Group 1 - The company achieved a revenue growth of 15.3% in the first half of the year, exceeding market expectations despite a challenging trade environment and weak domestic apparel consumption [1] - The revenue growth is primarily attributed to an increase in market share among major clients in the sports and leisure brand segments, with sales growth rates for the top four clients reaching 27%, 6%, 28%, and 15% respectively [1] - Although the gross margin declined by 1.9 percentage points year-on-year due to rising labor costs, the company still managed to achieve an 8.4% growth in net profit attributable to shareholders, supported by rapid revenue growth, effective cost control, and increased government subsidies and foreign exchange gains [1] Group 2 - The company is recognized as a leading global manufacturer in the sports apparel sector, with core competencies in globalized and integrated forward-looking layouts, as well as strong manufacturing, research, and management capabilities [2] - The company continues to expand and upgrade its integrated production capacity in Vietnam, Cambodia, and domestically, reinforcing confidence in its long-term sustainable growth [2] - Earnings forecasts for 2025-2027 have been slightly adjusted, with expected earnings per share of 4.37, 4.88, and 5.60 yuan respectively, and a DCF target valuation of 85.09 HKD [2]

智通财经APP获悉，建银国际发布研报称，申洲国际(02313)上半年净利润同比增长8%，略高于该行预 期的2%增幅，主要因收入增长及其他收入超出预期，足以抵消利润率收缩的影响。收入增长主要由7% 销量增长及约1%平均售价提升所推动。该行将目标价由69港元上调至70港元，维持"跑赢大市"评级。 虽然全球宏观环境充满挑战，集团持续从其他同业中夺取市场份额。毛利率收窄1.9个百分点，主要因 去年7月起薪酬成本上升。更高的政府补助及净利息收入，抵消了有效税率上升的影响，以推动利润增 长8%。 （原标题：建银国际：升申洲国际(02313)目标价至70港元 上半年净利润胜预期） ...

建银国际发布研报称，申洲国际(02313)上半年净利润同比增长8%，略高于该行预期的2%增幅，主要因 收入增长及其他收入超出预期，足以抵消利润率收缩的影响。收入增长主要由7%销量增长及约1%平均 售价提升所推动。该行将目标价由69港元上调至70港元，维持"跑赢大市"评级。 虽然全球宏观环境充满挑战，集团持续从其他同业中夺取市场份额。毛利率收窄1.9个百分点，主要因 去年7月起薪酬成本上升。更高的政府补助及净利息收入，抵消了有效税率上升的影响，以推动利润增 长8%。 ...

交银国际表示，申洲国际今年上半年收入同比增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8.4%至31.8亿元人民币。该行认为，申洲国际下半年毛利率有望在品类结构的推动下环比略 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。 交银国际发布研报称，小幅下调申洲国际(02313)今明两年的收入预测3%至4%，基于更保守的毛利率假 设，下调净利润预测16%。基于2026年16倍预测市盈率，下调目标价至84港元。公司仍在持续推进垂直 一体化战略，推动海外产能建设，该行看好公司的长期稳健发展，维持"买入"评级。交银国际又下调公 司毛利率预测，预计2025下半年的毛利率环比小幅恢复，但全年毛利率仍会同比下滑0.9个百分点。基 于以上调整，下调公司今明两年盈利预测15.9%至16.4%。 ...

交银国际发布研报称，小幅下调申洲国际(02313)今明两年的收入预测3%至4%，基于更保守的毛利率假 设，下调净利润预测16%。基于2026年16倍预测市盈率，下调目标价至84港元。公司仍在持续推进垂直 一体化战略，推动海外产能建设，该行看好公司的长期稳健发展，维持"买入"评级。交银国际又下调公 司毛利率预测，预计2025下半年的毛利率环比小幅恢复，但全年毛利率仍会同比下滑0.9个百分点。基 于以上调整，下调公司今明两年盈利预测15.9%至16.4%。 交银国际表示，申洲国际今年上半年收入同比增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8.4%至31.8亿元人民币。该行认为，申洲国际下半年毛利率有望在品类结构的推动下环比略 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 - Daiwa's report indicates that Shenzhou International (02313) achieved a 15.3% year-on-year revenue growth in the first half, slightly exceeding market expectations, but the core net profit growth of 6.2% fell short of expectations due to weaker-than-expected gross margin performance [1] Financial Performance - Revenue increased by 15.3% year-on-year, surpassing market expectations [1] - Core net profit growth was 6.2% year-on-year, which was slightly below expectations [1] - The group's stock price declined following the earnings announcement, which Daiwa considers unreasonable [1] Investment Rating - Daiwa maintains a "Buy" rating for the company, citing its ability to capture order share from core customers and demonstrating robust market competitiveness [1] - The target price has been adjusted from HKD 90 to HKD 80 [1]

