健盛集团：业绩靓丽，盈利改善

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Insights - The company reported strong financial performance in Q3 2024, with revenue of 750 million, a year-on-year increase of 37%, and a net profit attributable to shareholders of 100 million, up 27% year-on-year [1]. - The company has established a competitive edge in the production of cotton socks and seamless apparel through advanced manufacturing techniques and a well-structured supply chain [2]. - The global production base strategy, particularly in Vietnam, is expected to enhance the company's competitiveness by leveraging local tax advantages and reducing trade barriers [3]. - The earnings forecast has been revised upwards, with expected EPS for 2024-2026 set at 0.9, 1.1, and 1.3 respectively, reflecting a positive outlook on profitability [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.9 billion, representing a 16% increase year-on-year, and a net profit of 260 million, which is a 31% increase year-on-year [1]. - The gross margin for the first three quarters of 2024 was 28.7%, an increase of 2.7 percentage points, while the net margin was 13.7%, up approximately 1.7 percentage points [1]. - The company has a solid financial position with total assets of 4.17 billion projected for 2024, and a debt-to-asset ratio of 37.38% [8][10]. Production and Operational Advantages - The company has invested in advanced production equipment and technology, ensuring high-quality output and efficient production processes [2]. - The establishment of dyeing and auxiliary production facilities has mitigated bottlenecks in the supply chain, enhancing product quality and delivery timelines [2]. - The overseas production bases are strategically located to optimize operational costs and improve market responsiveness [3]. Market Position and Growth Potential - The company has built strong partnerships with numerous international brands, establishing a presence in key markets including Japan, Europe, Australia, the United States, and China [4]. - The projected revenue growth rates for the upcoming years are 18.10% for 2024, 18.20% for 2025, and 17.20% for 2026, indicating robust growth potential [10].