WEIXING(SZ:002003) Tianfeng Securities·2025-11-04 14:56Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company maintains a cautious outlook on the recovery of industry prosperity in the short term, influenced by the current international trade environment and consumer demand [1] - The company aims to accelerate its globalization and smart manufacturing strategies to stabilize its operations [1][4] - In the medium to long term, the company will focus on its core business of apparel accessories, enhancing brand influence and product competitiveness [2] Financial Performance Summary - For Q3 2025, the company reported revenue of 1.3 billion, a year-on-year increase of 1%, and a net profit attributable to shareholders of 200 million, up 3% year-on-year [1] - For the first three quarters of 2025, revenue reached 3.6 billion, a 1.5% increase year-on-year, while net profit attributable to shareholders decreased by 6.5% to 580 million [1] - The company has established overseas production bases in Bangladesh and Vietnam, with overseas production capacity accounting for 18.48% as of mid-2025 [4] Earnings Forecast - The company forecasts revenues of 5 billion, 5.5 billion, and 6.2 billion for 2025, 2026, and 2027 respectively, with net profits of 670 million, 740 million, and 820 million for the same years [4][10] - The expected earnings per share (EPS) are projected to be 0.58, 0.64, and 0.70 for 2025, 2026, and 2027 respectively [4][10] Stock Incentive Plan - The company has announced a new stock incentive plan to grant 23 million restricted shares, accounting for 1.97% of the total share capital, with a grant price of 5.12 yuan per share [3] - The plan includes performance targets for the release of shares over three periods, with net profit growth rates set at 16.52%, 24.22%, and 33.84% for the years 2026, 2027, and 2028 respectively [3]