[35] - China's textile and apparel exports in 2023 decreased by 8.1% year-on-year, with exports to the US, EU, and Japan falling by 11.2%, 17.6%, and 14.1% respectively[38] - The total decline in exports to major economies (US, EU, Japan) accounted for approximately 65% of the total export decline[38] - Vietnam's garment industry relies heavily on imported fabrics, but its industrial chain is rapidly improving, forming regional advantages[39][40] - Cambodia's garment industry benefits from low or zero import tariffs when exporting to EU countries[39][40] - Indonesia has potential advantages in population size, labor costs, and domestic market consumption, making it a potential next hub for the textile and apparel industry[39][40] - The textile and apparel industry is expected to recover as inflationary pressures in developed economies ease and interest rates are gradually lowered[41] - Total export value of China's textile and clothing in 2023 was approximately $293.64 billion, a decrease of 8.1% compared to 2022[51] - Export value of textile products in 2023 was approximately $134.5 billion, a decrease of 8.3% compared to 2022[51] - Export value of garments and apparel accessories in 2023 was approximately $159.14 billion, a year-on-year decrease of 7.8%[51] - Export value of knitwear in 2023 was approximately $70.56 billion, accounting for 44.3% of total apparel products export value[51] - Export value of apparel products to the US, EU, Japan, and UK in 2023 accounted for 48.8% of total export value, with decreases of 12.0%, 19.5%, 13.2%, and 15.7% respectively[51] - Total retail sales of apparel, footwear, headwear, knitwear, and textile in China in 2023 amounted to approximately RMB1,409.48 billion, a year-on-year increase of 12.9%[53] - Retail sales of apparel products in China in 2023 amounted to approximately RMB1,035.29 billion, a year-on-year increase of 15.4%[53] - National online retail sales of products in the wearing segment in China in 2023 saw a year-on-year increase of approximately 10.8%[53] - China's foreign trade import and export value in 2023 was $5,936.83 billion, a decrease of 5.0% compared to 2022[55] - Trade surplus of textile and apparel products in 2023 was $272.12 billion, accounting for 33.1% of total external trade surplus[55] - Vietnam's textile industry export value in 2023 was approximately USD37.68 billion, a decrease of 10.9% compared to 2022[57] - Textile and clothing exports to the US, Japan, and Korea were USD14.47 billion, USD4.06 billion, and USD3.05 billion respectively, with declines of 16.7%, 0.4%, and 7.9% compared to 2022[57] - Yarn exports to China in 2023 were USD2.32 billion, accounting for 53.2% of total yarn exports, an increase of 6.2% compared to 2022[57] - Vietnam imported USD13.02 billion of fabrics in 2023, a decrease of 11.5% compared to 2022, with 64.0% sourced from Mainland China[57] - Textile and clothing exports to RCEP member countries were USD10.62 billion, accounting for 31.8% of total exports, an increase of 2.3 percentage points compared to 2022[59] - The central parity rate of RMB against USD depreciated by 1.7% at the end of 2023 compared to 2022, with a narrowing trend in depreciation[61] - China's total population at the end of 2023 was approximately 1.41 billion, a decrease of 2.08 million compared to 2022, marking the second consecutive year of negative population growth[62] - The population aged 60 and above accounted for 21.1% of China's total population in 2023, an increase of 16.93 million compared to 2022[62] - The labor force aged 16 to 59 decreased by approximately 10.75 million in 2023, posing challenges for labor-intensive manufacturing enterprises[62] - China's total population decreased by 2.08 million in 2023, marking the second consecutive year of negative growth, with the elderly population aged 60 and above increasing by 16.93 million to 21.1% of the total population[63] - China's cotton planting area decreased by 210,000 hectares in 2023, with cotton output dropping by 6.1% to 5.62 million tons[64][65] - Global cotton production in 2023/24 is estimated to decrease by 2.8% to 24.59 million tons, while consumption increased by 1.6% to 24.59 million tons[65] - China's cotton imports in 2023 totaled 1.96 million tons, a 1.1% increase, with imports from the US dropping by 33.6% to 752,000 tons[65] - The average price of imported cotton in China decreased by 21.3% to $2,128.9/ton in 2023, with total import value dropping by 20.5% to $4.17 billion[65] - China's cotton inventory in 2023 was estimated at 8.76 million tons, accounting for 48% of global inventory[65] - The China Cotton Index (CCIndex3128B) averaged RMB16,767/ton in 2023, down 11% year-on-year, with a peak of RMB18,433/ton on September 4[65] - Global inflation is expected to decrease in 2024, with developed economies likely to lower interest rates, potentially leading to a slight rebound in cotton prices[65] - China's textile industry is undergoing green transformation, with policies aiming to reduce energy consumption and emissions, and achieve technological upgrades by 2026[66][67] - The EU's sustainable textile strategy requires all textile products entering the EU market to be durable and recyclable by 2030, driving global green transformation in the industry[67] Strategic Initiatives and Future Plans - The Group maintained a reasonable recruitment mechanism and employment scale, focusing on stabilizing existing employees and expanding new clientele[35] - The Group strengthened its transformation to a green and low-carbon production model and improved the operating performance of overseas