Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 74.95 HKD [6] Core Views - The company demonstrated operational resilience despite a 10.1% YoY decline in revenue to 24.97 billion RMB in 2023, primarily due to reduced demand in the European and US markets and brand customers' inventory reduction [1] - Net profit attributable to shareholders decreased slightly by 0.1% YoY to 4.557 billion RMB, while gross margin improved by 2.2 percentage points to 24.3% due to increased efficiency in overseas factories and reduced pandemic-related expenses [1] - The company is expected to benefit from the recovery of overseas apparel demand as brand customers complete inventory reduction, with projected revenue of 28.76/32.98/37.70 billion RMB for 2024-2026 [4] Business Performance Breakdown By Product Category - Sportswear sales decreased by 13.6% YoY due to declining demand in Europe and the US [1] - Casual wear sales dropped by 1.4% YoY, mainly due to reduced demand in Japan and other markets [1] - Underwear sales increased by 30.2% YoY, driven by rising demand in Japan and other markets [1] - Other knitwear sales fell by 41.6% YoY due to the discontinuation of mask production, but excluding masks, sales increased by 0.4% YoY [1] By Region - China revenue grew by 0.7% YoY to 7.1 billion RMB, accounting for 29% of total revenue [1] - Europe revenue decreased by 19% YoY to 5.0 billion RMB, representing 20% of total revenue [1] - US revenue declined by 20% YoY to 3.9 billion RMB, making up 16% of total revenue [1] - Japan revenue fell by 6% YoY to 3.7 billion RMB, contributing 15% to total revenue [1] - Other regions' revenue decreased by 8% YoY to 5.3 billion RMB, accounting for 21% of total revenue [1] Operational Highlights - Overseas factories accounted for 53% of total garment output in 2023, with Cambodia contributing 26%, up 4 percentage points YoY [2] - Overseas employees represented 57% of the total workforce, an increase of 5 percentage points YoY [2] - The company improved supply chain efficiency through enhanced information sharing and optimized production site selection [3] Strategic Initiatives - The company is actively considering expanding overseas production capacity beyond existing facilities in Vietnam and Cambodia to better meet global customer demand [4] - Efforts are being made to accelerate the application of intelligent manufacturing and digital management, while promoting product diversification and high-end development [4] - The company is increasing R&D investment in innovative and functional products, with a focus on applying new fiber materials in high-end textile fabric development [4]

Investment Rating - Buy rating with a target price of HKD 98.09, implying a 32.4% upside from the current price of HKD 74.10 [1][3] Core Views - 2023 net profit of RMB 4.56 billion met expectations, with capacity utilization recovering to 100% [1] - Revenue declined 10.1% YoY to RMB 24.97 billion due to weak global consumer demand and customer destocking [1] - Gross margin improved 2.2ppt to 24.3%, driven by higher capacity utilization and overseas factory efficiency [1] - Effective tax rate dropped to 8.8% due to higher overseas profit contribution [1] - Final dividend of HKD 1.08 declared, representing a payout ratio of 60.3% [1] - Double-digit revenue growth expected in 2024 as destocking progresses and capacity utilization remains at 100% [3] Financial Performance - Revenue breakdown by product: sportswear -13.6%, casualwear -1.4%, underwear +30.2%, others -41.6% [2] - Revenue breakdown by region: Europe -19.1%, US -20.4%, Japan -6.4%, other regions -7.6%, China +0.7% [2] - Key customer growth: Nike -10.8%, Adidas -24.1%, Uniqlo +2.9%, Puma -28.1% [2] - Domestic brands' share increased to 11%, while Lululemon accounted for 2% of sales [2] - 2H23 revenue declined 5.5% YoY, with Q4 returning to positive growth [3] - 2H23 gross margin improved 3.1ppt QoQ to 25.8% [3] Forecasts - 2024 revenue forecast at RMB 28.15 billion, +12.8% YoY [4] - 2024 net profit forecast at RMB 5.37 billion, +17.8% YoY [4] - 2024 EPS forecast at RMB 3.57, +17.8% YoY [4] - 2024 dividend forecast at HKD 2.41, with payout ratio maintained at 60% [4] - 2024-2026 revenue CAGR forecast at 13.0% [4] - 2024-2026 net profit CAGR forecast at 17.8% [4] Industry and Company Positioning - The company operates in the apparel and textile industry [2] - It benefits from vertical integration, balanced domestic and overseas presence, and strong management execution [3] - The company is well-positioned as an industry leader with innovative product capabilities [3]

