Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is expected to achieve a revenue of 2.574 billion yuan in 2024, representing a year-on-year increase of 12.8%, and a net profit of 325 million yuan, up 20.2% year-on-year [2] - The cotton sock business is projected to grow due to increased volume and price, with a revenue of 1.844 billion yuan in 2024, a 16% increase, and a net profit of 279 million yuan, up 12.5% year-on-year [3] - The seamless apparel segment is anticipated to improve profitability significantly as production capacity utilization in Vietnam increases, with a revenue of 661 million yuan in 2024, a 5.6% increase, and a net profit of 46 million yuan, up 105% year-on-year [3] Financial Summary - Revenue and profit projections for 2024-2027 show consistent growth, with revenue expected to reach 3.401 billion yuan by 2027, and net profit projected at 470 million yuan [4][8] - The gross margin is expected to improve from 26.0% in 2023 to 29.8% in 2027, while the net margin is projected to rise from 11.9% to 13.8% over the same period [4][8] - The company maintains a high dividend payout ratio, with a cash dividend ratio of 54.74% for 2024, and a total buyback amount leading to a payout ratio of 94.7% [2]

Core Insights - BYD reported a net profit of 40.254 billion yuan for 2024, representing a 34% year-on-year increase, with R&D investment reaching 54.2 billion yuan [1][2] - Guangzhou Development plans to invest 5.612 billion yuan in the construction of the Guangzhou Pearl River Power Plant, a 2×600MW coal power environmental replacement project [1][2] - Cloud Tianhua's net profit for 2024 is 5.333 billion yuan, a year-on-year growth of 17.93%, with a proposed dividend of 1.4 yuan per share [1][2] Company Announcements - Ocean King currently has no business or products related to "deep-sea technology" [1] - Youfu Co., Ltd. reported that sales revenue from seawater polyester industrial yarn accounts for approximately 1% of the company's total revenue, indicating a low proportion [1] - Yida Co., Ltd. achieved production and sales of epoxy propylene products but did not achieve profitability [1] Project Investments - Chuangwei Digital plans to invest no more than 932 million yuan in the second phase of the Huizhou Industrial Park project [2] - Oriental Electric plans to establish a subsidiary and build a production base in Thailand [2] Contract Awards - Yonggui Electric's subsidiary won a project worth 23.218 million yuan [2] - Jinpu Garden signed a construction project general contracting contract worth approximately 215 million yuan [2] - Huaxi Energy signed a contract for a 1,800MW clean energy project in southern Laos, with a corresponding contract amount of 10.385 billion yuan [2] Share Buybacks and Transfers - Jian Sheng Group plans to repurchase shares with an investment of 50 to 100 million yuan [3] - Longshen Rongfa intends to purchase 70% equity of a research institute for 8.58494 million yuan [3] Other Developments - Rui Ge Mould plans to issue convertible bonds to raise no more than 880 million yuan for investment in intelligent manufacturing projects for new energy vehicles [1][3] - Yiwei Lithium Energy's subsidiary received a supplier designation notification from Changan Automobile [1][3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][31][36] Core Views - The company is expected to achieve a net profit growth of 20% in 2024, driven by stable growth in cotton socks and a recovery in seamless apparel profitability [1][4] - Revenue is projected to increase by 12.8% year-on-year to 2.574 billion yuan in 2024, with a net profit of 325 million yuan, reflecting a 20.2% increase [1][5] - The company plans to enhance shareholder returns through dividends and share buybacks, with a dividend of 0.3 yuan per share and a buyback plan of 50-100 million yuan [1][4] Summary by Sections Financial Performance - In Q4 2024, the company's revenue grew by 4.4% year-on-year to 650 million yuan, while net profit decreased by 11.6% to 62 million yuan, primarily due to year-end bonus provisions [2][3] - The cotton socks business saw a revenue increase of 16.0% to 1.844 billion yuan, with a net profit contribution of 279 million yuan [3][4] - Seamless apparel revenue increased by 5.6% to 661 million yuan, with a significant recovery in profitability, as the gross margin improved by 9.0 percentage points to 22% [3][4] Future Outlook - The company anticipates continued growth in cotton socks and a rapid increase in seamless apparel orders, with profitability expected to improve further as production capacity increases [4][31] - The net profit forecast for 2025-2027 is adjusted to 370 million, 410 million, and 450 million yuan, reflecting year-on-year growth rates of 14.7%, 10.6%, and 8.8% respectively [4][32] Valuation - The target price for the company is maintained at 11.80-12.70 yuan, corresponding to a price-to-earnings ratio of 11-12x for 2025 [4][31] - The company’s financial metrics indicate a projected net profit margin of 14.6% in 2024, with a return on equity (ROE) of 13.0% [5][32]

