Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Views - The company's 2023 profits met expectations, and the outlook for 2024 is optimistic with a strong recovery in orders anticipated [5]. - The company is expected to see continued growth driven by overseas capacity expansion and the acquisition of new customers and product categories [5]. Financial Summary - In 2023, the company's revenue was 24.97 billion RMB, a year-on-year decrease of 10.1%, while the net profit attributable to shareholders was 4.56 billion RMB, a slight decrease of 0.1% [5][6]. - The gross profit margin improved to 24.3%, up 2.2 percentage points year-on-year, and the net profit margin increased to 18.3%, up 1.8 percentage points year-on-year [5]. - The company expects net profits for 2024, 2025, and 2026 to be 5.65 billion, 6.55 billion, and 7.31 billion RMB respectively, with corresponding PE ratios of 16, 14, and 12 times [5][6]. Market Performance - The company's stock price has fluctuated between 61.95 and 86.15 HKD over the past 52 weeks [4]. - The current market capitalization is 98.91 billion HKD with 1.503 billion shares outstanding [4]. Order Recovery and Customer Performance - The company anticipates a recovery in orders for 2024, with expected sales growth in the double digits, particularly from key clients like Uniqlo and Nike [5]. - The first major client, Nike, showed a significant improvement in orders, with revenue increasing by 22% in H1 2023 and 1% in H2 2023 [5]. Future Outlook - The company is expected to benefit from improved capacity utilization and a strong recovery in orders, with a positive outlook for profit recovery [5].
2023年业绩点评：2023年业绩符合预期，2024年展望乐观