Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27]. Core Views - The company is expected to see improved orders in FY2024H2, with growth anticipated in the seamless clothing category [10][27]. - Despite a decline in revenue and net profit in FY2024, the company is projected to recover with a focus on core technology and product expansion [27][23]. Summary by Sections FY2024 Performance Overview - The company reported FY2024 revenue of HKD 70.17 billion, a decrease of 10.9%, and a net profit of HKD 1.43 billion, down 62.6% [10][11]. - FY2024H1 revenue was HKD 35.45 billion (-23.16%), while FY2024H2 revenue improved to HKD 34.72 billion (+6.31%) [10][11]. Profitability Analysis - The overall gross margin for FY2024 was 22.6%, down 1.5 percentage points, primarily due to reduced revenue leading to operational deleveraging [13][16]. - The net profit margin for FY2024 was 2.04%, a decline of 2.82 percentage points, attributed to sales decline and increased restructuring and financial costs [16][13]. Product Innovation and Market Strategy - The company is focusing on differentiated product innovation, with expectations for mid-single-digit growth in intimate apparel and double-digit growth in bonding clothing [23][24]. - The company aims to deepen its market presence in China, with sales in the Chinese market increasing from HKD 13.54 billion to HKD 13.83 billion from FY2022 to FY2024 [24][25]. Financial Forecast and Investment Recommendations - The company has adjusted its profit forecasts for FY2025-2027, predicting net profits of HKD 1.9 billion, HKD 3.0 billion, and HKD 5.5 billion respectively [27]. - The current stock price corresponds to a P/E ratio of 15.2 for FY2025, indicating potential for growth as the company recovers from recent challenges [27][7].
维珍妮：港股公司信息更新报告：FY2024H2订单改善，期待无缝服装新品类成长