Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company exceeded revenue expectations in 2024, with a projected continuation of steady growth into 2025 [2][5] - The increase in profit is attributed to disposal gains, which significantly enhanced overall profitability [5] Financial Summary - Revenue for 2024 is projected at 28,663 million RMB, representing a year-on-year increase of 14.8% [4] - Net profit for 2024 is expected to be 6,241 million RMB, reflecting a year-on-year growth of 36.9% [4] - The gross profit margin for 2024 is anticipated to be 28.1%, an increase of 3.8 percentage points compared to the previous year [5] - The company plans to maintain a high dividend payout ratio of 56% for 2024 [5] Growth Drivers - The revenue growth in 2024 is primarily driven by volume increases, particularly due to higher-than-expected orders from Uniqlo [5] - The company expects a low double-digit capacity growth in 2025, with stable average selling prices (ASP) and gross margins [5] - Positive sales guidance from key clients such as Adidas and Uniqlo indicates strong growth potential for 2025 [5]
申洲国际（02313）：2024年年报点评：2024年收入超预期，2025年预计延续稳健