晶苑国际深度报告：多品类制衣龙头，产销共振迎来增长提速

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company, Crystal International, is positioned as a leading multi-category garment manufacturer, leveraging cross-research and production capabilities to meet downstream brand demands, continuously expanding its customer base and increasing its share among major clients, driving revenue growth beyond expectations [1] Summary by Sections Company Overview - Crystal International is a global leader in garment manufacturing with a diverse product matrix, deeply integrated with top global brand clients. Established in 1970 and listed in 2017, the company has an annual garment production capacity of 470 million pieces and reported revenues of $2.18 billion and a net profit of$160 million in 2023 [20][21] Market Outlook - The global apparel retail market is expected to see a compound annual growth rate (CAGR) of 5% from 2024 to 2028, following a period of stagnation from 2020 to 2023. The market size grew from $1.22 trillion in 2010 to$1.43 trillion in 2023, with a CAGR of 1.3% during this period [33][34] Company Growth Potential - The company is expected to achieve a compound annual growth rate (CAGR) of double digits over the next three years, with a projected dividend payout ratio of around 60%. This growth is supported by the expansion into sports and outdoor apparel, enhancing cross-category research capabilities, and a robust hiring strategy to increase production capacity [3][4] Financial Projections - Revenue forecasts for 2024-2026 are $2.47 billion,$2.81 billion, and $3.18 billion, respectively, with year-on-year growth rates of 13.5$198 million, $231 million, and$267 million for the same years, reflecting growth rates of 20.9%, 16.7%, and 15.6% [5] Competitive Landscape - The textile manufacturing industry is experiencing a shift towards Southeast Asia due to cost advantages and favorable trade agreements. The company holds a market share of approximately 0.4%, indicating significant room for growth as smaller manufacturers exit the market due to rising costs and stricter brand requirements [26][31] Catalysts for Growth - Potential catalysts for the company's growth include exceeding revenue expectations from major clients, continued hiring to saturate production capacity, and an increase in dividend rates [4]