WEIXING(002003) 华源证券·2025-05-06 11:07Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [4][7] Core Views - The company is a leading player in the garment accessories sector, with solid capacity and product layout that strengthen its competitive advantage [4][7] - The Chinese garment accessories market is expected to maintain stable growth, with a projected CAGR of 5.03% from 2023 to 2030, reaching a market size of 129.16 billion yuan by 2030 [6][13] - The company has been focusing on overseas capacity expansion and product innovation to enhance operational efficiency and customer collaboration [9][31] Financial Performance and Forecast - Revenue and profit forecasts for the company are as follows: - 2023: Revenue of 3,907 million yuan, net profit of 558 million yuan - 2024: Revenue of 4,674 million yuan (up 19.66% YoY), net profit of 700 million yuan (up 25.48% YoY) - 2025: Revenue of 5,183 million yuan (up 10.89% YoY), net profit of 783 million yuan (up 11.80% YoY) - 2026: Revenue of 5,703 million yuan (up 10.02% YoY), net profit of 879 million yuan (up 12.33% YoY) - 2027: Revenue of 6,209 million yuan (up 8.88% YoY), net profit of 967 million yuan (up 9.95% YoY) [5][52] Market Dynamics - The company has established over 20 sales subsidiaries and more than 50 marketing outlets globally, enhancing its collaboration with leading apparel brands [30][31] - The company is committed to high-standard green smart factory construction, which has led to continuous improvements in operational efficiency [48][49] Research and Development - The company has invested significantly in R&D, with expenses reaching 181 million yuan in 2024, a 13.04% increase YoY, and holds 1,372 valid patents [44][50] - The company’s products have received multiple design awards, enhancing its competitive edge in the market [46][47] Competitive Positioning - The company is positioned as a top player in the garment accessories sector, benefiting from its operational efficiency, product innovation, and capacity growth [7][9] - Comparable companies in the same sector include Huayi Group and Anta Sports, which provide a benchmark for valuation [7][57]