智通财经APP获悉，花旗发布研究报告称，予申洲国际(02313)“买入”评级，将2024年至2025年的每股盈利预测上调3%至4%，并将目标价由102港元上调至108港元。 报告中称，公司2023年业绩的营业收入低于市场普遍预测，不过同一时间公司归属利润符合预期，受毛利率超出预期所带动。该行认为，公司于今年内可实现双位数的销售增长，主要受惠于去年的低基数效应；加上除了Nike以外，所有主要全球及国内品牌订单均录得双位数增长的表现。 此外，花旗预期申洲今年的营业收入成长率为12%，并指公司自去年第四季开始已恢复正增长，预计相关表现在今年第一季仍可维持。该行预期公司今年的毛利率将进一步上调3.5%至27.8%，而且相信未来派息率将维持于60%以上。 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 申洲国际（02313.HK） 2023 年业绩点评：下半年收入降幅收窄，24 年展 2024 年 03月 28日 望积极 买入（维持） 证券分析师 李婕 执业证书：S0600521120003 [盈Ta利bl预e_测EP与S]估 值 2022A 2023A 2024E 2025E 2026E lijie@dwzq.com.cn 营业总收入（百万元） 27,781 24,970 28,560 32,650 36,634 证券分析师 赵艺原 同比 16.51% -10.12% 14.38% 14.32% 12.20% 执业证书：S0600522090003 归母净利润（百万元） 4,563 4,557 5,574 6,403 7,274 同比 35.33% -0.12% 22.31% 14.87% 13.60% zhaoyy@dwzq.com.cn EPS-最新摊薄（元/股） 3.04 3.03 3.71 4.26 4.84 P/E（现价&最新摊薄） 22.22 22.24 18.19 15.83 13.94 股价走势 [ [TT aab bl le e_ _T S ...

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）： 65.80 2023 年业绩符合预期，2024 年展望乐观 2024.03.27 海 ——申洲国际2023 年业绩点评 [ 交Ta易bl数e_M据a rket] 外 王佳(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 010-83939781 0755-23976666 010-83939831 当前市值（百万港元） 98,912 司 wangjia025750@gtjas.com caodongqing026730@gtjas.c zhaobo026729@gtjas.com 证书编号 S0880524010001 oSm08 80122070070 S0880122070053 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年利润符合预期，2024年订单恢 ...

Investment Rating - Buy (Maintained) with a current price of HKD 72.7 [2] Core Views - Despite a 10.1% YoY decline in revenue in 2023, the company's net profit remained stable, with a slight decrease of 0.1% YoY to RMB 4.557 billion [5] - The company's gross margin improved by 2.2 percentage points to 24.3% in 2023, driven by increased efficiency in overseas factories and reduced fixed costs per unit [6] - The company's net cash assets after deducting borrowings reached RMB 11.438 billion at the end of 2023, indicating strong financial health and risk resistance [8] - The company expects order improvements and profitability recovery in 2024, with capacity utilization returning to full production levels in Q1 2024 [9] Revenue and Profit Analysis - Revenue in 2023 was RMB 24.97 billion, down 10.1% YoY, primarily due to reduced demand in European and American markets and customer inventory adjustments [5] - Net profit attributable to shareholders was RMB 4.557 billion, down 0.1% YoY, with a net profit margin of 18.3%, up 1.8 percentage points YoY [5] - EPS for 2023 was RMB 3.03, with a full-year dividend payout ratio of 60.3% [5] - Revenue from sportswear and casual wear declined by 13.6% and 1.4% YoY, respectively, while revenue from underwear increased by 30.2% YoY [5] Geographic and Customer Breakdown - Domestic sales accounted for 28.5% of total revenue, growing 