维珍妮（02199）：点评报告：Bonding服装高增，维密中国业绩亮眼

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company, known as a leading ODM in intimate apparel, maintains its industry leadership through differentiated technology and is expanding into sportswear categories. In FY26H1, the company reported a revenue of HK$3.84 billion, a year-on-year decrease of 3.4%, with intimate apparel contributing HK$2.1 billion (down 6.6%, accounting for 54.7%) and sports products generating HK$1.51 billion (up 13.4%, accounting for 39.2%). The net profit attributable to shareholders was HK$140 million, reflecting a significant year-on-year increase of 114.3% [1][5] Summary by Sections Company Overview - The company is recognized as a global leader in ODM for intimate apparel, focusing on differentiated innovation to expand its sportswear category [1][2] Financial Performance - In FY26H1, the company achieved a revenue of HK$3.84 billion, with a notable increase in sports product revenue by 13.4% to HK$1.51 billion, while intimate apparel revenue decreased by 6.6% to HK$2.1 billion. The net profit attributable to shareholders reached HK$140 million, marking a 114.3% increase year-on-year [1][5] Technological Innovation - The company's bonding technology, which replaces traditional sewing methods, has been validated in the market, enhancing comfort and gaining recognition from key domestic and international brands. The revenue from bonding functional apparel increased by 40% to HK$700 million in FY26H1, contributing to the growth of the sports segment [2] Brand Performance - The company holds a 49% stake in Victoria's Secret China, which has shown strong performance. The return of the Victoria's Secret Fashion Show is expected to enhance brand visibility, with FY26Q1-3 showing a revenue increase of 3.9% and net profit growth of 17.9%. In FY26H1, Victoria's Secret China achieved a revenue of HK$1.22 billion (up 37.3%) and a net profit of HK$130 million (up 645%) [3] Operational Developments - The relocation of the production base from Shenzhen to Zhaoqing is nearing completion, with a reduction in one-time employee compensation costs. The company plans to reduce debt over the next three years, which is expected to lower interest expenses significantly [4] Profit Forecast and Valuation - The company is projected to achieve net profits of HK$290 million, HK$400 million, and HK$610 million for FY25, FY26, and FY27, respectively, representing year-on-year growth rates of 97.7%, 41.5%, and 50.5%. The price-to-earnings ratio is expected to be 10.7, 7.5, and 5.0 for the same years, maintaining a "Buy" rating [5]