Investment Rating - The investment rating for the company is "Buy" and is maintained [2][40]. Core Views - In the short term, the company is expected to benefit from industry recovery in 2024, with seamless customer expansion and improved management contributing to performance elasticity. In the long term, a focus on key customers, strong R&D, production enhancement, and efficiency improvements will strengthen the competitiveness of cotton socks, with optimistic capacity planning. The cotton sock segment is anticipated to maintain stable growth of around 10%, while the seamless segment is expected to become a driver of elastic growth. Given the better-than-expected Q1 performance and the ongoing improvement in seamless profit margins, the company's net profit forecasts for 2024-2026 have been revised upwards to 330 million, 380 million, and 430 million yuan, representing year-on-year growth of 23%, 13%, and 15%, respectively, with corresponding P/E ratios of 12, 11, and 9 [3][40]. Summary by Sections Financial Performance - In Q1, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 549 million, 82 million, and 80 million yuan, respectively, showing year-on-year increases of 10.4%, 112.1%, and 164.7% [2][3]. Business Segments - The cotton sock segment is experiencing a strong recovery, driven by increased orders from high-quality clients like Uniqlo, leading to both volume and price increases. The seamless segment, however, is underperforming due to a high base from the previous year, but is expected to see profit improvements through cost reduction and efficiency gains [3][30]. Profitability Metrics - The overall gross margin is expected to increase by 7 percentage points year-on-year to 29.3%, marking the best performance in the last five years. The net profit margin is projected to rise by 7.2 percentage points to 15% [43].

关于控股股东、实际控制人部分股份延期购回的公告 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。 重要内容提示： ● 浙江健盛集团股份有限公司（以下简称"公司"）控股股东、实际控制人 张茂义先生持有公司无限售条件流通股股份 132,212,262 股，占公司总股本的 35.82%。本次办理股份延期购回后，张茂义先生累计质押公司股份 29,600,000 股， 占其所持有本公司股份的 22.39%，占本公司总股本的 8.02%。 ● 张茂义先生及其一致行动人杭州易登贸易有限公司合计持有公司股份 151,110,440 股，占公司总股本的 40.94%（其中杭州易登贸易有限公司持有公司 股份 18,898,178 股，占公司总股本的 5.12%）。本次办理股份延期购回后，张茂义 先生及其一致行动人累计质押股份 29,600,000 股，占其所持有本公司股份的 19.59%，占本公司总股本的 8.02%。 ● 截至目前，张茂义先生所持股份的质押风险可控，不存在引发平仓或被强 制平仓的风险。 一、本次股份延期购回的具体情况 （一） ...

证券代码：603558 证券简称：健盛集团 公告编号：2024-034 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 | 246.42 万股 | | 累计已回购股数占总股本比例 | 0.67% | | 累计已回购金额 | 2,421.37 万元 | | 实际回购价格区间 | 9.15 元/股~10.88 元/股 | 一、 回购股份的基本情况 浙江健盛集团股份有限公司(以下简称"公司")于 2024 年 2 月 6 日召开第六 届董事会第七次会议，审议并通过了《关于< ...

健盛集团（603558.SH） 买入 | --- | --- | --- | --- | --- | --- | |--------------------------|-----------|-------------|------------|------------|------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 2,354 | 2,281 | 2,542 | 2,862 | 3,154 | | (+/-%) | 14.7% | -3.1% | 11.4% | 12.6% | 10.2% | | 净利润(百万元) | 262 | 270 | 334 | 384 | 429 | | (+/-%) | 56.5% | 3.3% | 23.4% | 15.0% | 11.8% | | 每股收益（元） | 0.69 | 0.73 | 0.90 | 1.04 | 1.16 | | EBIT Margin | 11.8% | 11.8% | 15.2% | 15.5% | 15.6% | | 净资产收益率 ...

浙江健盛集团股份有限公司 关于提供担保的进展公告 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个别及连带责任。 重要内容提示: 一、担保情况概述 2024 年 3 月 15 日公司召开第六届董事会第八次会议、第六届监事会第七 次会议，审议通过了《关于公司 2024 年度提供担保额度预计的议案》。为满足 公司及下属子公司经营和发展需要，根据公司及子公司的生产经营和资金需求 情况，结合 2023 年公司及子公司向银行融资的情况进行了预测分析，为确保公 证券代码：603558 证券简称：健盛集团 公告编号：2024-033 （二）被担保人最近一年又一期财务报表的主要财务数据如下： 被担保人名称：浙江健盛集团股份有限公司（以下简称"公司"）。 担保人名称：杭州健盛袜业有限公司（以下简称"杭州健盛"）。 本次担保金额及已实际为其提供的担保余额：本次担保金额不超过人民 币 18,000 万元。截止本公告披露日，杭州健盛累计为公司提供担保金 额为 89,000 万元（含本次担保），可用担保额度 1,000 万元。 本次担保是否有反担保：无 对外担保 ...