0.7% YoY, while sales in Europe and the US declined by 19.1% and 20.4% YoY, respectively [6] - The top four customers (adidas, Nike, Uniqlo, and Puma) accounted for 79.6% of total revenue, down 2.4 percentage points YoY, with their combined revenue declining by 12.8% YoY [6] Operational Efficiency and Financial Health - The company's overseas factories contributed 53% of total garment output in 2023, up 7 percentage points YoY, with Cambodia accounting for 26% of total output [8] - Inventory turnover days increased by 11 days to 120 days, while accounts receivable turnover days increased by 17 days to 73 days [7] - Operating cash flow increased by 12.9% YoY to RMB 5.227 billion in 2023 [7] Future Outlook - The company plans to expand its workforce in 2024, adding approximately 2,000 workers in Ningbo and Vietnam, and exploring new regional layouts beyond Vietnam and Cambodia [9] - Revenue and net profit are expected to grow in 2024, with projected EPS of RMB 3.71, 4.29, and 4.90 for 2024, 2025, and 2026, respectively [9] - The company's PE ratio is forecasted at 18x for 2024 and 15x for 2025, maintaining a "Buy" rating [9]

1 交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月27日 港元65.80 港元116.00↑ +76.3% 申洲国际 (2313 HK) 全满的产能利用率和积极的全球招工预示 2024 年订单强劲  2023 年净利润符合预期，但销售额不及预期。2023 年销售额同比下降 个股评级 10.1%，净利润同比持平于 46 亿元人民币，符合市场一致/交银国际预期。由 买入 于4季度订单转好，2023 年下半年销售额同比跌幅从上半年的-15%收窄至- 5.5%，而产能利用率的提高也帮助毛利率从上半年的 22.4%回升至下半年的 25.8%。派息率提升至60.3%（原 54.9%），股息率 3.1%。鉴于净现金同比增 1年股价表现 长 40%（每股 8.4 港元，为股价的 13%），我们预计派息率保持 60%的高位。 2313 HK 恒生指数  订单强劲，所有工厂的产能利用率均达到 100%：管理层表示2024 年1季度订 5% 单强劲，预计全年销量同比增长不低于 15%，平均售价（美元）增长 1-2%。 0% -5% 业务的蓬勃发展不仅反映在越南/柬埔寨工厂的招聘计划上，也反映在宁波工 - ...

公 纺织服装 司 2024年03月 28日 报 申洲国际(2313.HK) 告 下半年收入降幅收窄，利润环比逐季改善 推荐（维持） 事项： 公司发布2023年度业绩公告：全年营收249.7亿元，同比-10.1 %；毛利润60.6 股价：72.70 港元 亿元，同比-1.1%，毛利率为 24.3%；经营利润为 53.3 亿元，同比-3.3%，经 营利润率为21.3%；归母净利润45.6亿元，同比-0.1%，归母净利润率为18.3%。 公 主要数据 全年每股合计派息2.03港元，派息比率为60.3%（2022年为54.9%）。 司 单看23H2，下半年营收134.1亿元，同比-5.5%；毛利润34.6亿元，同比+13.2%， 行业 纺织服装 年 公司网址 www.shenzhouintl.com 毛利率为25.8%；归母净利润24.3亿元，同比+10.7%，归母净利润率为18.1%。 大股东/持股 协荣有限公司/42.36% 报 实际控制人 马建荣 平安观点： 点 总股本(百万股) 1503.22  下半年收入降幅收窄，收入环比转正。2023全年公司营收为249.7亿元， 流通A股(百万股) 同比-10.1%； ...

证券研究报告 | 年报点评报告 2024年03月27日 申洲国际（02313.HK） 2023 年业绩符合预期，2024 年订单趋势良好 2023 年公司收入同比-10%/业绩同比基本持平。1）公司发布 2023 年业绩公 买入（维持） 告：2023 年主营收入同比-10.1%至 249.7 亿元，归母净利润同比-0.1%至 45.6 股票信息 亿元。其中政府补助2.5亿元（2022年为1.7亿元）、汇兑收益1.5亿元（2022 年为11.1亿元），利息收入7.8亿元（2022年为2.8亿元），剔除以上三项因素 行业 服装 影响后我们判断净利润同比稳健增长。2）量价拆分：我们根据公司产品及汇率趋 前次评级 买入 势变化估计2023年公司销售量下降低双位数/人民币销售平均单价提升中个位数 3月26日收盘价(港元) 65.80 /美元单价略有提升。3）盈利质量：2023年毛利率同比+2.2pct至24.3%（其中 总市值(百万港元) 98,912.03 H1、H2毛利率分别22.4%、25.8%，伴随着产能利用率改善，公司毛利率已有环 总股本(百万股) 1,503.22 比提升）；销售/管理费用率同比分别-0.1 ...

