Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a net profit attributable to shareholders of 270 million yuan in 2023, a year-on-year increase of 3.34%, while total revenue decreased by 3.07% to 2.28 billion yuan [4] - The company is expanding its global footprint with a new investment project in Vietnam, amounting to 550 million yuan, aimed at increasing production capacity and enhancing competitiveness in international markets [5] - The company's sock business has shown signs of recovery, with a revenue increase of 3.1% year-on-year, while seamless products are still in the recovery phase [8] Financial Performance - In 2023, the company achieved a gross margin of 25.97%, an increase of 0.19 percentage points year-on-year, and a net profit margin of 11.85%, up 0.73 percentage points year-on-year [4] - The company plans to distribute a total dividend of 184 million yuan, which represents 68% of the net profit for 2023, resulting in a dividend yield of 4.9% [4] - Revenue is projected to grow to 2.55 billion yuan in 2024, with a net profit of 316 million yuan, reflecting a year-on-year growth of 16.9% [22] Market Performance - The company's stock has shown a relative decline compared to the market index, with a 1-month absolute decline of 1.0% and a 3-month relative decline of 12.3% [3][7] - The company’s fourth-quarter revenue reached 620 million yuan, marking a year-on-year increase of 16.11%, indicating a positive trend in recovery [17] Future Outlook - The company aims to achieve a revenue of 3.35 billion yuan and a net profit of 443 million yuan by 2026, with a projected net profit margin of 13.2% [22] - The company is expected to benefit from the recovery in the sock market and the gradual improvement in the seamless business, which is anticipated to return to high growth in the future [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3]. Core Views - The company's 2023 performance exceeded expectations, with a focus on the performance inflection point and capacity optimization in Vietnam [3]. - Revenue for 2023 was 2.281 billion yuan, a year-on-year decrease of 3.1%, while net profit attributable to shareholders was 270 million yuan, an increase of 3.3% [3][16]. - The company anticipates stable growth in its core cotton sock business and improved profitability in seamless apparel due to new customer orders [3][44]. Summary by Sections Financial Performance - In 2023, the cotton sock segment generated revenue of 1.655 billion yuan, a year-on-year increase of 2.7%, with a gross margin of 29.42% [3][33]. - The seamless apparel segment saw revenue decline to 626 million yuan, a year-on-year decrease of 15.3%, with a gross margin of 12.66% [3][33]. - The company plans to invest 550 million yuan in a new production facility in Vietnam, which will enhance its capacity and optimize its supply chain [3][44]. Growth Prospects - The company has revised its net profit forecasts for 2024-2026 to 320 million, 364 million, and 426 million yuan respectively, with corresponding EPS of 0.87, 0.99, and 1.16 yuan [3][44]. - The current stock price corresponds to a PE ratio of 12.3, 10.8, and 9.2 for the years 2024-2026 [3][44]. Dividend and Shareholder Returns - The company maintains a high dividend payout, proposing a cash dividend of 0.25 yuan per share for 2023, with a cash dividend ratio of 68% [3][44]. - Plans for share buybacks of 100-200 million yuan in 2024 are also in place [3][44].

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 10.26 CNY and a fair value of 13.24 CNY [14]. Core Insights - The company reported a strong performance in Q4 2023, with revenue of 623 million CNY, a year-on-year increase of 16.11%, and a net profit of 70 million CNY, reflecting a significant year-on-year growth of 1115.41% [12]. - The company’s cotton sock business showed steady growth, while the seamless apparel segment experienced a decline [12]. - The gross margin for the company was 25.97%, with a slight increase from the previous year, and the operating cash flow for 2023 was 390 million CNY, up 25.90% year-on-year [12]. Financial Summary - Revenue for 2023 was 2,281 million CNY, a decrease of 3.07% compared to 2022, while net profit increased by 3.34% to 270 million CNY [12]. - The company expects EPS for 2024 to be 0.88 CNY, with projected growth in subsequent years [15]. - The report highlights a stable gross margin and operating quality, with a gross margin of 29.42% for the cotton sock business and a decrease in the seamless apparel business margin to 12.66% [12].

