申洲国际：剔除非经影响利润稳定，26年仍有短期扰动-20260331

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved revenue of 30.994 billion, net profit of 5.825 billion, and operating cash flow of 5.549 billion in 2025, with year-on-year growth of 8.13%, -6.66%, and 5.23% respectively. Excluding non-operating factors, the net profit was 4.99 billion, showing a slight increase of 0.04% year-on-year [2] - The revenue growth was primarily driven by the leisure and European markets, with a notable slowdown in the second half of the year. The sports category saw growth due to increased demand in Europe and the US, while the lingerie category declined due to reduced demand in Japan [3] - The gross profit margin decreased to 26.3%, down 1.8 percentage points year-on-year, mainly due to rising labor costs and tariff burdens. The net profit margin also declined to 18.8%, down 3.0 percentage points year-on-year [4] - The company plans to expand its product categories and focus on new materials and processes, which is expected to enhance customer share and net profit margins in the long term [6] Financial Summary - The company reported total revenue of 30.994 billion in 2025, with a projected revenue of 31.162 billion in 2026, reflecting a year-on-year growth of 0.54%. The net profit is expected to decrease to 5.543 billion in 2026, down 4.84% year-on-year [8] - The gross profit margin is projected to be 25.80% in 2026, with an expected net profit margin of 17.79% [9] - The earnings per share (EPS) is forecasted to be 3.69 in 2026, with a price-to-earnings (PE) ratio of 11.53 [9]