Investment Rating - The report assigns a rating of "Buy" for the company [2]. Core Views - The company is considered a high-quality target with low valuation and high dividends, showing potential for growth due to a favorable supply-demand rebalancing and moderate raw material prices [3]. - The company has a strong customer base and is expected to leverage its mature overseas production capacity to secure more orders in the future [3]. Financial Summary - The projected total revenue for 2024 is HKD 5,061 million, with a year-on-year growth of 20.5%. The net profit attributable to the parent company is expected to be HKD 608 million, reflecting a significant increase of 75.3% [5]. - The company’s PE ratio is projected to be 4.80 in 2024, indicating a low valuation compared to historical averages [5]. Company Overview - The company has over 20 years of experience in elastic fabric production and has established itself as a leader in the lingerie materials market, providing comprehensive procurement solutions for well-known brands [16]. - The company has successfully transitioned to become a significant supplier of sports fabrics, with major clients including ARC'TERYX, NIKE, and adidas [16][27]. Growth Drivers - The company’s revenue has shown a compound annual growth rate (CAGR) of 10.4% from 2011 to 2024, with sports fabric revenue growing at a CAGR of 38.2%, outpacing other categories [44]. - The demand for sports apparel is expected to continue growing, benefiting elastic fabric suppliers as consumer health awareness increases [59]. Future Outlook - The company is well-positioned to benefit from the adjustment of production capacity under new trade dynamics, with a focus on high-quality clients and long-term partnerships [11]. - The company has maintained a stable dividend payout ratio of around 50%, with a dividend yield exceeding 9% for four consecutive years [11].
超盈国际控股（02111）：首次覆盖报告：低估值、高股息优质标的，增长潜力可期