Investment Rating - The investment rating for the company is "Buy" [1][8]. Core Views - The company achieved a positive net profit growth of 2% to 270 million yuan in 2023 despite a 3% decline in revenue to 2.28 billion yuan, driven by strong performance in cotton socks [1]. - The company is a leading manufacturer of cotton socks and has expanded into seamless apparel since 2017, with cotton socks revenue growing by 3% to 1.59 billion yuan, while seamless apparel revenue decreased by 15% to 630 million yuan [1]. - The fourth quarter of 2023 saw a significant recovery with a revenue increase of 16% and a net profit turnaround to 70 million yuan [1]. - The company plans to invest 550 million yuan in expanding production capacity in Vietnam, which is expected to generate annual revenue of 1.07 billion yuan and a net profit of 150 million yuan once fully operational [1]. Summary by Sections Financial Performance - In 2023, the company's gross margin was 26.0%, slightly up year-on-year, with cotton socks gross margin improving and seamless apparel gross margin declining by 2.7 percentage points [1]. - The company maintained stable sales and management expense ratios, with a decrease in foreign exchange gains impacting the ratio by 0.6 percentage points and a reduction in asset impairment ratio by 0.3 percentage points [1]. - The company reported a dividend payout ratio of approximately 39% for the year, with total cash dividends and share buybacks amounting to about 106 million yuan [1]. Future Outlook - The company anticipates a clear recovery trend in its fundamentals for 2024, supported by improving order volumes from overseas brands [1]. - The upward revision of profit forecasts for 2024-2026 projects net profits of 310 million, 360 million, and 410 million yuan, representing year-on-year growth rates of 16.2%, 15.6%, and 13.9% respectively [1]. - The target price has been adjusted to 11.9-12.8 yuan, corresponding to a 14-15x PE for 2024 [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.46 CNY, up from a previous forecast of 9.60 CNY [4][13]. Core Insights - The company's earnings performance has exceeded expectations, driven by a recovery in demand for cotton socks and improved capacity utilization, leading to a rapid growth forecast for 2024 [4][13]. - The report highlights that the company is actively expanding its production capacity in Vietnam, which is expected to enhance earnings elasticity [4][13]. - The company plans to distribute a cash dividend of 0.25 CNY per share, indicating a commitment to shareholder returns [4][13]. Summary by Sections Financial Performance - In 2023, the company's revenue and net profit were reported at 22.81 billion CNY and 2.70 billion CNY respectively, showing a year-on-year change of -3.1% and +3.3% [4][6]. - The fourth quarter of 2023 saw a revenue increase of 16.1%, marking a turning point in income growth [4][6]. - The company achieved a net profit margin improvement in its cotton sock business, with a net profit margin increase of 2 percentage points to 15% [4][6]. Revenue Growth - The company reported a significant revenue increase of 52% in its cotton sock segment for 2023, while the seamless product segment experienced a decline of 15% [4][6]. - The report anticipates continued growth in the cotton sock segment due to recovering orders from domestic brands [4][6]. Profitability Metrics - The report projects an increase in the company's EPS to 0.89 CNY for 2024, reflecting a positive outlook for profitability [4][6]. - The return on equity (ROE) is expected to rise to 12.6% in 2024, indicating improved profitability [4][6]. Market Position - The company is positioned as a leading manufacturer in the cotton sock and seamless product sectors, with a competitive edge due to its advanced production equipment sourced from Italy, Korea, and Japan [4][6]. - The average PE ratio for comparable companies in the industry is projected at 13, while the company is valued at a higher PE of 14 due to its growth potential [4][6].

2023 年业绩超出预期，棉袜业务改善趋势清晰 -23% -11% 0% 11% 23% 34% 2023-03 2023-07 2023-11 健盛集团 沪深300 2024 年 03 月 16 日 免责声明 投资者应注意，在法律许可的情况下，本公司及其本公司的关联机构可能会持有本报告中涉及的公司所发行的证券并进行 交易，也可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。 投资评级说明 邮编：100077 邮箱：gsresearch@gszq.com 电话：021-38124100 邮箱：gsresearch@gszq.com 2024 年 03 月 16 日 | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,354 | 2,281 | 2,558 | 2,825 | 3,103 | | ...