智通财经APP获悉，大和发布研报称，申洲国际(02313)上半年收入同比增长15.3%，略高于市场预期， 但核心净利润同比增长6.2%，略低过预期，因毛利率表现逊预期。集团股价在公布业绩后有所下跌， 该行认为并不合理。该行重申"买入"评级，因公司持续从核心客户手中夺取订单份额，展现出稳健的市 场竞争力，目标价由90港元降至80港元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5][9] Core Views - The company achieved a remarkable revenue growth of 15.3% in the first half of the year, surpassing market expectations despite a challenging trade environment and weak domestic apparel consumption [8] - The company's gross margin decreased by 1.9 percentage points year-on-year due to rising labor costs, but net profit attributable to the parent company still grew by 8.4% [8] - The company's core competitiveness lies in its global and integrated business model, which has allowed it to increase market share among major clients and expand its customer base [8] Financial Performance Summary - Revenue (in million) for 2023A is 24,970, with a year-on-year decline of 10.1%, and projected revenues for 2024A, 2025E, 2026E, and 2027E are 28,663, 32,205, 36,134, and 40,567 respectively, showing growth rates of 14.8%, 12.4%, 12.2%, and 12.3% [4] - Operating profit (in million) for 2023A is 4,996, with a year-on-year decline of 5.1%, and projected operating profits for 2024A, 2025E, 2026E, and 2027E are 7,164, 7,557, 8,455, and 9,717 respectively, indicating growth rates of 43.4%, 5.5%, 11.9%, and 14.9% [4] - Net profit attributable to the parent company (in million) for 2023A is 4,557, with a year-on-year decline of 0.1%, and projected net profits for 2024A, 2025E, 2026E, and 2027E are 6,241, 6,575, 7,339, and 8,415 respectively, showing growth rates of 36.9%, 5.4%, 11.6%, and 14.7% [4] - Earnings per share (in yuan) for 2023A is 3.03, with projections for 2024A, 2025E, 2026E, and 2027E being 4.15, 4.37, 4.88, and 5.60 respectively [4] Valuation Summary - The DCF target valuation is set at 85.09 HKD, with the current share price at 58 HKD [3][5][9] - The company’s price-to-earnings ratio (P/E) for 2025E is projected at 12.1, and the price-to-book ratio (P/B) is projected at 2.0 [4]

Investment Rating - The report maintains a "Buy-A" rating for the company [2][8] Core Views - In the first half of 2025, the company achieved a revenue of 14.966 billion, representing a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 3.177 billion, up 8.4% year-on-year [2][3] - The company's revenue growth was primarily driven by an increase in sales volume, although the profit growth lagged behind revenue due to a decline in gross margin and an increase in effective tax rate [3][4] - The company has seen a steady growth in sportswear and a remarkable performance in casual wear, with casual wear revenue growing significantly due to demand from markets in Japan, Europe, and other regions [3][4] Revenue Breakdown - Domestic market revenue slightly declined by 2.1%, while overseas markets experienced rapid growth, with revenue from the EU, the US, Japan, and other regions growing by 19.9%, 35.8%, 18.1%, and 18.7% respectively [4] - The company's four core customers accounted for 82.1% of total revenue, with significant growth in revenue from Uniqlo, Nike, Adidas, and Puma [4] Profitability and Costs - The gross margin decreased by 1.9 percentage points to 27.1% due to increased employee costs, while the inventory turnover improved with a decrease in inventory turnover days by 12 days [5][7] - The net profit margin decreased by 1.4 percentage points to 21.2% due to various factors including increased effective tax rate and government subsidies [7] Future Outlook - The company is expected to continue benefiting from its diversified product strategy and enhanced customer service capabilities, with a projected earnings per share of 4.40, 4.92, and 5.45 for 2025, 2026, and 2027 respectively [8][10] - The report anticipates that the negative impact of employee costs on gross margin will diminish in the second half of the year, and the company's vertical integration in fabric and garment production remains a core competitive advantage [8]

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]