Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 64.25 HKD, reflecting a positive outlook on the stock's performance relative to the market [4]. Core Insights - The company's revenue for H1 2024 reached 12.976 billion HKD, a year-on-year increase of 12.18%, while net profit rose by 37.81% to 2.931 billion HKD, exceeding market expectations due to improved gross margins from capacity utilization recovery [2][3]. - The decline in revenue was primarily attributed to a drop in orders from client B, while clients A and C showed significant growth [3]. - The company declared an interim dividend of 1.25 HKD per share, with a payout ratio of 58.52%, translating to an annual dividend yield of 3.9% [2]. Summary by Sections Revenue and Profitability - H1 2024 revenue was 12.976 billion HKD, with net profit at 2.931 billion HKD, reflecting a 12.18% and 37.81% year-on-year growth respectively [2]. - Excluding foreign exchange gains and other income, the net profit was 2.22 billion HKD, marking a 61.4% increase [2]. Customer and Product Analysis - Revenue from major clients in H1 2024 was as follows: Client A at 3.401 billion HKD (up 33.85%), Client B at 3.242 billion HKD (down 6.48%), Client C at 2.334 billion HKD (up 23.75%), and Client D at 1.336 billion HKD (flat) [3]. - The innerwear segment saw substantial growth, particularly driven by demand in Japan, with total revenue from various product categories showing increases [3]. Market and Operational Insights - The company experienced significant revenue growth in domestic and Japanese markets, with respective year-on-year increases of 20.0% and 27.0% [3]. - The workforce in the new Cambodian factory reached approximately 18,000, meeting initial projections, while the Ho Chi Minh City factory added 2,200 employees [3]. Financial Metrics and Forecasts - The gross margin improved to 28.99%, a 6.54 percentage point increase year-on-year, driven by enhanced capacity utilization and operational efficiency [3]. - The report projects revenue growth for 2024 to be 28.841 billion HKD, with net profit expected to reach 5.834 billion HKD, reflecting a positive growth trajectory [8].
申洲国际：收入增速受乙客户影响，但净利端好于预期