Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 exceeded expectations, with a projected revenue of 28.66 billion yuan, representing a year-on-year increase of 14.79% [9] - The net profit attributable to shareholders is expected to reach 6.24 billion yuan in 2024, reflecting a year-on-year growth of 36.94% [9] - The company is expected to maintain steady growth in 2025, with net profit forecasts adjusted upwards to 6.62 billion yuan [4] Financial Performance Summary - Total revenue for 2023 was 24.97 billion yuan, with a year-on-year decline of 10.12% [1] - The gross profit margin for 2024 is projected to increase by 3.8 percentage points to 28.1%, with the first half of 2024 showing a gross margin of 29% and the second half at 27.4% [3] - The company plans to acquire a fabric factory in Vietnam, which is expected to have a production capacity of 200 tons per day once operational [4] - The company’s earnings per share (EPS) for 2024 is projected at 4.15 yuan, with a price-to-earnings (P/E) ratio of 13.30 [1][10] Revenue Breakdown - Revenue from sportswear, casual wear, and underwear is expected to grow by 9.8%, 27.1%, and 34.6% respectively in 2024 [9] - The contribution from major clients such as Nike, Adidas, Uniqlo, and Puma is expected to increase, with respective revenue growth rates of 3.8%, 23.3%, 35.4%, and 10.9% [9] - The company’s revenue from different regions is projected to grow, with Japan showing the highest growth rate of 31.5% [9]

Investment Rating - The report maintains a "Buy-A" rating for Shenzhou International (02313.HK) [1] Core Views - In 2024, the company's revenue reached 28.663 billion yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was 6.241 billion yuan, up 36.9% year-on-year [2][3] - The company is expected to continue benefiting from increased production capacity and improved operational efficiency, leading to a significant recovery in profitability [8] Revenue and Profit Analysis - In 2024, the company achieved a revenue of 28.663 billion yuan, with a volume increase of approximately 21% and a decrease in average selling price by 5% due to a shift in product mix towards lower-priced casual wear and underwear [3] - The gross profit margin improved by 3.8 percentage points year-on-year, driven by increased capacity utilization and a decrease in management expense ratio [6][7] Product Performance - Revenue growth in 2024 was led by casual wear and underwear, with respective year-on-year increases of 27.1% and 34.6% [4] - The company’s four core customers accounted for 80.7% of total revenue, with Uniqlo and Adidas showing significant growth [5] Market Performance - The company’s primary market is mainland China, followed by the US and Japan, with respective revenue growth rates of 13.2%, 18.9%, and 31.5% in 2024 [4] Future Projections - Revenue forecasts for 2025-2027 are 31.529 billion, 35.173 billion, and 38.883 billion yuan, with expected year-on-year growth rates of 10.0%, 11.6%, and 10.6% respectively [8][10] - Projected net profits for the same period are 6.520 billion, 7.284 billion, and 8.158 billion yuan, with growth rates of 4.5%, 11.7%, and 12.0% [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company reported better-than-expected performance for 2024, with revenue of 28.66 billion RMB, a year-on-year increase of 14.8%, and a net profit attributable to the parent company of 6.24 billion RMB, up 36.9% year-on-year [6]. - The DCF target valuation is set at 93.18 HKD, reflecting an optimistic outlook for the company's growth potential [2][7]. - The company is expected to maintain a high production capacity utilization rate, with an output growth of no less than 10% in 2025, despite uncertainties in the external environment [6]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024-2026 are 28.66 billion, 32.21 billion, and 36.13 billion RMB, respectively [2][10]. - **Net Profit**: Expected net profits for the same period are 6.24 billion, 6.70 billion, and 7.66 billion RMB, respectively [2][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 4.15, 4.46, and 5.10 RMB for 2024-2026 [2][10]. - **Profit Margins**: The gross margin is expected to improve to 28.1% in 2024, with a net profit margin of 21.8% [6][10]. - **Valuation Ratios**: The projected P/E ratios for 2024-2026 are 12.4, 11.6, and 10.1, indicating a favorable valuation [2][10]. Market Performance - The company's stock price as of March 25, 2025, was 55.3 HKD, with a 52-week high of 84.23 HKD and a low of 54.78 HKD [3]. - The report notes a relative underperformance compared to the Hang Seng Index over various time frames [4].

申洲国际 02313.HK 公司研究 | 动态跟踪 业绩超预期，期待 2025 年表现 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整盈利预测，预计公司 2024-2026 年每股收益分别为 4.15、 4.46 和 5.1 元（原 3.99、4.49 和 5.04 元），DCF 目标估值 93.18 港币（1 人民币 =1.07 港币），维持"买入"评级。 风险提示：经济恢复不及预期，人民币汇率波动、中美贸易摩擦对产业的扰动等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,781 | 24,970 | 28,663 | 32,205 | 36,134 | | 同比增长 (%) | 16.5% | -10.1% | 14.8% | 12.4% | 12.2% | | 营业利润(百万元) | 5,262 | 4,996 | 7,164 | 7,706 | 8,825 | | 同比增长 (%) | 37.6% | -5.1% | 43. ...

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]

港股公司报告 | 公司点评 申洲国际（02313） 证券研究报告 重新找回稳健积极成长节奏 公司发布 2024 年财报 全年收入 287 亿人民币，同增 15%；其中运动类占比 69%，收入同增 10%， 主要系中国大陆市场及美国运动品牌需求增长所致；休闲产品收入占比 25%，收入同增 27%，主要系日本及其他市场休闲产品需求增长；内衣收 入占比 5%，收入同增 35%，主要系日本市场内衣需求增长。 分客户看，客户甲收入 80 亿人民币，同增 33%；客户乙 74 亿元，同减 4%； 客户丙营收 50 亿元，同增 35%。 2024 年毛利率 28.1%，同增 3.8pct，毛利 81 亿人民币，同增 33%； 2024 年净利 62 亿元，同增 37%； 2024 年分红率约 56%。 公司对未来发展抱有充分信心和乐观展望 2024 年公司产能利用率已恢复至正常水平，海内外各生产基地员工人数进 一步增加，生产效率亦明显提升，有效促进盈利水平回升。 回顾年内工作，公司努力提升服务质量，积极拓展市场需求；进一步扩充 产能规模，提升全员生产效率；加强供应商管理，促进了供应链的整体竞 争力和协同效应。 年内服装零售 ...

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]