纺织服饰 《健盛集团（603558）点评：23 年利润 超 预 期 ， 棉 袜 业 务 经 营 效 益 提 升 》 2024/03/18 《健盛集团（603558）点评：23Q3 收入 利润降幅均收窄，Q4 有望环比持续改 善 》 2023/10/29 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 研究支持 李璇 A0230122060008 lixuan@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com ⚫ 公司是"棉袜+无缝"双轮驱动的运动针织公司，棉袜优势强化，无缝业务增长弹性大， 维持"买入"评级。公司加大与 Uniqlo、迪卡侬等老客户合作，同时积极开发国内外优 质客户，持续补强产业链配套产能，实现"高品质、低成本、短交期"，夯实核心竞争 力。无缝业务逐步调整优化，新客户订单陆续出货，盈利能力有望逐步提升。根据 24Q1 业绩，上调 24-26 年毛利率至 26.9%/27.3%/27.6%（原为 26.3% ...

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Views - The company has shown a robust recovery in orders, leading to significant growth in earnings quality and performance in Q1 2024, with revenue increasing by 10% year-on-year to 550 million yuan and net profit rising by 112% to 80 million yuan [6]. - The gross margin improved significantly, increasing by 7.0 percentage points to 29.3%, attributed to enhanced capacity utilization and effective cost control [6]. - The company is focusing on expanding its production capacity and enhancing its integrated supply chain capabilities, particularly in the sock segment, which is expected to see healthy growth in orders and maintain high profitability [6]. Financial Performance Summary - For Q1 2024, the company reported a revenue of 550 million yuan, a year-on-year increase of 10%, and a net profit of 80 million yuan, up 112% year-on-year [6]. - The gross margin for Q1 2024 was 29.3%, reflecting a significant improvement from the previous year [6]. - The company expects revenue growth of 10% to 20% for the full year 2024, with net profit projected to reach 335 million yuan in 2024, representing a year-on-year growth of 23.7% [6][15]. Business Segment Analysis - The sock business is anticipated to grow by approximately 30% year-on-year in Q1 2024, with a net profit margin exceeding 16% [6]. - The seamless clothing segment experienced a decline of over 20% in sales year-on-year in Q1 2024, but profitability is expected to improve due to better capacity utilization and cost control measures [6]. - The company is actively expanding its production capacity in Vietnam, with plans to invest in new facilities to support future growth [6]. Cash Flow and Inventory Management - As of the end of Q1 2024, the company's inventory decreased by 13.6% year-on-year to 530 million yuan, with inventory turnover days improving by 24.6 days to 123.4 days [6]. - The net operating cash flow for Q1 2024 was 150 million yuan, approximately 1.8 times the net profit for the same period [6]. Future Outlook - The company is expected to continue benefiting from order recovery and improved capacity utilization, with a projected net profit of 375 million yuan in 2025 and 414 million yuan in 2026 [6][15]. - The company has established a clear incentive mechanism to align the interests of its core management team with business performance [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 13.50, up from the previous forecast of CNY 12.46, and the current price is CNY 11.24 [23][29]. Core Insights - The company's Q1 2024 performance exceeded expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items increasing by 10.4%, 112%, and 112% year-on-year, respectively [29]. - The gross profit margin reached a historical high of 29.3% in Q1 2024, driven by a recovery in downstream order demand and increased foreign exchange gains [29]. - The company is actively expanding its production capacity in Vietnam, which is expected to enhance operational efficiency and profitability [29]. Financial Summary - Revenue for 2022 was CNY 2,354 million, with a projected increase to CNY 2,653 million in 2024, reflecting a growth rate of 16% [2]. - Operating profit (EBIT) is expected to rise from CNY 286 million in 2023 to CNY 369 million in 2024, indicating a growth of 29% [2]. - Net profit attributable to shareholders is forecasted to grow from CNY 270 million in 2023 to CNY 332 million in 2024, a 23% increase [2]. - The earnings per share (EPS) is projected to increase from CNY 0.73 in 2023 to CNY 0.90 in 2024 [2]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 12.6% in 2023 to 13.9% in 2024 [2]. - The return on equity (ROE) is projected to rise from 11.1% in 2023 to 12.9% in 2024 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 15.34 in 2023 to 12.49 in 2024, indicating a more attractive valuation [2]. Market Performance - The stock has shown a 49% increase over the past 12 months, outperforming the market index [31]. - The company’s market capitalization is CNY 4,148 million, with a 52-week price range of CNY 7.76 to CNY 11.45 [30].