Investment Rating - The investment rating for the company is "Buy" [1][14][40] Core Views - The company achieved a positive net profit growth of 2% in 2023, reaching 270 million yuan despite a 3% decline in revenue to 2.28 billion yuan. The growth was driven by a 19% increase in net profit from cotton socks, while seamless apparel saw a 58% decline in net profit [1][40] - The fourth quarter of 2023 showed a significant recovery with a 16% revenue growth, leading to a turnaround in net profit to 70 million yuan [1][40] - The company plans to expand its production capacity in Vietnam with an investment of 550 million yuan, aiming to generate an annual revenue of 1.07 billion yuan and a net profit of 149.8 million yuan once the project is completed [1][40] Summary by Sections Financial Performance - In 2023, the company's revenue decreased by 3% to 2.28 billion yuan, with cotton socks revenue increasing by 3% to 1.59 billion yuan, while seamless apparel revenue fell by 15% to 630 million yuan [1] - The gross profit margin for the year was 26.0%, slightly up year-on-year, with cotton socks' gross margin improving and seamless apparel's margin declining by 2.7 percentage points [1] - The company maintained stable sales and management expense ratios, with a decrease in foreign exchange gains impacting the ratio by 0.6 percentage points [1] Cash Flow and Capital Expenditure - The company reported a healthy free cash flow of 300 million yuan in 2023, significantly up from the previous year [1] - Capital expenditures for 2023 were 90 million yuan, a decrease from 250 million yuan in 2022 [1] Future Outlook - The company anticipates a clear recovery in its fundamentals for 2024, with orders expected to rebound as overseas brand inventory levels normalize [1] - The profit forecast for 2024-2026 has been raised, with expected net profits of 310 million yuan, 360 million yuan, and 410 million yuan, representing year-on-year growth rates of 16.2%, 15.6%, and 13.9% respectively [1][40] - The target price has been adjusted to 11.9-12.8 yuan, corresponding to a 14-15x PE for 2024 [1][40]

Financial Performance - The company achieved operating revenue of CNY 2,281,352,417.59, with an operating profit of CNY 278,775,592.12 and a net profit attributable to shareholders of CNY 270,430,866.18[8]. - The company's operating revenue for 2023 was approximately ¥2.28 billion, a decrease of 3.07% compared to ¥2.35 billion in 2022[28]. - Net profit attributable to shareholders for 2023 was approximately ¥270.43 million, reflecting a 3.34% increase from ¥261.70 million in 2022[28]. - Basic earnings per share for 2023 increased by 7.25% to ¥0.74, compared to ¥0.69 in 2022[29]. - The weighted average return on equity for 2023 was 10.94%, slightly up from 10.90% in 2022[29]. - The net cash flow from operating activities for 2023 was approximately ¥390.19 million, representing a significant increase of 25.80% from ¥310.17 million in 2022[28]. - The company reported a total of 132,212,262 shares held by the chairman and president, with no changes during the reporting period[107]. - The total pre-tax remuneration for the chairman and president was reported at 892,700 CNY[107]. - The company achieved a total operating revenue of CNY 2,353,581,392.96 for the year 2022, with a net profit attributable to shareholders of CNY 261,720,220.39, representing a profit distribution ratio of 57.67%[132][133]. Dividend Policy - The proposed cash dividend is CNY 0.25 per share (including tax), based on a total share capital of 369,080,949 shares, after deducting repurchased shares[8]. - The company’s cash dividend distribution for 2022 was 0.40 RMB per share, totaling approximately 151 million RMB, which accounted for 57.67% of the net profit attributable to shareholders[43]. - The company plans to distribute a cash dividend of up to 91,898,787.25 CNY, which represents 33.98% of the net profit attributable to ordinary shareholders in the consolidated financial statements[138]. - The total amount of dividends distributed, including cash dividends and share buybacks, is 105,730,962.65 CNY, accounting for 39.10% of the net profit attributable to ordinary shareholders[138]. - The company has established a clear cash dividend policy, committing to distribute at least 20% of the available profit to shareholders annually[132]. Market Strategy and Development - The company is committed to becoming a global leader in integrated supply chain manufacturing of knitted sports apparel[2]. - The company has a comprehensive strategy for market expansion and product development, although specific details are not provided in the extracted content[9]. - The company plans to continue focusing on market expansion and new product development in the upcoming fiscal year[32]. - The company plans to expand its market presence through strategic acquisitions and new product developments, aiming for a 15% increase in market share over the next two years[109]. - The company is exploring opportunities in emerging markets, particularly in Southeast Asia, to diversify its revenue streams and mitigate risks[110]. Operational Efficiency - The company is focusing on enhancing production efficiency through cost reduction and process optimization initiatives[42]. - The company aims to enhance production competitiveness by optimizing processes to achieve both cost control and quality improvement[92]. - The company plans to increase its investment in information technology and automation to improve operational data analysis capabilities[92]. - The company is focused on talent development and has implemented diverse training programs to enhance employee skills and capabilities[96]. Environmental Compliance and Sustainability - The company has implemented a solid waste classification disposal system, with a total of 256 tons of waste fabric sold to recycling companies[161]. - The company has established a wastewater treatment facility with a daily processing capacity of 1,000 tons since 2012, ensuring compliance with discharge standards[159]. - The company is committed to environmental compliance, conducting regular monitoring as per pollution discharge permits[190]. - The company has successfully completed environmental impact assessments for its projects, ensuring compliance with environmental regulations[171]. - The company reported a reduction of 16,719 tons in carbon emissions through various measures during the reporting period[195]. Governance and Compliance - The company has conducted 6 shareholder meetings and 7 board meetings during the reporting period, ensuring compliance with governance regulations[100]. - The company held its 2022 annual shareholder meeting on April 10, 2023, where several key reports and proposals were approved, including the 2022 financial settlement report[104]. - The company has maintained independence from its controlling shareholders and has not engaged in any significant related-party transactions[104]. - The company has established a comprehensive internal control system to ensure compliance and asset security, with no significant deficiencies reported during the reporting period[143]. Research and Development - The company invested 65 million in research and development for new textile technologies, which is expected to enhance product quality and reduce production costs by 10%[110]. - Research and development expenses totaled approximately 50.48 million, representing 2.21% of total revenue[67]. - The company employed 360 R&D personnel, accounting for 3.66% of the total workforce[68]. Customer and Market Engagement - User data indicates a 20% increase in customer engagement across digital platforms, highlighting the effectiveness of recent marketing strategies[110]. - The company has successfully launched three new product lines in the past quarter, contributing to a 30% increase in sales volume[110]. Risk Management - The company emphasizes that forward-looking statements regarding development strategies and operational plans are subject to market condition changes and do not constitute a commitment to investors[9]. - The company is addressing economic slowdown risks and has strategies in place to mitigate currency exchange risks through forward foreign exchange contracts[97].