公司研究 | 动态跟踪 申洲国际 02313.HK 买入（维持） 毛利率逐步修复，2024 年业绩展望乐观 股价（2024年03月28日） 74.1港元 目标价格 97.65港元 52周最高价/最低价 87.25/59.3港元 总股本/流通H股（万股） 150,322/150,322 H股市值（百万港币） 111,389 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入249.7亿，同比下滑10.1%，实现净利润 报告发布日期 2024年03月29日 45.6亿，同比下滑0.1%，其中23H2收入和归母净利润分别下滑5.8%和增长 10.7%，全年盈利好于市场预期。2023派息比例为60.3%。 1周 1月 3月 12月 ⚫ 欧美运动产品订单拖累公司收入表现，国内市场表现好于国际。具体来看，1）分品 绝对表现% 8.02 12.02 -8.91 -4.31 类来看，2023年运动类/休闲类/内衣类/其他针织品收入分别下滑13.6%、下滑 相对表现% 9.93 11.99 -5.96 12.08 1.4%、增长30.2%和下滑41.6%，其中运动类产品下滑主要系欧洲和美国 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][5] Core Views - The company experienced a decline in revenue due to inventory destocking by European and American brand clients, with a 10.12% year-on-year decrease in revenue to 24.97 billion RMB in 2023. However, net profit remained stable at 4.557 billion RMB, reflecting a slight increase of 0.12% year-on-year [2][4][6] - The gross margin improved to 24.27%, up 2.22 percentage points from the previous year, attributed to increased capacity utilization and enhanced efficiency of overseas factories [3][6] - The company is transitioning towards a green low-carbon production model, with approximately 50% of its electricity sourced from green energy as of the end of 2023 [6][8] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 24.97 billion RMB, a decrease of 10.12% year-on-year, while net profit was 4.557 billion RMB, showing a marginal increase of 0.12% [4][5] - The sales net profit margin was 18.25%, an increase of 1.82 percentage points from 2022, and the gross margin was 24.27%, up 2.22 percentage points [2][3] Revenue Breakdown - By product category, revenue from sports products was 18.032 billion RMB, down 13.6% year-on-year, while leisure products generated 5.673 billion RMB, down 1.4%. The lingerie segment saw a 30.2% increase to 1.067 billion RMB [2][4] - Geographically, revenue from Europe and the US declined significantly, with decreases of 19.1% and 20.4%, respectively, while domestic market revenue increased by 0.7% to 7.124 billion RMB [2][3] Future Outlook - The company expects revenue growth of 15% in 2024, reaching 28.83 billion RMB, with net profit projected to increase by 17% to 5.337 billion RMB [6][7] - The report highlights the potential for order recovery in the second half of 2024, driven by brand client expansion and improved operational efficiency in overseas factories [5][6]

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 纺织服装 | 公司研究 23H2 毛利率环比改善，业绩拐点信号显现 2024年3月27日 申洲国际 (2313.HK) 买入 公司发布2023年业绩公告，业绩符合预期。23年实现营收250亿元，同比下滑10.1%，归母净 利润45.6亿元，同比下滑0.1%，主要受欧美运动类产品消费需求不足及客户去库存的影响。其中， 维持 23H2实现营收134亿元，同比下滑5.5%，归母净利润24.3亿元，同比增长10.7%，业绩环比上 半年改善，下半年随订单逐步回暖，收入降幅收窄、利润改善程度更高。拟派发末期股息每股1.08 港元，此前已派发中期股息每股0.95港元，23年累计派息每股2.03港元，派息比率达60.3%。 市场数据：2024年3月27日 欧美运动类产品需求暂下滑，内衣品类及新客户贡献提升。1）分品类：内衣类产品收入增速最高。 收盘价（港币） 72.70 23年，运动类产品收入180亿元，同比下滑13.6%，营收占比72.2%，主要系欧美客户处于去库 恒生中国企业指数 5,72 ...

纺织服饰/纺织制造 公 司 全年毛利率逐季改善，期待 2024 年盈利能力再向上 研 申洲国际（02313.HK） 究 ——港股公司信息更新报告 2024年03月29日 吕明（分析师） 周嘉乐（分析师） 张霜凝（联系人） lvming@kysec.cn zhoujiale@kysec.cn zhangshuangning@kysec.cn 投资评级：买入（维持） 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070037 日期 2024/3/28  2023Q2收入降幅收窄，毛利率环比改善，维持“买入”评级 当前股价(港元) 74.100 2023年公司营收249.7亿元（同比-10%，下同），预计销量-15%、美元单价+1%/ 港 一年最高最低(港元) 87.250/60.800 人民币单价+5%。2023 年归母净利润 45.6 亿元（-0.1%），收入下降而业绩基本 股 总市值(亿港元) 1,113.89 持平主要系毛利率恢复&控费&利息收入增加3.9亿元&有效税率下降贡献2.6亿 公 元，剔除政府补助、利息收入、汇兑损益影响，核心利润为3 ...

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]