WEIXING(SZ:002003) Hua Yuan Zheng Quan·2025-11-04 01:03Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue growth of 1.46% year-on-year for the first three quarters of 2025, with international business continuing its growth trend [5][7] - The company is focusing on enhancing operational efficiency through overseas capacity expansion and product innovation, aiming to solidify its competitive advantage in the apparel accessories sector [7] Financial Summary - For 2023, the company is projected to have a revenue of 3,907 million RMB, with a year-on-year growth rate of 7.67% [6] - The estimated revenue for 2024 is 4,674 million RMB, reflecting a growth rate of 19.66% [6] - The net profit attributable to the parent company for 2025 is expected to be 694 million RMB, showing a slight decline of 0.91% compared to 2024 [6] - The company’s return on equity (ROE) is projected to be 15.54% in 2025, increasing to 18.75% by 2027 [6][9] Market Performance - The company reported a gross margin of 43.71% for the first three quarters of 2025, an increase of 1.01 percentage points year-on-year [7] - The net profit margin for the same period was 16.06%, down by 1.36 percentage points year-on-year [7] - The company’s international business revenue for the first half of 2025 was 8.64 billion RMB, a year-on-year increase of 13.72%, accounting for 36.97% of total revenue [7] Operational Insights - The company is actively pursuing a global strategy, with operational industrial parks in Bangladesh and Vietnam, and aims to enhance its international capacity utilization [7] - The company’s financial expenses increased significantly by 1436.18% due to international exchange rate impacts and a decline in interest income [7]