KORRUN(300577) 开源证券·2025-01-23 23:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue range of 4.1 to 4.3 billion yuan in 2024, representing a year-on-year growth of 32.05% to 38.49%. The forecasted net profit attributable to shareholders is between 370 to 420 million yuan, indicating a significant increase of 220.01% to 263.25% year-on-year [6] - The company is expanding its OEM categories from bags to the more profitable apparel sector, with a strong order sustainability expected due to differentiated production capacity in Indonesia. The forecasted net profit for 2024-2026 is adjusted to 390 million, 366 million, and 459 million yuan respectively [6] Summary by Sections Financial Performance - The company reported a total revenue of 2.741 billion yuan in 2022, with a projected increase to 4.138 billion yuan in 2024, reflecting a year-on-year growth of 33.3%. The net profit attributable to shareholders is expected to rise from 47 million yuan in 2022 to 390 million yuan in 2024 [9] - The gross margin is projected to be 22.8% in 2024, with a net margin of 9.4% [9] Business Segments - In the bag OEM segment, revenue is expected to reach 2.3 to 2.4 billion yuan in 2024, with a growth rate of around 20%. The net profit margin for this segment is anticipated to improve significantly due to enhanced efficiency and optimized product structure [7] - The apparel OEM segment, driven by the consolidation of Shanghai Jiale, is projected to generate revenue of 1.4 to 1.5 billion yuan in 2024, with a growth rate of over 25% expected in 2025 [7] Capacity Expansion - The company plans to expand its bag production capacity in Indonesia by 50% to 60% from 2025 to 2026. For apparel, the production capacity is expected to grow by approximately 30% annually during the same period [7]