Investment Rating - The report maintains a "Buy-A" rating for the company [2][6] Core Views - The company experienced a revenue decline of 10.1% year-on-year in 2023, with total revenue reaching 24.97 billion yuan. However, the net profit remained relatively stable, decreasing only by 0.1% to 4.557 billion yuan [3][4] - The company’s sales gross margin improved in the second half of 2023, driven by increased efficiency in overseas factories and a rise in production capacity utilization [6][5] - The company is expected to benefit from its vertical integration in fabric and garment production, which is anticipated to enhance profitability in the long term [6] Market Performance - In 2023, the company achieved revenues of 24.97 billion yuan, with a breakdown of 11.562 billion yuan in H1 and 13.408 billion yuan in H2, reflecting a year-on-year decline of 14.9% and 5.5% respectively [1] - The company’s core product lines include sportswear, casual wear, and underwear, with sportswear revenue declining by 13.6% and underwear revenue increasing by 30.2% [1][4] Financial Highlights - The company’s gross margin improved by 2.2 percentage points to 24.3% in 2023, with H2 gross margin reaching 25.8% [5][6] - The company’s earnings per share (EPS) for 2023 was 3.03 yuan, with a proposed total dividend of 2.03 yuan per share, resulting in a payout ratio of 60.3% [3][4] - Forecasted EPS for 2024-2026 is expected to be 3.59, 4.13, and 4.68 yuan respectively, with corresponding P/E ratios of 16.6, 14.5, and 12.8 [6][9]
海外成衣产能占比过半，2023H2销售毛利率环比改善