申洲国际（02313）：可比口径下净利润平稳，期待世界杯拉动订单需求

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported stable net profit on a comparable basis, with expectations for increased order demand driven by the upcoming World Cup [1] - The company demonstrated resilience in a challenging trade environment, with a slight decline in net profit attributed to one-time gains in the previous year [7] - The company maintains a strong cash reserve and a high dividend payout ratio, indicating financial stability [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 28,663 million RMB (15% YoY growth) - 2025: 30,994 million RMB (8% YoY growth) - 2026E: 32,461 million RMB (5% YoY growth) - 2027E: 34,179 million RMB (5% YoY growth) - 2028E: 36,019 million RMB (5% YoY growth) [6] - Net profit forecasts are as follows: - 2024: 6,241 million RMB (37% YoY growth) - 2025: 5,825 million RMB (-7% YoY decline) - 2026E: 6,031 million RMB (4% YoY growth) - 2027E: 6,519 million RMB (8% YoY growth) - 2028E: 6,900 million RMB (6% YoY growth) [6] - The company has a projected PE ratio of 10 for 2026 and 9 for 2028, with a target market capitalization of 915 billion RMB, indicating a potential upside of 30% from the current market value [7] Revenue Structure Analysis - The revenue structure for the company in 2025 shows strong growth in leisure categories, with sales figures as follows: - Sports: 209.7 million RMB (+5.9% YoY) - Leisure: 84.1 million RMB (+16.7% YoY) - Underwear: 14.0 million RMB (-2.3% YoY) - Others: 2.1 million RMB (-3.4% YoY) [7] - Revenue by region indicates that the European and American markets outperformed China, with respective growth rates of +20.6% and +21.0% [7] - Major clients such as Uniqlo and Adidas have shown consistent growth, contributing significantly to overall revenue [7]