Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve a revenue of 28.66 billion RMB in 2024, representing a year-on-year increase of 14.8%, with a projected sales volume growth of 21% and a decrease in the average selling price by 5% [5] - The net profit attributable to shareholders for 2024 is forecasted to be 6.24 billion RMB, reflecting a growth of 36.9%, with core profit expected to be 4.92 billion RMB, up by 37% [5] - The company is enhancing new product development and diversifying its product categories, which is anticipated to increase market share among existing customers and accelerate the acquisition of new customers [5] Financial Summary and Valuation Metrics - Revenue for 2023 was 24.97 billion RMB, with a projected increase to 28.66 billion RMB in 2024, and further growth expected to 31.96 billion RMB in 2025 [8] - The net profit for 2023 was 4.56 billion RMB, expected to rise to 6.24 billion RMB in 2024, and to 6.55 billion RMB in 2025 [8] - The gross margin for 2024 is projected at 28.1%, with a net profit margin of 21.8% [7][8] - The company’s P/E ratios are forecasted to be 13.2, 11.8, and 10.5 for the years 2025, 2026, and 2027 respectively [8] Operational Insights - The company is expanding its workforce, with the number of employees expected to increase from 92,000 to 103,000 by the end of 2024, which will support production capacity growth [8] - The new fabric factory in Vietnam is expected to increase daily fabric production capacity from 400 tons to 600 tons [8] - The new garment factory in Cambodia is nearing completion and is expected to start hiring approximately 6,000 workers [8] Market Performance - The company’s core clients, including Uniqlo, Nike, Adidas, and Puma, have shown significant revenue growth, with Uniqlo and Lululemon experiencing over 70% year-on-year growth [6] - The revenue contribution from the top four clients (CR4) increased to 80.7% in 2024, indicating a strong reliance on key customers [6] - The company is expected to see double-digit growth in orders from major clients in 2025 [6]
申洲国际：港股公司信息更新报告：毛利率修复下核心利润亮眼，海外持续扩产提效-20250327