公司强调通过培训与自动化措施提升生产效率，该行预期情况将逐步改善。业务方面，集团在主要客 户，如Adidas和Uniqlo仍取得稳健进展，订单增速超越客户零售销售增长，显示市场份额持续提升。凭 借其强大的订单获取能力，该行预期2026年公司仍能实现温和增长。 智通财经APP获悉，中银证券发布研报称，虽然申洲国际(02313)上半年收入同比增长15.3%至149.66亿 元人民币，超出市场预期，但毛利率27.1%逊预期，净利润增同比增长8%相对平缓。该行认为关键因素 在于劳动成本上升，且2023至24年大规模招聘后生产效率尚未完全跟上。考虑到在地缘政治新常态下， 盈利增速可能放缓并拖累估值，将目标价由90港元下调至77港元，维持"买入"评级。 ...

Core Viewpoint - Bank of America Securities has downgraded the earnings per share forecast for Shenzhou International (02313) by 2% and 3% for the next two years, while also lowering the target price from HKD 73 to HKD 71.8, despite maintaining a "Buy" rating due to strong sales growth from major clients [1] Group 1: Financial Performance - Shenzhou International's gross margin performance in the first half of the year was below expectations, with a reported gross margin of 27.1% [1] - The company experienced strong revenue performance, partly due to favorable order timing [1] - The forecast for the second half of the year indicates only a slight improvement in gross margin, remaining below the 28.1% expected for 2024 and the pre-pandemic level of over 30% [1] Group 2: Market Position and Client Performance - Major clients of Shenzhou International showed significant sales growth that outperformed global industry peers in the first half of the year [1] - The recovery of Nike is anticipated to be a key factor influencing Shenzhou's stock performance moving forward [1]

高盛发布研报称，申洲国际(02313)上半年收入略胜预期，但经营利润逊预期1%，因劳动成本上升导致 毛利率及营业利润率均不及预期。净利润较该行预期高6%，因受惠政府补助增加及汇兑收益等因素。 该行将2025至27年净利润预测下调0.2%至上调0.6%，目标价由71港元升至74港元，维持"买入"评级。 正面而言，该行对公司有序推进的订单情况感到鼓舞，受惠于从关键客户获得稳定的份额增长，以及对 美国市场销售敝口较低等。但另一方面，毛利率复苏较预期缓慢，反映国内劳动成本上升无法有效转嫁 予客户等。 ...

Core Viewpoint - Goldman Sachs reports that Shenzhou International (02313) slightly exceeded revenue expectations for the first half of the year, but operating profit fell short by 1% due to rising labor costs impacting gross and operating profit margins. Net profit was 6% higher than the bank's expectations, benefiting from increased government subsidies and foreign exchange gains [1] Financial Performance - Revenue for the first half of the year was slightly above expectations [1] - Operating profit was 1% below expectations due to increased labor costs affecting margins [1] - Net profit exceeded expectations by 6%, attributed to government subsidies and foreign exchange gains [1] Profitability Metrics - Gross margin and operating profit margin were both below expectations due to rising domestic labor costs that could not be effectively passed on to customers [1] Future Outlook - Goldman Sachs adjusted net profit forecasts for 2025 to 2027 down by 0.2% to up by 0.6% [1] - Target price increased from HKD 71 to HKD 74, maintaining a "Buy" rating [1] Market Position - The company is encouraged by the orderly progress of orders, benefiting from stable market share growth from key clients [1] - The company has a relatively low sales exposure to the U.S. market, which is viewed positively [1]

纺织服装 申洲国际(2313.HK) 业绩稳健，盈利改善 推荐（维持） 股价：59.35 港元 主要数据 | 行业 | 纺织服装 | | --- | --- | | 公司网址 | www.shenzhouintl.com | | 大股东/持股 | 协荣有限公司/42.36% | | 实际控制人 | 马建荣 | | 总股本(百万股) | 1503.22 | | 流通 H 股(百万股) | 1503.22 | | 总市值（亿元） | 814.54 | | 流通 H 股市值(亿元) | 814.54 | | 每股净资产(元) | 24.59 | | 资产负债率(%) | 34.21 | 行情走势图 相关研究报告 【平安证券】申洲国际（2313.HK）*半年报点评*订单 量增长稳健，利润表现超预期*推荐20240830 事项： 公司发布 2025 年中期业绩：2025 上半年公司营收 149.7 亿元，同比 +15.3%；归母净利润 31.8 亿元，同比+8.4%。每股基本盈利 2.11 元，同 比+8.2%。公司派发中期股息每股 1.38 港元，同比+10.4%。 平安观点： | | 2023A | 2024A | ...

上 市 公 司 纺织服饰 2025 年 08 月 28 日 申洲国际 (02313) ——25H1 营收增长领跑运动制造业，再次证明高护城河 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 59.35 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 74.65/42.60 | | H 股市值（亿港币） | 892.16 | | 流通 H 股（百万股） | 1,503.22 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -31% 19% 69% HSCEI 申洲国际 资料来源：Bloomberg 相关研究 《申洲国际（02313）点评：穿越周期又上 台阶，24 年营收净利均创历史新高》 2025/03/27 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 联系人 求佳峰 (8621)23297818× q ...

