Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue growth of 15.3% year-on-year in H1 2025, driven by increased procurement from core clients and enhanced operational efficiency [7] - The company reported a gross profit of 4.058 billion RMB in H1 2025, with a gross margin of 27.1%, reflecting a slight decrease due to rising labor costs [7] - The company maintains a strong dividend payout ratio of approximately 60% [7] - The company has a clear long-term strategy focusing on market expansion, capacity optimization, and institutional improvement amidst external disruptions and intensified industry competition [7] - The company is positioned as a leading player in the sports apparel manufacturing sector, benefiting from strong client relationships and mature production technology [7] Financial Summary - Revenue projections for the company are as follows: 24,995.68 million RMB in 2023, 28,662.94 million RMB in 2024, 31,906.94 million RMB in 2025, 35,266.51 million RMB in 2026, and 38,918.06 million RMB in 2027, with respective growth rates of -10.14%, 14.67%, 11.32%, 10.53%, and 10.35% [6] - The net profit attributable to the parent company is projected to be 4,557.26 million RMB in 2023, 6,240.58 million RMB in 2024, 6,612.20 million RMB in 2025, 7,335.75 million RMB in 2026, and 8,108.96 million RMB in 2027, with growth rates of -0.12%, 36.94%, 5.95%, 10.94%, and 10.54% respectively [6] - The company’s earnings per share are expected to increase from 3.03 RMB in 2023 to 5.39 RMB in 2027 [6] - The return on equity (ROE) is projected to be 13.87% in 2023, increasing to 18.16% by 2027 [6]
申洲国际（02313）：25H1公司营收同增15.3%，外部扰动下远期战略明晰