浙江健盛集团股份有限公司 2023 年度社会责任报告 1、关于本报告 此社会责任报告概述浙江健盛集团股份有限公司(以下简称"公司"或"集 团"或"健盛"）的主要附属公司在工作环境、环境保护、常规运营及社区参与 等四个方面的工作方法、承诺和策略。本报告的报告期间自 2023年1月1日至 2023年12月31日止。 此报告为公司第五次发布年度社会责任报告。 2、企业文化 2.1 健盛企业文化体系 | 企业使命 | 为社会创造财富、携手实现人生潜力 | | --- | --- | | 企业愿景 | 成为客户满意,员工幸福,对社会有贡献,受人尊敬的国际化运动服饰企业 | | 核心价值观 | 诚信、创新、敬业、合作 | | 企业精神 | 自强不息,追求卓越 | | 经营理念 | 追求优异的产品质量,致力企业的发展繁荣,为社会做贡献,为员工谋幸福 | | 人才理念 | 以人为本,尊重知识,共同发展 | | 质量方针 | 持续追求优异的产品质量 | 2.2 公司使命 为社会创造财富、携手实现人生潜力 注释:我们相信潜力,企业的成长在于发挥内部员工的潜力,企业的未来在 于发现实现各利益相关方的潜力(供应商、客户、合作资源方） ...

交易目的：浙江健盛集团股份有限公司（以下简称"公司"）及子公司 生产经营中的出口业务占销售收入的比重较高，主要采用美元等外币进 行结算，因此外汇汇率的波动会对公司的经营业绩造成一定的影响。为 降低汇率波动对公司经营业绩和成本控制的不利影响，有效规避外汇市 场风险，保持公司较为稳定的利润水平，公司及子公司拟开展外汇套期 保值业务。 交易品种：外汇汇率，包括但不限于美元等币种。 交易工具：远期购汇、远期结汇、外汇掉期及其他外汇金融衍生产品等。 交易场所：合规并满足公司套期保值业务的各大银行等金融机构。 交易金额：不超过 15,000 万美元或其他等额外币。 已履行及拟履行的审议程序：该事项经公司 2024 年 3 月 14 日召开的董 事会审计委员会 2024 年第一次会议及 2024 年 3 月 15 日召开的第六届 董事会第八次会议、第六届监事会第七次会议审议通过，尚需提交公司 2023 年年度股东大会审议。 特别风险提示：公司进行的外汇套期保值业务遵循合法、审慎、安全、 有效的原则，不以投机为目的，但外汇套期保值业务操作仍存在汇率波 动风险、交易违约风险及交易违约风险等，敬请广大投资者注意投资风 险。 证券 ...