Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company has demonstrated robust growth in its seamless business and strong profitability in its cotton sock segment, with a revenue increase of 16% year-on-year and a net profit increase of 31% for the first three quarters of 2024 [1]. - The third quarter of 2024 saw a significant revenue growth of 37% year-on-year, driven by the performance of both the cotton socks and seamless business segments [1]. - The company is expected to achieve a revenue growth of over 15% in 2024, with net profit projected to grow by approximately 20% due to increased orders and improved capacity utilization [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 1.92 billion yuan and a net profit of 260 million yuan, with a net profit margin of 13.7% [1]. - The gross margin for the same period improved by 2.7 percentage points to 28.7%, while the net profit margin increased by 1.6 percentage points [1]. - The company’s cash flow remains stable, with a net operating cash flow of 220 million yuan, approximately 0.9 times the net profit for the same period [2]. Business Segment Analysis - The cotton sock business is estimated to have grown by around 20% year-on-year for the first three quarters of 2024, with a notable acceleration in growth in the third quarter [1]. - The seamless apparel segment is projected to have a revenue growth of approximately 5% year-on-year, with a significant rebound in the third quarter, indicating potential for future profitability improvements [1][2]. Capacity and Expansion Plans - The company is currently operating at near full capacity in its cotton sock production and is actively expanding its production capacity to meet increasing demand, with an expected growth of over 10% in cotton sock capacity by 2025 [2]. - Ongoing expansion projects in Vietnam are aimed at increasing production capabilities, including a new facility for high-end cotton socks [2].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： [Table_Summary] 投资建议：维持 2024-2026 年 EPS 预测为 0.86/1.01/1.17 元，考虑到 公司成长性佳，给予 2024 年略高于行业平均的 15 倍 PE，维持目标 价 12.92 元，维持"增持"评级。 事件：2024Q1-3 营收/归母净利/扣非归母分别为 19.2/2.6/2.6 亿元， 同比+16.0%/+31.2%/+28.1%；其中 Q3 营收/归母净利/扣非归母分别 为 7.5/1.0/1.0 亿元，同比+37.0%/+27.0%/+21.9%。收入端超预期， 利润端符合预期。 2024Q3 收入及利润靓丽高增，利润增速低于收入端系所得税率影 响。2024Q3 大客户订单发货理想，带动收入同比高增 37%，毛利率 基本持平，销售/管理费用率分别为 2.6%/6.9%，同比-1.1/-0.6pct，带 动费用率同比略有改善；但 2023Q3 受益于递延所得税影响，所得 税率降低至 6%，2024Q3 所得税率已恢复至 16%，因此所得税增加 导致利润增速低于收入端。 棉袜及无缝均表现 ...