证券研究报告 | 2024年03月27日 申洲国际（02313.HK） 买入 2023 年净利润持平，下半年毛利率修复至 25.8% 核心观点 公司研究·财报点评 纺织服饰·纺织制造 2023年净利润持平，下半年收入及毛利率环比提升明显。2023年公司收入 下降10%至249.7亿元，人民币单价提升5%左右，美金单价上升1%左右， 证券分析师：丁诗洁 证券分析师：关竣尹 0755-81981391 0755-81982834 体现品牌去库存影响。归母净利润同比持平45.6亿元，剔除政府补贴、 dingshijie@guosen.com.cnguanjunyin@guosen.com.cn 汇兑、利息净收入影响的主营净利润同比提升11%，主要由于毛利率提升2.2 S0980520040004 S0980523110002 百分点至24.3%，及税率更低的海外子公司盈利占比提升带动所得税率下降。 基础数据 全年经营性现金流净额52亿元，增长13%，净现比1.15；公司净现金 投资评级 买入(维持) 114亿元，同比增加32亿元。全年派息率小幅提升至60%。 合理估值 91.00 - 99.00港元 收盘价 65. ...

纺织制造 申洲国际（02313.HK） 买入-A(维持) 海外成衣产能占比过半，2023H2 销售毛利率环比改善 2024年3月27日 公司研究/公司快报 公司近一年市场表现 事件描述  3月26日，公司披露2023年年度业绩，2023年，公司实现收入249.70亿元，同比 下降10.1%，实现归母净利润45.57亿元，同比下降0.1%，基本每股收益3.03元/股， 同比下降0.3%。公司董事会建议派发末期股息每股1.08港元，连同中期股息每股0.95 港元，2023年合计派息2.03港元/股，2023全年派息率60.3%。 事件点评 来源：最闻，山西证券研究所  2023H2营收降幅环比改善，2023年归母净利润同比基本持平。营收端，2023年， 公司实现收入249.70亿元，其中2023H1、2023H2实现收入115.62、134.08亿元，同比 市场数据：2024年3月26日 下降14.9%、5.5%。量价拆分看，2023H1美元计产品单价同比下降1%，人民币计产品单 收盘价（港元）： 65.800 价增长5%，销售数量同比下降19.0%。2023年，美元计产品单价同比增长1%，人民币计 年内最高 ...

