Core Viewpoint - First Shanghai maintains a "Buy" rating for Shenzhou International (02313) with a target price of HKD 79.80, highlighting the company's strong performance despite fluctuations in the sports brand and macroeconomic environment [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 15.3% to RMB 14.97 billion, driven primarily by volume growth, while prices in USD decreased by 0.8% [2] - Gross margin declined by 1.9 percentage points to 27.1%, mainly due to increased employee compensation in the second half of the previous year [2] - The company recorded a net profit attributable to shareholders growth of 8.4% to RMB 3.18 billion, with an interim dividend of HKD 1.38, maintaining a stable payout ratio of 60% [2] Group 2: Product and Market Performance - The sports category showed stable growth, with product segments recording changes of +9.9% for sports, +37.4% for leisure, +4.1% for underwear, and +6.0% for others [3] - Growth in the sports category was primarily driven by demand in the US and European markets, while the leisure category benefited from increased demand in Japan, Europe, and other regions [3] - Regional performance showed increases of +19.9% in Europe, +35.8% in the US, +18.1% in Japan, +18.7% in other regions, and a slight decline of -2.1% in the domestic market [3] Group 3: Operational Insights - The company expects high single-digit growth in volume in the second half of the year, with an improvement in gross margin due to faster growth in sports products [4] - In terms of capacity, the company has recruited 4,000 employees in Cambodia in the first half of the year, with a total recruitment target of 6,000 for the year [4] - The acquisition of a factory in Vietnam is expected to increase daily production capacity by 200-300 tons, with minimal impact from tariffs as the company will maintain the FOB model [4]
第一上海：维持申洲国际“买入”评级 目标价79.80港元