证券研究报告 | 2024年10月24日 健盛集团（603558.SH） 优于大市 第三季度收入增长 37%，无缝服饰收入增速转正 第三季度收入快速增长 37%，归母净利润增长 27%。公司是棉袜龙头制造商， 2017 年拓展无缝服饰代工业务。2024 年第三季度收入同比增长 37.0%至 7.5 亿元，其中主业棉袜业务预计维持较快增长，无缝服饰业务出现拐点、同比 高速增长。归母净利润同比增长 27.0%至 1.0 亿元。第三季度毛利率同比小 幅下滑 0.1 百分点至 28.5%，预计棉袜业务毛利率表现较好，主要受无缝服 饰越南生产基地盈利水平较低影响。整体费用率优化 0.9 百分点，主要来自 销售和管理费用率的优化；财务费用率受汇兑损失影响，同比+1.3 百分点至 1.4%。此外，所得税率较过去大幅提升，主要因部分子公司减亏，今年及未 来预计将维持在 15%左右的水平。归母净利率同比-1.0 百分点至 12.9%。 经营指标健康度较高，资本开支增加用于产能提升。存货周转天数同比-16 天至 115 天，存货金额同比增长 18.5%，环比二季度末下降 4.7%，预计主要 因下半年订单体量同比加大，提前备料所致 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥754,906,048.48, representing a year-on-year increase of 37.01%[2] - Net profit attributable to shareholders for the same period was ¥97,487,898.94, up 27.03% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥95,404,239.37, reflecting a 21.90% increase compared to the previous year[2] - Basic and diluted earnings per share for the period were both ¥0.27, marking a 28.57% increase year-on-year[3] - The weighted average return on equity increased by 0.74 percentage points to 3.93%[3] - Total revenue for the first three quarters of 2024 reached ¥1,923,555,680.63, an increase of 15.9% compared to ¥1,658,660,210.45 in the same period of 2023[17] - The net profit for the third quarter of 2024 reached CNY 263,195,019.77, an increase of 31.2% compared to CNY 200,574,141.15 in the same period of 2023[18] - The total comprehensive income for the third quarter of 2024 was CNY 233,946,024.08, up from CNY 185,186,446.07 in the previous year, reflecting a growth of 26.3%[19] - Basic and diluted earnings per share for the third quarter of 2024 were both CNY 0.72, compared to CNY 0.54 in the same quarter of 2023, representing a 33.3% increase[19] - The total operating profit for the third quarter of 2024 was CNY 310,900,665.11, compared to CNY 208,445,701.50 in the same quarter of 2023, representing a growth of 49.1%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,915,584,207.45, a 12.29% increase from the end of the previous year[3] - The total assets of the company reached ¥3,915,584,207.45, up from ¥3,486,987,548.50, representing an increase of 12.3%[16] - The total liabilities increased to ¥1,463,623,771.26 from ¥1,047,466,511.15, reflecting a rise of 39.7%[16] - Short-term borrowings surged to ¥1,136,562,218.39, compared to ¥659,727,299.86 at the end of 2023, reflecting a significant increase of 72.2%[16] Cash Flow - The net cash flow from operating activities for the year-to-date decreased by 48.32% to ¥224,306,349.77, attributed to increased inventory and accounts receivable[7] - Cash inflows from operating activities for the first three quarters of 2024 totaled CNY 2,056,909,759.08, compared to CNY 1,844,820,410.21 in 2023, marking an increase of 11.5%[20] - The net cash flow from operating activities decreased to CNY 224,306,349.77 in 2024 from CNY 434,054,090.48 in 2023, a decline of 48.3%[20] - Cash and cash equivalents at the end of the third quarter of 2024 amounted to CNY 416,751,434.39, compared to CNY 286,993,511.23 at the end of the same period in 2023, indicating a growth of 45.2%[21] - The company's cash and cash equivalents increased to ¥454,702,678.03 as of September 30, 2024, compared to ¥298,569,889.01 at the end of 2023, representing a growth of 52.3%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 10,276[8] - The largest shareholder, Zhang Maoyi, holds 132,212,262 shares, accounting for 35.82% of the total shares[8] - The top ten shareholders include several institutional investors, with the largest being Hangzhou Yideng Trading Co., Ltd. holding 18,898,178 shares, or 5.12%[9] Investments and Projects - The company plans to invest a total of 55 million RMB in a new production project in Vietnam, which includes the production of 65 million pairs of mid-to-high-end cotton socks annually[12] - The company has signed a contract to acquire 100% of Great Market Global Viet Nam Company Limited for 10,276,000 USD, enhancing its production capacity and supply chain integration[12] - The company has completed the repurchase of 10,193,500 shares, representing 2.76% of the total share capital, with a total expenditure of 100,026,210.21 RMB[13] - The registered capital will decrease from 369,080,949 RMB to 369,000,549 RMB following the share repurchase[11] - The company has decided to deregister its wholly-owned subsidiary, Jiangshan Jiansheng Outdoor Products Co., Ltd., to reduce operating costs[11] Operational Performance - The company reported stable growth in its cotton sock business and rapid growth in seamless products, contributing to the overall revenue increase[6] - Total operating costs for the first three quarters of 2024 were ¥1,621,752,891.16, up from ¥1,456,621,497.47 in 2023, reflecting a year-over-year increase of 11.3%[17] - The company reported a decrease in research and development expenses to ¥33,799,446.23 from ¥37,158,977.30, indicating a reduction of 9.2%[17] - The company incurred asset impairment losses of CNY -172,010.49 in the third quarter of 2024, compared to the previous year[18] - Non-recurring gains for the period included government subsidies of ¥1,210,243.34, which are closely related to the company's normal business operations[4]