Sales Performance - Total sales for the year ended December 31, 2023, were approximately RMB 24,969,792,000, a decrease of 10.1% compared to 2022[2] - Sales of sportswear products accounted for 72.2% of total sales, decreasing by 13.6% year-over-year due to reduced demand in Europe and the US[2] - Sales of casual wear products accounted for 22.7% of total sales, with a slight decrease of 1.4% year-over-year, primarily due to reduced demand in Japan and other markets[2] - Sales of underwear products increased by 30.2% year-over-year, accounting for 4.3% of total sales, driven by increased demand in Japan and other markets[3] - Revenue from Mainland China increased slightly to RMB 7,124,052 thousand in 2023 from RMB 7,074,146 thousand in 2022, a growth of 0.7%[14] - Revenue from the EU decreased to RMB 5,027,285 thousand in 2023 from RMB 6,215,018 thousand in 2022, a decline of 19.1%[14] - Revenue from the US decreased to RMB 3,879,987 thousand in 2023 from RMB 4,873,358 thousand in 2022, a decline of 20.4%[14] - Revenue from Japan decreased to RMB 3,675,539 thousand in 2023 from RMB 3,926,014 thousand in 2022, a decline of 6.4%[14] - Total revenue decreased to RMB 24,969,792 thousand in 2023 from RMB 27,781,412 thousand in 2022, a decline of 10.1%[14] - Revenue from major customer A decreased to RMB 7,696,598 thousand in 2023 from RMB 8,630,511 thousand in 2022, a decline of 10.8%[16] - Sales of sportswear products decreased by 13.6% to RMB 18,031,526,000 in 2023, primarily due to reduced demand in European and American markets[41] - Sales of lingerie products increased by 30.2% to RMB 1,066,643,000 in 2023, driven by higher demand in Japan and other markets[42] - European market sales declined by 19.1% to RMB 5,027,285,000 in 2023, while U.S. market sales dropped by 20.4% to RMB 3,879,987,000[43] - Domestic sales in China increased slightly by 0.7% to RMB 7,124,052,000 in 2023, accounting for 28.5% of total sales[43] - European market sales decreased by 19.1% to RMB 5,027,285,000 in 2023 compared to RMB 6,215,018,000 in 2022, primarily due to reduced demand for sportswear[44] - US market sales declined by 20.4% to RMB 3,879,987,000 in 2023 from RMB 4,873,358,000 in 2022, driven by lower demand for sportswear[44] - Japanese market sales dropped by 6.4% to RMB 3,675,539,000 in 2023 from RMB 3,926,014,000 in 2022, mainly due to reduced demand for casual wear and discontinuation of mask sales[44] - Other overseas markets sales decreased by 7.6% to RMB 5,262,929,000 in 2023 from RMB 5,692,876,000 in 2022, primarily due to reduced exports to Australia, India, and Mexico[44] - Domestic China market sales increased by 0.7% in 2023, with apparel sales rising by 0.9% to RMB 6,964,278,000, driven by higher demand for casual wear[44] Profitability and Financial Performance - Gross profit margin for 2023 was 24.3%, an increase of 2.2 percentage points compared to 2022, with gross profit amounting to RMB 6,059,876,000, a slight decrease of 1.1% year-over-year[3] - Net profit after tax for 2023 was approximately RMB 4,557,263,000, a slight decrease of 0.1% compared to 2022[3] - The company proposed a final dividend of HKD 1.08 per share, with a total annual dividend of HKD 2.03 per share, representing a 6.3% increase compared to 2022 and a payout ratio of 60.3%[3] - Gross profit margin improved by 2.2 percentage points to 24.3% in 2023, attributed to increased capacity utilization, improved efficiency at overseas factories, and reduced COVID-19 related expenses[45] - Basic and diluted earnings per share (EPS) for 2023 were RMB 3.03, slightly down from RMB 3.04 in 2022[29] - The company achieved sales revenue of approximately RMB 24,969,792,000 in 2023, a decrease of 10.1% compared to the previous year, with net profit attributable to shareholders slightly declining by 0.1% to RMB 4,557,263,000[38] - The gross profit margin increased by 2.2 percentage points to 24.3% in 2023, driven by improved efficiency in overseas factories and reduced fixed costs per unit[38] Assets and Liabilities - Total non-current assets increased to RMB 20,131,649,000 as of December 31, 2023, compared to RMB 17,328,331,000 in 2022[7] - Total current assets stood at RMB 28,479,488,000 as of December 31, 2023, compared to RMB 26,164,534,000 in 2022[7] - Total current liabilities increased to RMB 13,384,483,000 as of December 31, 2023, compared to RMB 10,259,437,000 in 2022[7] - Net current assets decreased to RMB 15,095,005 thousand