股票研究 /[Table_Date] 2025.03.26 2024 年收入超预期，2025 年预计延续稳健 申洲国际(2313) ——申洲国际 2024 年年报点评 | ——申洲国际 2024 | 年年报点评 | | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | | [table_Authors] 刘佳昆(分析师) | | 曹冬青(分析师) | | | | | | | [当前价格 Table_CurPrice] (港元)： | 55.30 | | 021-38038184 | | 0755-23976666 | | | | liujiakun029641@gtjas.com | | caodongqing026730@gtjas.co | | | | | | m | [Table_Market] 交易数据 | | | 登记编号 S0880524040004 | | S0880524080001 | | | | | | | 52 周内股价区间（港元） | 55.25-86.20 | 本报告导读： 2024 年公司收入超预期，处置收益增厚利润 ...

智通财经APP获悉，中金发布研报称，认为申洲国际(02313)在2025年有望延续2024年的订单增长趋势， 基本维持2025年EPS预测4.39元，并引入2026年EPS预测4.83元，当前股价对应12/11倍2025/26年P/E，维 持跑赢行业评级。考虑到行业整体估值中枢回落，下调目标价14.5%至69.89港元，对应15/13倍2025/26 年P/E。 毛利率2H24同比提升，控费高效：2024年毛利率同比提升3.8ppt至28.1%;2H24毛利率27.4%，在产能利 用率提升带动下同比提升1.6ppt。毛利率环比略有下降主要由于2024年在订单增长情况下，公司员工数 量和员工工资均有提升，新员工的效率爬坡在2H24对毛利率有所影响，但公司相信未来毛利率仍有较 大提升空间。2024年期间费用率合计同比-0.6ppt，同时公司处置上海一处固定资产获利3.37亿元，在以 上有利因素下，虽然政府补贴、汇兑收益合计同比减少1.45亿元，净利润仍实现37%增长。 2025年延续产能增长趋势，预计订单量保持双位数增长 中金主要观点如下： 2024年业绩高于该行预期 公司公布2024年业绩：收入同增15%至28 ...

证券研究报告 | 公司点评 | 纺织制造 24 年报利润超预期，产销重回稳健增长趋势 ——申洲国际点评报告 投资要点 ❑ 24 年报利润超预期，全年分红率 56% 2024 年公司实现收入 286.6 亿元（同比+14.8%），归母净利润 62.4 亿元（同比 +36.9%）；其中 24H1/H2 分别实现收入 129.8/156.9 亿元，同比+12.2%/17.0%； 分别实现归母净利润 29.3/33.1 亿元，同比+37.8%/36.2%。客户需求复苏及公司 份额提升驱动订单增长，产能利用率及生产效率提升带动毛利率显著修复。 公司年末拟派息 1.28 港元/股，叠加中期派息 1.25 港元/股，全年派息比率约 55.8%。 ❑ 休闲与内衣增长亮眼，大客户增速有所分化 分产品看：24 年运动类/休闲类/内衣类/其他针织品产品收入分别为 198.0/72.1/14.4/2.2 亿元，同比增长 9.8%/27.1%/34.6%/10.9%，分别占比 69%/25%/5%/1%。 分地区看：2024 年中国大陆/欧洲/日本/美国/其他区域收入分别为 80.6/51.9/48.3/46.1/59.7 亿元，同比 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED ） （股份代號：2313） 截至二零二四年十二月三十一日止年度之初步年度業績公告 摘 要 * 僅供識別 – 1 – • 截至二零二四年十二月三十一日止年度銷售額約達人民幣28,662,938,000 元，比二零二三年度上升約14.8%。 • 截至二零二四年十二月三十一日止年度，運動類產品銷售額佔總銷售額 的百分比約為69.1%。運動類產品銷售額比二零二三年度上升約9.8%。上 升主要原因為中國大陸市場和美國市場運動類產品需求增加所致。 • 截至二零二四年十二月三十一日止年度，休閒類產品銷售額佔總銷售額的 百分比約為25.1%。休閒類產品銷售額比二零二三年度明顯上升約27.1%。 上升主要原因為日本及其他市場休閒類產品需求明顯增加所致。 （ 申洲國際集團控股有限公 司 * – 2 – • 截至二零二四年十二月三十一 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 75.2 HKD, indicating a potential upside of 32.4% from the current price of 56.8 HKD [4][7][21]. Core Insights - The company benefits from a strong order flow due to the recovery in market demand, particularly in sportswear and leisure apparel, which is expected to continue into 2025 [4][5][18]. - The textile manufacturing industry is experiencing a recovery, with stable performance from downstream brands, which supports the company's growth prospects [5][18]. - The company's internationalization strategy is progressing well, with an increasing proportion of overseas production capacity, which is expected to enhance operational efficiency and profitability [6][19]. Financial Performance - For the first half of 2024, the company reported a revenue of 129.75 billion RMB, a year-on-year increase of 12.2%, with a gross profit of 37.61 billion RMB, reflecting a 45.0% increase [10][18]. - The gross margin for the first half of 2024 was 29.0%, up 6.6 percentage points year-on-year, while the net profit margin was 22.6%, an increase of 4.2 percentage points [10][18]. - Revenue by business type showed double-digit growth in leisure and underwear segments, while sportswear recorded a high single-digit growth [11]. Market Dynamics - The company is positioned to benefit from the ongoing demand for sports health and the trend of brands increasing their procurement from key suppliers due to supply chain risks [4][18]. - The recovery in the textile manufacturing sector is reflected in the performance of peer companies, indicating a positive industry trend [5][16]. - The company has a strong customer base, with major clients contributing significantly to its revenue, and it is expected to continue securing orders from high-growth brands [20]. Future Projections - The company is projected to achieve revenues of 276.1 billion RMB, 307.1 billion RMB, and 335.3 billion RMB for FY24E, FY25E, and FY26E, respectively, with year-on-year growth rates of 10.6%, 11.2%, and 9.2% [7][21]. - Net profits are expected to reach 57.6 billion RMB, 65.1 billion RMB, and 73.5 billion RMB for the same periods, with growth rates of 26.3%, 13.1%, and 12.8% [7][21].