关于 2024 年第三次临时股东大会决议更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江健盛集团股份有限公司（以下简称"公司"）于 2024 年 10 月 11 日在 上海证券交易所网站（www.sse.com.cn）上披露了《公司关于 2024 年第三次临 时股东大会决议公告》（公告编号：2024-059）。经事后核查，公司对 2024 年 第三次临时股东大会决议中"五、公司董事、监事和董事会秘书的出席情况"更 正如下： 更正前： 更正后： 除上述更正内容外，公司股东大会决议中其他内容均未发生变化。公司对上 述更正给投资者带来的不便深表歉意，敬请广大投资者谅解！ 特此公告。 浙江健盛集团股份有限公司董事会 证券代码：603558 证券简称：健盛集团 公告编号：2024-060 浙江健盛集团股份有限公司 2024 年 10 月 11 日 1、 公司在任董事 7 人，出席 7 人，逐一说明未出席董事及其理由；是否是上市 公司独立董事； 2、 公司在任监事 3 人，出席 3 人，逐一说明未出席监事及其理由； 3 ...

浙江天册律师事务所 关于 浙江健盛集团股份有限公司 2024 年第三次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江健盛集团股份有限公司 2024 年第三次临时股东大会的 法律意见书 编号：TCYJS2024H1561 号 致：浙江健盛集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江健盛集团股份有限公司（以 下简称"健盛集团"或"公司"）的委托，指派本所律师参加公司 2024 年第三次 临时股东大会（以下简称"本次股东大会"），并根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"） 和《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对本次股东 大会所审议的议案内容 ...

证券代码：603558 证券简称：健盛集团 公告编号：2024-059 浙江健盛集团股份有限公司 2024 年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 78 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 149,208,612 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 | | | 的比例（%） | 41.5753 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，董事长张茂义主持。本次会议采取现场投票和网络 投票相结合的表决方式，符合《公司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 10 月 10 日 (二) 股东大会召开的地点：浙江杭州萧山经济技术开发区金一路 111 号，浙 江健盛集团股份有限公司六楼会议室 (三) 出席会议的普通股股东和恢 ...

证券代码：603558 证券简称：健盛集团 公告编号：2024-058 浙江健盛集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/7 | | --- | --- | | 回购方案实施期限 | 自 2024 年 2 月 22 日起不超过 12 个月 | | 预计回购金额 | 10,000 万元~20,000 万元 | | 回购用途 | √减少注册资本 | | | □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,019.35 万股 | | 累计已回购股数占总股本比例 | 2.76% | | 累计已回购金额 | 10,002.62 万元 | | 实际回购价格区间 | 8.24 元/股~11.31 元/股 | 一、 回购股份的基本情况 二、 回购股份的进展情况 2024 年 2 月 28 日公司实施了首次回购股份，具体内容详见公司于 2024 年 2 月 ...

证券代码：603558 证券简称：健盛集团 公告编号：2024-057 浙江健盛集团股份有限公司 关于副总裁辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 李旭根先生在担任公司副总裁期间勤勉尽责、认真履职，公司及董事会对李 旭根先生在任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 浙江健盛集团股份有限公司 董事会 2024 年 9 月 28 日 浙江健盛集团股份有限公司（以下简称"公司"）董事会近日收到公司副总 裁李旭根先生提交的辞职报告。因个人原因，李旭根先生申请辞去公司副总裁职 务，辞职后，李旭根先生将不再担任公司任何职务。根据相关法律法规及《公司 章程》的规定，李旭根先生的辞职报告自送达董事会之日起生效。李旭根先生辞 职不会影响公司的正常生产经营工作。 ...

浙江健盛集团股份有限公司 2024 年第三次临时股东大会会议材料 浙江健盛集团股份有限公司 2024 年第三次临时股东大会 | 一、 | 2024 年第三次临时股东大会会议须知 3 | | --- | --- | | 二、 | 2024 年第三次临时股东大会议程 5 | | 三、 | 2024 年第三次临时股东大会会议议案 7 | | | 议案一《关于回购注销第二期员工持股计划部分股票的议案》 7 | | | 议案二《关于减少注册资本及修订<公司章程>并办理工商变更登记的议案》 .8 | 第 2 页 共 9 页 浙江健盛集团股份有限公司 2024 年第三次临时股东大会会议材料 浙江健盛集团股份有限公司 2024 年第三次临时股东大会会议须知 会议材料 2024 年 9 月 第 1 页 共 9 页 浙江健盛集团股份有限公司 2024 年第三次临时股东大会会议材料 目录 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《公司章程》、公司《股东大会议事规则》等相关法律法 规和规定，特制定本须知，请出席股东大会的全体人员遵照执行。 第 3 页 共 9 页 一、 大会设会务组，负 ...