该行将2025至27年净利润预测下调0.2%至上调0.6%，目标价由71港元上调至74港元，维持"买入"评 级。 高盛发表研究报告指，申洲国际上半年收入略胜预期，但经营利润逊预期1%，因劳动成本上升导致毛 利率及营业利润率均不及预期。净利润较该行预期高6%，因受惠政府补助增加及汇兑收益等因素。 正面而言，该行对公司有序推进的订单情况感到鼓舞，受惠于从关键客户获得稳定的份额增长，以及对 美国市场销售敝口较低等。但另一方面，毛利率复苏较预期缓慢，反映国内劳动成本上升无法有效转嫁 予客户等。 ...

机构：华鑫证券 研究员：娄倩 经营韧性再验证：生产复苏与财务稳健 申洲国际短期复苏已然明朗。虽然2023 年收入承压，全年表现不佳。但是，2024 年出现积极拐点，收 入较上年度增加14.8%。国内消费需求持续扩大，国外核心客户在结束2023年去库存需求后，订单量明 显回升。日本市场优衣库订单占比提升与美国市场运动类产品需求增长，受益于此，公司产能利用率显 著提升，释放出业绩复苏的信号。在应对风险的同时持续优化订单结构，实现订单量与毛利率的同步提 高。 长期来看，申洲国际财务表现稳健，成本管控卓越。2024年，毛利率回升至28.1%。锁定下游行业龙头 客户，大幅降低市场开拓成本。卓越的生产管理能力进一步优化成本结构，全方位保障公司在行业波动 中的盈利稳定性。 1. 客户结构优化。公司持续推进客户结构多元化，显著降低对头部客户的依赖。通过重点开拓安踏、李 宁等国内运动品牌及Lululemon 等细分领域龙头，新客户收入占比三年内提升6.6 个百分点至16.2%，有 效分散集中度风险。 2. 产品结构高端化。业务结构向高附加值品类倾斜，形成"运动主导、休闲升级"的格局。运动品类依托 NikeFlyknit 等创新 ...

中金发布研报称，基本维持申洲国际(02313)2025/26年EPS4.39/4.80元，当前股价对应12/11倍2025/26年 市盈率，维持跑赢行业评级。考虑行业估值中枢上移，上调目标价5.5%至73.72港元，对应15/14倍 2025/26年市盈率，有24%的上行空间。 中金主要观点如下： 管理层维持2025年订单量增长低双位数的指引，该行预计2H25订单量同比增长高单位数;毛利率方面， 随着一次性的工资增长结束以及客户结构变化因素逐渐消除，该行预计2H25毛利率有望在环比和同比 上均有提升。 风险提示：下游客户增长不及预期，原材料价格波动，人民币汇率波动。 1H25公司收入同比增长15%，增长主要来自销量驱动。四大品牌Uniqlo/Nike/adidas/Puma收入分别同比 +27%/+6%/+28%/+15%;分地区看中国/欧洲/日本/美国收入分别同比-2%/20%/18%/36%、占比分别达到 24%/20%/17%/17%。申洲国际在四大客户中的增速均高于客户自身规模增长，说明公司在四大客户中 仍在持续获得份额提升，该行认为这充分显示出公司强劲的核心竞争力。 毛利率下降主要由于2H24一次性 ...

Core Viewpoint - The report from CICC maintains the earnings per share (EPS) estimates for Shenzhou International (02313) at 4.39/4.80 HKD for 2025/26, with a target price raised by 5.5% to 73.72 HKD, indicating a 24% upside potential based on the adjusted price-to-earnings (P/E) ratios of 15/14 times for 2025/26 [1] Financial Performance - The company reported a 15% year-on-year increase in revenue to 15 billion HKD for 1H25, with a net profit attributable to shareholders rising by 8% to 3.2 billion HKD, aligning with CICC's expectations [2] - The interim dividend declared is 1.38 HKD per share, reflecting a payout ratio of 60% [2] Revenue Growth Drivers - The 15% revenue growth exceeded expectations, primarily driven by rapid sales growth and market share gains among major clients [3] - Revenue contributions from key brands were as follows: Uniqlo (+27%), Nike (+6%), Adidas (+28%), and Puma (+15%); regional revenue growth was reported as: China (-2%), Europe (+20%), Japan (+18%), and the US (+36%) [3] Margin Analysis - Gross margin decreased by 1.9 percentage points to 27.1% in 1H25, influenced by several factors including increased labor costs due to wage hikes in 2H24, rising employee numbers in Cambodia, and changes in customer mix [4] - Other income sources, such as government subsidies and foreign exchange gains, increased by 230 million HKD year-on-year, but were offset by a higher effective tax rate, which rose by 1.7 percentage points to 12.5% [4] Tariff and Production Capacity - The impact of tariffs is manageable, with stable order rhythms and pricing agreements under current tariff arrangements with the US [5] - The company continues to expand its workforce in Southeast Asia, particularly in Cambodia and Vietnam, enhancing its production capacity and global operational advantages [5] Future Outlook - Management maintains guidance for low double-digit order growth in 2025, with expectations for high single-digit year-on-year growth in order volume for 2H25 [6] - An improvement in gross margin is anticipated in 2H25 as the one-time wage increases and customer mix issues are resolved [6]