Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [10]. Core Insights - The company reported a 14.8% year-on-year increase in revenue to 28.66 billion, with a net profit growth of 36.9% to 6.24 billion for the year 2024. The second half of the year saw a revenue increase of 17% and a net profit increase of 36.2% [1][2]. - The company plans to distribute a final dividend of HKD 1.28 per share, totaling HKD 2.53 for the year, with a payout ratio of 55.8% [1]. Revenue Breakdown - Revenue from leisure and underwear segments grew significantly, with sports, leisure, and underwear revenues increasing by 9.8%, 27.1%, and 34.6% respectively, contributing to 69%, 25%, and 5% of total revenue [2]. - Geographically, revenue from mainland China, Europe, Japan, the United States, and other regions was 8.06 billion, 5.19 billion, 4.83 billion, 4.61 billion, and 5.97 billion respectively, with year-on-year growth rates of 13.2%, 3.2%, 31.5%, 18.9%, and 13.4% [2]. Profitability Improvement - The company's gross margin improved by 3.8 percentage points to 28.1% in 2024, with the second half showing a gross margin of 27.4% [3]. - The net profit margin increased by 3.5 percentage points to 21.8%, supported by a rise in asset disposal income [3]. Future Projections - The company is expected to achieve revenue growth of 12.4%, 10.2%, and 10% for the years 2025, 2026, and 2027, reaching 32.22 billion, 35.52 billion, and 39.06 billion respectively [3]. - Net profit is projected to grow by 6.8%, 12.1%, and 11.1% for the same years, reaching 6.67 billion, 7.48 billion, and 8.30 billion respectively [3].
申洲国际（02313）：2024年报点评：盈利能力持续修复，订单恢复稳健增长