聚杰微纤分析师会议-2025-03-19

Investment Rating - The report does not explicitly provide an investment rating for the textile and apparel industry or the specific company being analyzed [1]. Core Insights - The company, 聚杰微纤, has established 苏州肌动科技有限公司 to focus on the research, production, and sales of functional fiber materials, although it is currently in the early stages with no active operations [20]. - The company has a stable relationship with its largest customer, Decathlon, and anticipates steady order volumes for 2025, with expected growth in electronic product fabrics and automotive fabrics compared to 2024 [20]. - Future growth points for the company are expected to come from electronic product fabrics and automotive fabrics, aligning with its strategic planning [20]. Summary by Sections 1. Basic Research Information - The research was conducted on March 18, 2025, focusing on the textile and apparel industry, with key personnel from the company present for the meeting [13]. 2. Detailed Research Institutions - Various investment institutions participated in the research, including 勤辰资产, 东海资管, and 东吴证券, among others [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [18]. 4. Main Content Information - The company plans to establish a production line for bio-based leather in 安徽郎溪 and has a new dyeing factory in Vietnam through its subsidiary [20]. - The company’s gross margin has been recovering after a decline since 2016, attributed to the divestment of a low-margin subsidiary and the launch of new products [22]. - The advantages of synthetic leather over traditional leather include being more environmentally friendly and cost-effective, suitable for various product styles [22].