Investment Rating - The report maintains a "Buy" rating for the company [3][5][9] Core Views - The company achieved a remarkable revenue growth of 15.3% in the first half of the year, surpassing market expectations despite a challenging trade environment and weak domestic apparel consumption [8] - The company's gross margin decreased by 1.9 percentage points year-on-year due to rising labor costs, but net profit attributable to the parent company still grew by 8.4% [8] - The company's core competitiveness lies in its global and integrated business model, which has allowed it to increase market share among major clients and expand its customer base [8] Financial Performance Summary - Revenue (in million) for 2023A is 24,970, with a year-on-year decline of 10.1%, and projected revenues for 2024A, 2025E, 2026E, and 2027E are 28,663, 32,205, 36,134, and 40,567 respectively, showing growth rates of 14.8%, 12.4%, 12.2%, and 12.3% [4] - Operating profit (in million) for 2023A is 4,996, with a year-on-year decline of 5.1%, and projected operating profits for 2024A, 2025E, 2026E, and 2027E are 7,164, 7,557, 8,455, and 9,717 respectively, indicating growth rates of 43.4%, 5.5%, 11.9%, and 14.9% [4] - Net profit attributable to the parent company (in million) for 2023A is 4,557, with a year-on-year decline of 0.1%, and projected net profits for 2024A, 2025E, 2026E, and 2027E are 6,241, 6,575, 7,339, and 8,415 respectively, showing growth rates of 36.9%, 5.4%, 11.6%, and 14.7% [4] - Earnings per share (in yuan) for 2023A is 3.03, with projections for 2024A, 2025E, 2026E, and 2027E being 4.15, 4.37, 4.88, and 5.60 respectively [4] Valuation Summary - The DCF target valuation is set at 85.09 HKD, with the current share price at 58 HKD [3][5][9] - The company’s price-to-earnings ratio (P/E) for 2025E is projected at 12.1, and the price-to-book ratio (P/B) is projected at 2.0 [4]
申洲国际（02313）：上半年营收增长靓丽，看好公司全球化一体化发展模式