in 2023 from RMB 15,905,097 thousand in 2022, a decline of 5.1%[8] - Total assets minus current liabilities increased to RMB 35,226,654 thousand in 2023 from RMB 33,233,428 thousand in 2022, a growth of 6.0%[8] - Total non-current liabilities decreased to RMB 2,359,338 thousand in 2023 from RMB 2,467,644 thousand in 2022, a decline of 4.4%[8] - Total equity increased to RMB 32,867,316 thousand in 2023 from RMB 30,765,784 thousand in 2022, a growth of 6.8%[8] - Accounts receivable and notes increased to RMB 5,023,635 thousand in 2023 from RMB 5,005,167 thousand in 2022, with 97.3% of receivables aged within 6 months[31] - Cash and bank balances increased significantly to RMB 10,539,092 thousand in 2023 from RMB 7,097,073 thousand in 2022, while time deposits rose to RMB 12,199,178 thousand from RMB 7,099,231 thousand[36] - Total cash and cash equivalents reached RMB 11,596,453 thousand in 2023, up from RMB 7,369,498 thousand in 2022[36] - Financial assets at fair value through profit or loss decreased to RMB 803,889 thousand in 2023 from RMB 3,195,232 thousand in 2022, primarily due to a reduction in financial products issued by financial institutions[35] - Accounts payable increased to RMB 1,198,212 thousand in 2023 from RMB 931,593 thousand in 2022, with 98.8% of payables aged within 6 months[34] - The company held RMB 10,962,855 thousand in cash and bank balances denominated in RMB as of December 31, 2023, up from RMB 6,004,624 thousand in 2022[36] Costs and Expenses - Cost of goods sold decreased to RMB 18,904,165 thousand in 2023 from RMB 21,649,619 thousand in 2022[21] - Employee benefit expenses decreased to RMB 6,982,131 thousand in 2023 from RMB 7,694,740 thousand in 2022[21] - Tax expenses decreased to RMB 438,238 thousand in 2023 from RMB 698,908 thousand in 2022[23] - Current tax in Vietnam increased to RMB 92,840 thousand in 2023 from RMB 77,529 thousand in 2022[23] - Current tax in Macau slightly decreased to RMB 187,190 thousand in 2023 from RMB 188,846 thousand in 2022[23] - Deferred tax decreased to a loss of RMB 51,540 thousand in 2023 from a gain of RMB 118,345 thousand in 2022[23] - Financing costs increased to RMB 345,805 thousand in 2023 from RMB 228,359 thousand in 2022[20] - Financing costs increased by RMB 117,446,000 to RMB 345,805,000 in 2023 due to higher interest rates on USD and HKD loans[49] - Income tax expenses decreased by RMB 260,670,000 to RMB 438,238,000 in 2023, as a result of higher contributions from overseas subsidiaries with lower tax rates[49] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 1.08 per share, with a total annual dividend of HKD 2.03 per share, representing a 6.3% increase compared to 2022 and a payout ratio of 60.3%[3] - Interim dividend per ordinary share decreased to HKD 0.95 in 2023 from HKD 1.06 in 2022, with a total payout of RMB 1,316,672 thousand compared to RMB 1,362,689 thousand in 2022[26] - Final proposed dividend per ordinary share increased to HKD 1.08 in 2023 from HKD 0.85 in 2022, with a total payout of RMB 1,471,198 thousand compared to RMB 1,141,404 thousand in 2022[26] - The company proposed a final dividend of HKD 1.08 per ordinary share (approximately RMB 0.98) for the year ended December 31, 2023, subject to approval at the Annual General Meeting on May 28, 2024[59] - The company will suspend share registration from May 23, 2024, to May 28, 2024, and from June 7, 2024, to June 12, 2024, to determine shareholders eligible for the annual general meeting and final dividend distribution[60] Operational and Strategic Highlights - Overseas factories accounted for 53% of the company's total apparel output in 2023, up from 46% in 2022, with Cambodia's output share rising to 26% from 22%[39] - The company's green energy consumption reached 50% of total electricity usage, with cumulative photovoltaic installed capacity reaching 75MW, a 65% increase year-over-year[39] - Net cash generated from operating activities increased to RMB 5,226,525,000 in 2023 from RMB 4,628,120,000 in 2022, reflecting stronger cash flow[47] - Net debt decreased by RMB 1,320,671,000 to RMB 507,515,000 in 2023, driven by higher operating cash inflows[47] - Total number of employees as of December 31, 2023, was approximately 92,030, with employee costs accounting for 28.0% of the company's sales, an increase of 0.3 percentage points from the previous year[52] - Total investment in property, plant, and equipment, and prepaid land lease payments