Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 performance met expectations, with a revenue decline of 10.1% year-on-year to 24.97 billion yuan, while net profit remained stable at 4.557 billion yuan, reflecting a slight decrease of 0.1% year-on-year [1] - The order trend for 2024 is expected to improve, with core customers anticipated to see steady growth in orders [1] - The company is positioned as the largest vertically integrated garment manufacturer globally, with a clear trend of order improvement and long-term capacity expansion [1][2] Financial Performance Summary - 2023 Financials: Revenue decreased by 10.1% to 24.97 billion yuan, while net profit was nearly flat at 4.557 billion yuan. The gross margin improved by 2.2 percentage points to 24.3% [1] - 2024 Projections: Expected revenue growth of 15.8% to 28.92 billion yuan and net profit growth of 23% to 5.605 billion yuan [1][5] - Earnings Per Share (EPS): Projected to increase from 3.03 yuan in 2023 to 3.73 yuan in 2024 [5] Customer and Product Breakdown - Customer Sales: Sales to the top four customers were 7.7 billion, 6.0 billion, 3.69 billion, and 2.49 billion yuan, with year-on-year changes of -11%, +3%, -24%, and -28% respectively [1] - Product Categories: Sales in sports, leisure, underwear, and other categories were 18.03 billion, 5.67 billion, 1.07 billion, and 0.2 billion yuan, with year-on-year changes of -14%, -1%, +30%, and -42% respectively [1] Capacity and Operational Efficiency - The company's production capacity utilization is currently strong, with expectations for gradual improvement in gross margins throughout 2024 [1] - The company continues to enhance its integrated and international supply chain, with over 90,000 employees and significant production capabilities [1] Future Outlook - The company is expected to achieve steady growth in orders and shipments starting from Q1 2024, with a projected revenue growth of mid-double digits for the full year [1] - Long-term improvements in gross margins and rapid growth in core business profits are anticipated [1]
2023年业绩符合预期，2024年订单趋势良好