Core Viewpoint - Zhejiang Jian Sheng Group Co., Ltd. announced the shareholding situation of its top ten shareholders and top ten unrestricted shareholders as of March 24, 2025, following the board meeting that approved a share repurchase plan [1]. Shareholding Summary Top Ten Shareholders - The top ten shareholders include the "Value Preferred Flexible Allocation Mixed Securities Investment Fund," which holds 6,315,500 shares, accounting for 1.79% of the company's total share capital [1]. Top Ten Unrestricted Shareholders - The same "Value Preferred Flexible Allocation Mixed Securities Investment Fund" is also listed among the top ten unrestricted shareholders, holding 6,315,500 shares, representing 1.79% of the total share capital [1].

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(简称"公司")于2025年3月24日召开的第六届 董事会第十四次会议审议通过了《关于<浙江健盛集团股份有限公司关于回购部 分社会公众股份的预案>的议案》等相关议案。具体内容详见2025年3月25日披 露在上海证券交易所网站 (www.sse.com.cn)上的《公司第六届董事会第十四次 会议决议公告》(公告编号：2025-017)、《公司关于回购公司股份预案暨公司 "提质增效重回报"行动方案的公告》(公告编号：2025-028)、 《健盛集团 2024年年度股东大会通知》(公告编号：2025-029)。 证券代码:603558 证券简称:健盛集团 公告编号:2025-030 浙江健盛集团股份有限公司 关于前十大股东和前十大无限售条件股东持股情况的公告 特此公告。 浙江健盛集团股份有限公司 董事会 2025年3月26日 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指 引第 7 号——回购股份》等有关规定，现将董事会公告回购股份决议的 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve significant growth in net profit attributable to shareholders, with a forecasted increase of 13.5% in 2025 [7] - The company has announced a substantial share repurchase plan, aiming to buy back shares worth 0.5 to 1 billion yuan, which is expected to enhance shareholder value [7] - The company reported a revenue of 2.57 billion yuan in 2024, reflecting a year-on-year growth of 12.8%, and a net profit of 325 million yuan, up 20.2% year-on-year [7][9] Financial Data and Profit Forecast - Total revenue is projected to grow from 2.28 billion yuan in 2023 to 2.86 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 11.1% [6] - Net profit attributable to shareholders is expected to rise from 270 million yuan in 2023 to 369 million yuan in 2025, indicating a strong growth trajectory [6] - The company's gross margin is anticipated to improve from 26.0% in 2023 to 29.0% in 2025, contributing to enhanced profitability [6][9] Business Performance - The cotton sock business showed steady growth, with a revenue of approximately 1.92 billion yuan in 2024, marking a year-on-year increase of 15.85% [7] - The seamless business segment demonstrated significant improvement, with a net profit growth of 107% in 2024, driven by effective management optimization [7] - The company is focusing on strengthening its competitive edge by enhancing collaboration with established clients and expanding its customer base [7]

上 市 公 司 纺织服饰 2025 年 03 月 26 日 健盛集团 (603558) ——24 年归母净利润高增长，再度推出大额回购方案 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 25 日 | | --- | --- | | 收盘价（元） | 10.21 | | 一年内最高/最低（元） | 12.66/8.09 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 4.41 | | 流通 A 股市值（百万元） | 3,606 | | 上证指数/深证成指 | 3,369.98/10,649.08 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 6.77 | | 资产负债率% | 36.05 | | 总股本/流通 A 股（百万） | 353/353 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-25 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 1 ...