for the year amounted to approximately RMB 1,059,526,000, with 42% allocated to purchasing production equipment and 53% to constructing and purchasing new factory buildings and prepaid land lease payments[53] - Capital commitments for land use rights, property, plant, and equipment as of December 31, 2023, were approximately RMB 956,201,000, to be funded mainly by internal resources and bank loans[53] - The company's capital-to-debt ratio as of December 31, 2023, was 36.8%, calculated as the percentage of total outstanding borrowings to equity attributable to owners of the parent[54] - The company expects global inflation pressures to ease, with potential interest rate cuts in major developed economies, which could boost consumer demand, particularly in overseas apparel markets[56] - The company plans to expand its overseas production capacity beyond existing bases in Vietnam and Cambodia to better meet customer procurement needs across different markets[56] - The company will focus on advancing smart manufacturing, digital management, green and low-carbon development systems, and diversifying and upgrading its product offerings[56] - The company aims to enhance its green development model by optimizing resource and energy usage, improving recycling processes, and increasing the use of clean energy and green materials[57] - The company plans to expand its product categories, invest in R&D for innovative and functional products, and strengthen collaboration with upstream and downstream partners in the industry chain[58] - The company aims to enhance corporate governance, focusing on net profit growth and stable cash flow, ensuring long-term development and shareholder returns[61] Corporate Governance and Committees - The board of directors complies with the requirement of having at least three independent non-executive directors, with one possessing appropriate professional qualifications or financial expertise[64] - The company has adopted a shareholder communication policy to address shareholder concerns and ensure effective communication, effective since March 26, 2012[67] - No purchases, redemptions, or sales of the company's listed securities were made during the year ended December 31, 2023[70] - The public holds at least 25% of the company's total issued share capital as of December 31, 2023[72] - The audit committee, chaired by Mr. Jiang Xianpin, consists of four independent non-executive directors and oversees financial practices, risk management, and internal controls[72] - The audit committee held two meetings with external auditors during the year to discuss audit procedures and accounting matters[73] - The company established a Remuneration Committee on October 9, 2005, responsible for recommending overall remuneration policies and structures for directors and senior management[74] - The Remuneration Committee consists of executive director Ma Renhe and three independent non-executive directors: Zhang Bingsheng, Jiang Xianpin, and Liu Chunhong, with Zhang Bingsheng as the chairman[74] - The company established a Nomination Committee on October 9, 2005, responsible for identifying and recommending suitable candidates for directorship and reviewing the board's structure and diversity[75] - The Nomination Committee includes executive director Ma Jianrong and three independent non-executive directors: Liu Xinggao, Jiang Xianpin, and Zhang Bingsheng, with Ma Jianrong as the chairman[75] - The company's auditor, Ernst & Young, confirmed that the preliminary results for the year ended December 31, 2023, matched the consolidated financial statements[76] - The annual report for the year ended December 31, 2023, will be published on the Hong Kong Stock Exchange and the company's website by April 30, 2024[77] - The Annual General Meeting will be held on May 28, 2024, at the company's office building in Ningbo, Zhejiang Province, China[78] - The company has four executive directors: Ma Jianrong, Huang Guanlin, Ma Renhe, and Wang Cunbo, and four independent non-executive directors: Jiang Xianpin, Zhang Bingsheng, Liu Xinggao, and Liu Chunhong[78] Miscellaneous - Government subsidies increased to RMB 250,305 thousand in 2023 from RMB 172,632 thousand in 2022[19] - Interest income rose significantly to RMB 778,904 thousand in 2023 compared to RMB 278,126 thousand in 2022[19] - Net exchange differences improved to RMB 150,577 thousand in 2023 from a loss of RMB 1,105,563 thousand in 2022[19]