Core Viewpoint - Macquarie's latest research report indicates that Uniqlo and adidas are expected to be the main drivers of order growth for Shenzhou International, with gross margins likely to improve further [1] Group 1: Company Performance - Shenzhou International's net profit forecasts for the fiscal years 2024 and 2025 have been downgraded due to a decline in gross margins [1] - The target price for Shenzhou International has been reduced from HKD 97.4 to HKD 92.6, while maintaining an "outperform" rating [1] Group 2: Industry Trends - Nike's revenue is expected to achieve positive growth in the second half of the year, with an increase in product average prices [1]

Investment Rating - The report gives a "Recommend" rating to Shenzhou International (2313 HK) [189] Core Views - Shenzhou International is a global leader in knitted manufacturing with strong innovation R&D vertical integration and early globalization positioning it as a stable leader with upward growth potential [189] - The company is expected to achieve net profits of 5 701 6 530 and 7 410 billion yuan in 2024-2026 with year-on-year growth rates of 25 1% 14 5% and 13 5% respectively [189] - The PE ratios for 2024-2026 are 15x 13x and 12x respectively indicating a valuation advantage compared to peers [189] Financial Performance - In 2023 Shenzhou International achieved revenue of 24 970 million yuan a year-on-year decrease of 10 1% and net profit of 4 557 million yuan a year-on-year decrease of 0 1% [94] - The company's revenue is expected to grow to 27 980 31 172 and 34 399 million yuan in 2024-2026 with year-on-year growth rates of 12 1% 11 4% and 10 4% respectively [94] - The gross margin is expected to gradually increase to 28 4% 28 7% and 29 1% in 2024-2026 driven by improved capacity utilization and overseas expansion [186] Product and Market Analysis - Sportswear is the main driver of revenue growth with sales expected to reach 19 530 21 896 and 24 300 million yuan in 2024-2026 [16] - The European market showed growth with revenue increasing from 3 890 million yuan in 2019 to 5 027 million yuan in 2023 accounting for 20 13% of total revenue [96] - The company has diversified its customer base with major clients including Nike Uniqlo Adidas and Puma [30] Industry Trends - The global sportswear market is expected to grow from 1 92 trillion USD in 2024 to 2 35 trillion USD in 2028 with a CAGR of 4 20% [106] - The top five global sportswear brands (Nike Adidas Puma Skechers and Lululemon) accounted for 31 2% of the market in 2023 with Nike leading at 15 8% [105] - The global sportswear manufacturing market grew from 85 53 billion USD in 2009 to 158 26 billion USD in 2023 with a CAGR of 4 2% [171] Competitive Advantages - Shenzhou International has a strong R&D capability with 767 patent applications and 505 authorized patents by the end of 2022 [18] - The company has a vertical integration model that shortens production and delivery cycles making it highly favored by brand customers [19] - Shenzhou International has established dedicated factories for major clients like Nike Puma Adidas and Uniqlo ensuring independence and confidentiality in production [137] Future Outlook - The company is expected to benefit from the increasing concentration of suppliers to leading brands with Adidas and Nike reducing their number of manufacturing partners [146] - Shenzhou International has expanded its cooperation with new brands like FILA Lululemon and Lacoste which are expected to drive future growth [183] - The company is actively promoting automation and digitalization in its production processes to improve efficiency and reduce costs [166]