健盛集团 20250325 摘要 Q&A 健盛集团 2024 年全年经营情况如何？ 健盛集团 2024 年全年收入和归母净利润实现快速增长。棉袜板块全年实现营业 收入 19.18 亿元，净利润 2.79 亿元，其中奖励基金计提 1,630 万元，分摊在棉 袜板块为 1,184 万元。如果不考虑奖励基金的影响，棉袜业务板块实现的净利 润为 2.91 亿元。无缝针织板块全年营业收入 6.56 亿元，同比增长约 5%，净利 润 4,543 万元，其中奖励基金分摊 450 万元。如果不考虑奖励基金的影响，无 缝针织业务板块净利润为 4,993 万元。 • 健盛集团 2024 年棉袜业务营收 18.4 亿元，无缝针织业务营收 6.56 亿元， 同比增长约 5%。棉袜业务若不考虑奖励基金影响，净利润为 2.91 亿元； 无缝针织业务若不考虑奖励基金影响，净利润为 4,993 万元。 • 2024 年贵州工厂贡献了公司主要利润，占比约 60%-70%；绍兴工厂贡献约 30%；越南工厂全年基本持平，四季度实现盈利。越南生产基地产能快速增 长，对整体业绩改善明显。 • 优衣库订单变化对公司业务有影响，上半年订单减少，下半年增加 ...

证券研究报告 | 公司点评 | 纺织制造 健盛集团(603558) 报告日期：2025 年 03 月 25 日 24 年如期稳健增长，静待越南无缝提质增效 ——健盛集团点评报告 投资要点 ❑ 24 年报符合预期，年末计提压力落地 2024 年公司实现收入 25.74 亿元（同比+12.8%），归母净利润 3.25 亿元（同比 +20.2%），扣非后归母净利润 3.21 亿元（同比+22.5%），兑现高质量稳健增长。 单 Q4 实现收入 6.50 亿元（同比+4.4%），归母净利润 0.62 亿元（同比-11.6%）， 扣非后归母净利润 0.64 亿元（同比+4.0%），单季度收入降速与出货节奏有关， 而利润波动则受到年末计提奖励基金影响（提取金额为 1635 万元）。 24 年公司整体毛利率 28.8%（同比+2.8pp），Q4 毛利率 28.9%（同比+3.1pp）,提 升来自工厂精细化管理及无缝提质增效。 24 年净利率 12.6%（同比+0.8pp），Q4 净利率 9.5%（同比-1.7pp），主要受奖励 基金计提影响（Q4 销售/管理费用率分别同比+1.2pp/2.1pp）。 ❑ 全年现金分红 55% ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is experiencing excellent growth in its cotton sock business, with a projected revenue of 2.57 billion yuan in 2024, representing a year-on-year increase of 13%, and a net profit of 325 million yuan, up 20% year-on-year [1][4] - The seamless apparel segment is showing continuous improvement in profitability, with a revenue increase of 6% to 660 million yuan in 2024 [2][4] - The company is expanding its overseas production capacity, particularly in Vietnam, which is expected to enhance its competitive edge in the long term [3][4] Financial Summary - For 2024, the company expects a revenue of 2.57 billion yuan and a net profit of 325 million yuan, with a gross margin of 28.8%, an increase of 2.8 percentage points year-on-year [1][5] - The cotton sock business is projected to generate 1.84 billion yuan in revenue, a 16% increase, while the seamless business is expected to reach 660 million yuan, a 6% increase [2][5] - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of approximately 55% [1][4] Business Segmentation - The cotton sock segment is expected to see a volume increase of 14% to 378 million pairs, with a gross margin of 30% [2][3] - The seamless apparel segment is projected to have a volume increase of 25% to 33.32 million pieces, with a gross margin of 21.7% [2][3] Capacity Expansion - The company is committed to building an integrated supply chain and enhancing its production capabilities, with a focus on smart manufacturing [3] - The completion of a new production line for mid-to-high-end cotton socks is expected to boost output, with ongoing investments in Vietnam to further expand capacity [3]