plants[35] - The Group resolved to transform towards diversified and high-end products[35] - The Group is confident in achieving sustainable business growth through future strategic measures[35] - The company plans to accelerate industry upgrading, improve green and low-carbon development systems, and expand overseas production capacity[42][45] - The company will strengthen talent pool development and enhance management and innovation capabilities[45] - The company aims to optimize global resource allocation through overseas production capacity expansion[45] - The Group is actively considering expanding overseas production capacity beyond existing bases in Vietnam and Cambodia to better meet customer procurement needs[113] - The Group plans to accelerate the application of intelligent manufacturing and digital management, improve green and low-carbon development systems, and promote diversified and high-end products[114] - The Group aims to reduce resource consumption per unit of output and increase the proportion of clean energy in its energy mix, including photovoltaic power, wind power, and natural gas[117] - The Group will increase investment in R&D for innovative and functional products, focusing on new fiber materials for high-end textile fabrics[119] - The Group plans to implement the "Young Seedlings Plan" to recruit and cultivate outstanding on-site management officials, improving production site management[120] - The Group expects business to return to growth in 2024 despite industry challenges and uncertainties[120] - The Group will optimize its salary system to enhance employee performance incentives under a fair and transparent system[120] - The Group is committed to strengthening sustainable development capabilities and enhancing long-term competitiveness in the industry[121] Corporate Governance and Board Structure - The Board adopted its own Code of Corporate Governance, covering all code provisions and most recommended best practices since 9 October 2005[127] - The Board complied with the requirement of having at least three independent non-executive directors, with one-third of the Board being independent non-executive directors[129][131] - Directors received continuous professional development training, including seminars and updates on Listing Rules and legal requirements[132][133] - The company adopted a corporate governance function policy effective from 1 April 2012, focusing on policy development, training, and compliance[134][135] - The company invited external auditors to the 2023 AGM to address shareholder questions on audit, accounting policies, and auditor independence[137] - The Board comprises 5 Executive Directors and 4 Independent Non-executive Directors, with independent directors accounting for approximately 44.4% of the Board[139][147] - The Company held 4 full Board meetings in 2023, with all Board members attending[149] - The Board will hold at least 4 meetings annually, with additional meetings convened as necessary to determine strategic directions and approve financial results[150] - The Chairman held separate meetings with all independent non-executive Directors to address business issues and concerns[150] - The Board is responsible for formulating the Group's business strategies, supervising management, and evaluating the effectiveness of management strategies[140] - The Chairman and Group General Manager have separate roles, with the Chairman responsible for significant operational decisions and the Group General Manager managing day-to-day operations[146] - Directors have full and timely access to relevant information about the Group and can seek independent professional advice at the Group's expense[141] - The Company has adopted a Board diversity policy, considering factors such as gender, age, cultural background, and industry experience when appointing or reappointing Directors[151] - As of the report date, the Board consists of 7 male and 2 female members, exceeding the stock exchange's gender ratio requirements[151] - Significant related party transactions involving Directors or their associates are disclosed in the financial statements[145] - The Board currently comprises 9 members, with 7 male and 2 female members, representing a gender ratio higher than the Stock Exchange requirement[152] - Approximately 77.8% of Directors and 27.7% of the total workforce (including senior management) are male as of the report date[153][155] - The Remuneration Committee held one meeting in 2023, reviewing the remuneration of Directors and senior management[157][160] - The senior management's remuneration for 2023 includes 4 individuals in the RMB 1,000 to 2,000 thousand band and 7 individuals above RMB 2,000 thousand[161] - The Nomination Committee held one meeting in 2023, reviewing and approving the appointment and reappointment of Directors[162][164] - The overall attendance rate of Directors at Board meetings in 2023 was 100.00%[171] - The Audit Committee met with external auditors twice in 2023 to discuss audit procedures and accounting issues[171] - The Audit Committee comprises four independent non-executive Directors: Ms. Liu Chunhong, Mr. Liu Xinggao, Mr. Zhang Bingsheng, and Ms. Wang Feirong[168][169] - Ms. Wang Feirong was appointed as the chairwoman of the Audit Committee on 1 April 2024, following Mr. Jiang Xianpin's resignation[168][169] - The Audit Committee reviewed the Group's financial statements for the year ended 31 December 2023[171] - The Board acknowledges its responsibility to prepare true and fair financial reports in accordance with Hong Kong accounting standards[175] - The