Core Viewpoint - The report from Guotai Junan expresses optimism about Super盈 International Holdings (02111) leveraging its extensive experience in the elastic fabric sector to deepen collaborations with renowned domestic and international sports and outdoor brands, while capitalizing on mature overseas production capacity to secure more orders amid adjustments in the textile and apparel manufacturing trade landscape [1] Group 1: Financial Projections - The company is projected to achieve a net profit attributable to shareholders of HKD 5.9 billion, HKD 6.4 billion, and HKD 7.0 billion for the years 2025, 2026, and 2027 respectively [1] - The average target price is set at HKD 4.42 per share, derived from a combination of PE and PB valuation methods, with an initial coverage rating of "Buy" [1] Group 2: Investment Highlights - The company is characterized as a high-quality stock with low valuation and high dividends, having maintained uninterrupted annual dividends since its listing, with a stable payout ratio of 50% in recent years and a dividend yield exceeding 9% for four consecutive years [1] - The mature production capacity in Vietnam and Sri Lanka is expected to enable the company to benefit significantly from the adjustment of production capacity under equivalent tariffs, allowing it to secure more brand orders [1] - The company has established long-term relationships with well-known sports and outdoor brands, with collaborations lasting over five years, which is anticipated to ensure a steady flow of future orders as partnerships deepen [1]