Investment Rating - The report maintains a "Buy" rating for Shenzhou International (02313 HK) [5][6] Core Views - Shenzhou International is expected to achieve 10%+ revenue growth in 2024 and 2025, driven by stable order growth and capacity expansion [5] - The company's gross margin is expected to continue improving in H2 2024, following a 6 6pct year-over-year increase to 29 0% in H1 2024 [2] - Net profit is projected to grow 27% in 2024, followed by 13% growth in both 2025 and 2026 [5] Revenue and Profit Analysis - H2 2024 revenue is estimated to grow 10%-20% year-over-year, with shipment volume expected to increase by 15%+ [2] - The company's gross margin improved significantly from 22 4% in H1 2023 to 29 0% in H1 2024 [2] - 2024 full-year revenue is expected to grow 10%+, with net profit projected to reach 5 8 billion yuan [5] Order and Customer Analysis - Major customers include Adidas, Uniqlo, Nike, and PUMA, with Adidas and Uniqlo expected to show strong order performance in 2025 [3] - In H1 2024, sales to top four customers accounted for 79% of total revenue, with Adidas sales growing 34% year-over-year [3] - Sportswear category accounted for 71% of H1 2024 sales, showing 8% year-over-year growth [3] Capacity and Production - The company is actively expanding overseas capacity, with Cambodia and Vietnam factories contributing 53% of total output in 2023 [4] - Cambodia's new garment factory reached its planned workforce of 18,000 employees in H1 2024 [4] - The company acquired a Vietnam factory to enhance fabric supply capabilities [4] Financial Projections - 2024-2026 net profit is projected to be 5 8 billion, 6 55 billion, and 7 39 billion yuan respectively [5] - The current price implies a 2025 PE ratio of 12x [5] - EPS is expected to grow from 3 04 yuan in 2024 to 4 91 yuan in 2026 [11] Industry Position - Shenzhou International is the world's largest vertically integrated garment manufacturer [5] - The company maintains strong partnerships with international brands and continues to enhance its competitive advantage through capacity expansion and efficiency improvements [5]

Investment Rating - The report assigns a "Buy" rating for the company, Shenzhou International, as it is a leading player in the global sportswear manufacturing industry [2][43][44] Core Insights - Shenzhou International has a strong competitive advantage due to its long-standing relationships with high-quality clients, mature manufacturing technology, and diversified production capacity [2][4][44] - The company is expected to benefit from the ongoing recovery in the global sportswear market, with significant growth potential driven by overseas replenishment and expansion of production capacity [2][4][44] - The report forecasts that the company's net profit will grow from 5.785 billion RMB in 2024 to 7.488 billion RMB in 2026, representing year-on-year growth rates of 26.93%, 14.57%, and 12.98% respectively [2][4][42] Summary by Sections 1. Company Overview - Shenzhou International, established in 1988, has developed a robust client base and is a key supplier for major brands like Uniqlo, Nike, and Adidas [9] - The company has a production capacity exceeding 25 million tons of fabric and 550 million garments annually, with a workforce of approximately 97,000 employees [9] 2. Client Demand and Market Trends - The global sportswear market is experiencing growth, particularly in emerging markets, which is expected to continue [15] - The report highlights that the replenishment cycle for inventory among downstream brands is contributing positively to order volumes [15] 3. Competitive Advantages - Shenzhou International's scale and efficiency place it at the forefront of the industry, with high employee productivity and a strong return on equity (ROE) [2][4][25] - The company has maintained a stable gross margin and net profit margin, indicating effective cost management [12][28] 4. Financial Projections - Revenue is projected to increase from 27.954 billion RMB in 2024 to 34.665 billion RMB in 2026, with corresponding growth rates of 11.94%, 11.80%, and 10.90% [42][41] - The report anticipates that the company's sales and management expense ratios will improve, further enhancing profitability [41][39] 5. Valuation Comparison - Shenzhou International's price-to-earnings (P/E) ratio for 2024 is estimated at 15.7x, which is lower than the average P/E of comparable companies at 21.3x, indicating a favorable valuation [2][44]

申洲國際集團控股有限公司* 股份編號: 2313 � � 中 期 報 " 僅 供 鐵 別 目錄 公司資料 2 | --- | |--------------------------| | | | 二零二四年中期業績摘要 | | 管理層討論及分析 | | 中期簡明綜合損益表 | | 中期簡明綜合全面收益表 | | 中期簡明綜合財務狀況表 | | 中期簡明綜合權益變動表 | | 中期簡明綜合現金流量表 | | 中期簡明綜合財務報表附註 | | 其他資料 | 4 5 15 16 17 19 20 23 42 c 公司資料 | --- | --- | |-----------------------------------------------|-------------------------------| | | | | 註冊名稱 | 董事會主要委員會 | | Shenzhou International Group Holdings Limited | 審核委員會 | | 中文名稱 | 王飛絨女士 （主席） | | | 張炳生先生 | | 申洲國際集團控股有限公司 | 劉春紅女士 | | 董事會 | 劉興高先 ...