Group's risk management system aims to provide reasonable assurance against material misstatement or loss[177] - The Board is responsible for assessing and determining the nature and degree of risks the company is willing to take to achieve strategic goals[176] - The risk management and internal control system is designed to enhance operating effectiveness and efficiency[177] - The Board ensures accurate and timely reporting of the company's state of affairs to shareholders and the public[176] - The Group's internal audit department has unrestricted access to information and conducts regular audits on major activities and processes, reporting directly to the Audit Committee and senior management[180] - The Board reviewed the effectiveness of the risk management and internal control system for the year ended 31 December 2023, considering it effective and adequate[181] - The Group's external auditor, Ernst & Young, received RMB3,700,000 for audit services and RMB960,000 for non-audit services in 2023, primarily for tax advisory fees[183][185] - The Group has a written inside information disclosure policy adopted on 27 March 2017 to standardize the responsibility and procedure of information disclosure[182] - The Investor Relations Department received the Best Investor Relations Awards (Large-cap) from the Hong Kong Investor Relations Association in 2023[189] - The Company Secretary, Mr. Chan Tak Hing Kenji, undertook not less than 15 hours of professional training during the year to update his skills and knowledge[188] - The Board ensures compliance with the Securities Trading Code, with all Directors confirming strict adherence throughout 2023[186] - The Group's risk management process includes setting contingency plans to minimize the impact of unpredictable events, with findings reported to the Audit Committee and Board[178] - The internal audit function plays a key role in monitoring governance, conducting special reviews or investigations of areas of concern identified by management or the Audit Committee[179] - The Board, through the Audit Committee, assesses the effectiveness of the risk management and internal control system by reviewing management reports and internal audit results[181] - The company has a policy of open communication and fair disclosure to enhance corporate governance standards, providing shareholders with necessary information for judgment and feedback[192] - Shareholders holding at least one-tenth of the

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 74.95 HKD [6] Core Views - The company demonstrated operational resilience despite a 10.1% YoY decline in revenue to 24.97 billion RMB in 2023, primarily due to reduced demand in the European and US markets and brand customers' inventory reduction [1] - Net profit attributable to shareholders decreased slightly by 0.1% YoY to 4.557 billion RMB, while gross margin improved by 2.2 percentage points to 24.3% due to increased efficiency in overseas factories and reduced pandemic-related expenses [1] - The company is expected to benefit from the recovery of overseas apparel demand as brand customers complete inventory reduction, with projected revenue of 28.76/32.98/37.70 billion RMB for 2024-2026 [4] Business Performance Breakdown By Product Category - Sportswear sales decreased by 13.6% YoY due to declining demand in Europe and the US [1] - Casual wear sales dropped by 1.4% YoY, mainly due to reduced demand in Japan and other markets [1] - Underwear sales increased by 30.2% YoY, driven by rising demand in Japan and other markets [1] - Other knitwear sales fell by 41.6% YoY due to the discontinuation of mask production, but excluding masks, sales increased by 0.4% YoY [1] By Region - China revenue grew by 0.7% YoY to 7.1 billion RMB, accounting for 29% of total revenue [1] - Europe revenue decreased by 19% YoY to 5.0 billion RMB, representing 20% of total revenue [1] - US revenue declined by 20% YoY to 3.9 billion RMB, making up 16% of total revenue [1] - Japan revenue fell by 6% YoY to 3.7 billion RMB, contributing 15% to total revenue [1] - Other regions' revenue decreased by 8% YoY to 5.3 billion RMB, accounting for 21% of total revenue [1] Operational Highlights - Overseas factories accounted for 53% of total garment output in 2023, with Cambodia contributing 26%, up 4 percentage points YoY [2] - Overseas employees represented 57% of the total workforce, an increase of 5 percentage points YoY [2] - The company improved supply chain efficiency through enhanced information sharing and optimized production site selection [3] Strategic Initiatives - The company is actively considering expanding overseas production capacity beyond existing facilities in Vietnam and Cambodia to better meet global customer demand [4] - Efforts are being made to accelerate the application of intelligent manufacturing and digital management, while promoting product diversification and high-end development [4] - The company is increasing R&D investment in innovative and functional products, with a focus on applying new fiber materials in high-end textile fabric development [4]

6 申洲国际（2313） 更新报告 买入 2024年04月2日 2023年净利润符合预期, 产能利用率已恢复到 100% 王柏俊  2023 年全年业绩概况：公司收入同比下跌 10.1%至 249.7 亿元人民币(同 852-25321915 下); 受全球性消费需求不足及主要客户在去库存的影响。量价拆分来看， patrick.wong@firstshanghai.com.hk 量减少约 14-15%，价格（人民币计）提升 4-5%。毛利率提升 2.2pct 至 24.3%，主要受益于 1）整体产能利用率有所上升， 2）海外工厂的效率及 主要数据 生产能力在提升，降低了固定成本的分摊和 2）缺乏疫情相关支出的影响。 经营费用率增加 1.0pct 到9.6%。有效税率降到 8.8%; 受益于海外利润贡献 行业 服装纺织 的增加, 而海外的税率是比国内低。公司录得归母净利润 45.6 亿元，基本 股价 74.10港元 持平；符合预期。拟派末期股息1.08港币；派息率为60.3%。 目标价 98.09港元  运动类和欧美地区受消费需求不足及去库存的影响：分产品来看，运动类/ 休闲类/内衣类/其他分别录得-13. ...

