健盛集团：无缝正式进入盈利释放新阶段-20260313

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has entered a new phase of profit release, with a significant improvement in profitability from seamless apparel business [2][5] - The company achieved revenue of 2.589 billion yuan in 2025, with a year-on-year growth of 0.59%, and net profit attributable to the parent company was 405 million yuan, up 24.62% [2] - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, resulting in an annualized dividend yield of 5% [2] Financial Performance Summary - In 2025, the company's revenue from cotton socks and seamless apparel was 1.885 billion yuan and 639 million yuan, respectively, with year-on-year growth of 2% and a decline of 3% [3] - The net profit margin increased to 15.6% in 2025, up 3.0 percentage points year-on-year, primarily due to contributions from non-operating income [4] - The company’s operating cash flow was significantly higher than net profit, mainly due to increased depreciation and reduced inventory [2][4] Future Outlook - The company is optimistic about Q1 2026, expecting growth based on low base effects and improved orders for seamless products [5] - Revenue forecasts for 2026, 2027, and 2028 are 2.971 billion yuan, 3.262 billion yuan, and 3.515 billion yuan, respectively, with corresponding net profits of 382 million yuan, 435 million yuan, and 493 million yuan [5][8] - The company is expanding production in Egypt, which is expected to meet growth demands for the next 5-10 years [5]