浙江天册律师事务所 关于 浙江健盛集团股份有限公司 2023 年度差异化分红事项的 法律意见书 天册律师事务所 T & C LAW FIRM 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话:0571-8790111 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 2023 年度差异化分红事项的 法律意见书 编号:TCYJS2024H0367 号 致:浙江健盛集团股份有限公司 浙江天册律师事务所(特殊普通合伙)(以下简称"本所"或"天册")接 受浙江健盛集团股份有限公司(以下简称"健盛集团"、"公司"或"上市公司") 的委托,根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华 人民共和国证券法》(以下简称"《证券法》")、《上市公司股份回购规则》 (以下简称"《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》(以下简称"《回购指引》")、《上海证券交易所股票上市规 则》(以下简称"《上市规则》")等相关法律、法规、规章和其他规范性文件 及《浙江健盛集团股份有限公司章程》的规定,就公司2023年 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 548,536,755.66, representing a year-on-year increase of 10.42%[5] - The net profit attributable to shareholders for the same period was CNY 82,224,877.64, showing a significant increase of 112.06% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 80,069,017.79, reflecting a growth of 164.71% year-on-year[5] - Basic earnings per share for Q1 2024 were CNY 0.22, up by 120.00% year-on-year[6] - Operating profit for Q1 2024 was CNY 98.06 million, significantly up from CNY 36.09 million in the same period last year, marking an increase of 172.5%[26] - Net profit for Q1 2024 was CNY 82.22 million, compared to CNY 38.78 million in Q1 2023, representing a growth of 112.5%[26] - The total comprehensive income attributable to the parent company's owners for Q1 2024 was CNY 43,272,738.17, compared to CNY 16,147,806.64 in Q1 2023, representing an increase of approximately 168.8%[27] - Basic and diluted earnings per share for Q1 2024 were CNY 0.22, up from CNY 0.10 in Q1 2023, reflecting a growth of 120%[27] Cash Flow - The net cash flow from operating activities reached CNY 149,777,371.33, an increase of 69.85% compared to the same period last year[5] - Cash inflows from operating activities totaled CNY 732,046,558.84 in Q1 2024, compared to CNY 606,368,186.71 in Q1 2023, marking an increase of about 20.7%[30] - The net cash flow from operating activities for Q1 2024 was CNY 149,777,371.33, up from CNY 88,181,418.80 in Q1 2023, indicating an increase of approximately 69.9%[30] - Cash inflows from financing activities in Q1 2024 were CNY 360,162,146.00, compared to CNY 291,479,477.45 in Q1 2023, reflecting an increase of approximately 23.6%[30] - The net cash flow from financing activities for Q1 2024 was -CNY 45,395,054.06, an improvement from -CNY 98,180,569.53 in Q1 2023[30] - The net cash flow from investing activities for Q1 2024 was -CNY 26,594,635.28, worsening from -CNY 13,440,396.93 in Q1 2023[30] - The company received CNY 48,912,939.27 in tax refunds during Q1 2024, an increase from CNY 31,025,543.08 in Q1 2023, representing a growth of approximately 57.7%[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,421,083,560.28, a decrease of 1.89% from the end of the previous year[6] - Total assets as of March 31, 2024, were CNY 3.42 billion, down from CNY 3.49 billion at the end of 2023, a decrease of 1.9%[22] - Total liabilities decreased to CNY 957.74 million from CNY 1.05 billion, a reduction of 8.5%[23] - The company reported a decrease in inventory to CNY 533.49 million from CNY 529.04 million, a slight decline of 0.8%[21] - The company’s equity attributable to shareholders increased to CNY 2.46 billion from CNY 2.44 billion, reflecting a growth of 1.1%[23] Shareholder Information - The top shareholder, Zhang Maoyi, holds 132,212,262 shares, representing 35.82% of the total shares[14] - The second-largest shareholder, Hangzhou Yideng Trading Co., Ltd., holds 18,898,178 shares, accounting for 5.12%[14] - The company has a total of 130 employees participating in the employee stock ownership plan, with 11 employees having transferred their shares due to resignation[16] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[14] Stock Repurchase and Employee Stock Ownership Plan - The company plans to repurchase shares with a total fund not exceeding RMB 200 million and not less than RMB 100 million, with a maximum repurchase price of RMB 14.03 per share[17] - As of the announcement date, the company has repurchased a total of 2,464,200 shares, accounting for 0.67% of the total share capital, with a total payment of RMB 24,213,674.09[18] - The second phase of the employee stock ownership plan has seen 5,696,209 shares sold, generating a total income of RMB 66,652,000[16] - The company has not yet fully sold the third batch of shares from the second phase of the employee stock ownership plan as of March 31, 2024[16] - The company’s board of directors approved the employee stock ownership plan management measures and related proposals in 2020[15] - The company’s stock repurchase plan was approved by the shareholders' meeting held on February 22, 2024[17] Business Segments - The company reported a significant increase in pre-receipts for goods, which rose by 121.52%[10] - The company experienced stable growth in its cotton socks and seamless business segments, contributing to the overall profit increase[10] Return on Equity - The weighted average return on equity increased to 3.34%, up by 1.79 percentage points from the previous year[6]