公司研究 | 动态跟踪 申洲国际 02313.HK 买入（维持） 毛利率逐步修复，2024 年业绩展望乐观 股价（2024年03月28日） 74.1港元 目标价格 97.65港元 52周最高价/最低价 87.25/59.3港元 总股本/流通H股（万股） 150,322/150,322 H股市值（百万港币） 111,389 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入249.7亿，同比下滑10.1%，实现净利润 报告发布日期 2024年03月29日 45.6亿，同比下滑0.1%，其中23H2收入和归母净利润分别下滑5.8%和增长 10.7%，全年盈利好于市场预期。2023派息比例为60.3%。 1周 1月 3月 12月 ⚫ 欧美运动产品订单拖累公司收入表现，国内市场表现好于国际。具体来看，1）分品 绝对表现% 8.02 12.02 -8.91 -4.31 类来看，2023年运动类/休闲类/内衣类/其他针织品收入分别下滑13.6%、下滑 相对表现% 9.93 11.99 -5.96 12.08 1.4%、增长30.2%和下滑41.6%，其中运动类产品下滑主要系欧洲和美国 ...

2024 年 03 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 海外成衣产能占比提升，看好 年订单修复 证券分析师： 杨仁文 S0350521120001 2024 yangrw@ghzq.com.cn 证券分析师： 马川琪 S0350523050001 ——申洲国际（ ） 年业绩点评报告 02313 2023 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 liaoxh@ghzq.com.cn 最近一年走势 事件 : 申洲国际2024年3月26日发布2023年业绩：2023年公司实现营业收 入249.70亿元，同比-10.12%，归母净利润为45.57亿元，同比-0.12%， 销售净利率18.25%，较2022年+1.82pct，毛利率24.27%，较2022年 +2.22pct，2023年派息每股2.03港元，同比+6.3%。 投资要点 : 相对恒生指数表现 2024/03/28 表现 1M 3M 12M  欧美品牌客户去库影响收入增长，运动类产品收入表现不佳。2023 申洲国际 12.0% -8.9% -4.3% 年公司实现 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 纺织服装 | 公司研究 23H2 毛利率环比改善，业绩拐点信号显现 2024年3月27日 申洲国际 (2313.HK) 买入 公司发布2023年业绩公告，业绩符合预期。23年实现营收250亿元，同比下滑10.1%，归母净 利润45.6亿元，同比下滑0.1%，主要受欧美运动类产品消费需求不足及客户去库存的影响。其中， 维持 23H2实现营收134亿元，同比下滑5.5%，归母净利润24.3亿元，同比增长10.7%，业绩环比上 半年改善，下半年随订单逐步回暖，收入降幅收窄、利润改善程度更高。拟派发末期股息每股1.08 港元，此前已派发中期股息每股0.95港元，23年累计派息每股2.03港元，派息比率达60.3%。 市场数据：2024年3月27日 欧美运动类产品需求暂下滑，内衣品类及新客户贡献提升。1）分品类：内衣类产品收入增速最高。 收盘价（港币） 72.70 23年，运动类产品收入180亿元，同比下滑13.6%，营收占比72.2%，主要系欧美客户处于去库 恒生中国企业指数 5,72 ...

纺织服饰/纺织制造 公 司 全年毛利率逐季改善，期待 2024 年盈利能力再向上 研 申洲国际（02313.HK） 究 ——港股公司信息更新报告 2024年03月29日 吕明（分析师） 周嘉乐（分析师） 张霜凝（联系人） lvming@kysec.cn zhoujiale@kysec.cn zhangshuangning@kysec.cn 投资评级：买入（维持） 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070037 日期 2024/3/28  2023Q2收入降幅收窄，毛利率环比改善，维持“买入”评级 当前股价(港元) 74.100 2023年公司营收249.7亿元（同比-10%，下同），预计销量-15%、美元单价+1%/ 港 一年最高最低(港元) 87.250/60.800 人民币单价+5%。2023 年归母净利润 45.6 亿元（-0.1%），收入下降而业绩基本 股 总市值(亿港元) 1,113.89 持平主要系毛利率恢复&控费&利息收入增加3.9亿元&有效税率下降贡献2.6亿 公 元，剔除政府补助、利息收入、汇兑损益影响，核心利润为3 ...