Investment Rating - The report maintains a "Buy" rating for the company [1][4][5] Core Views - The company experienced a decline in revenue due to inventory destocking by European and American brand clients, with a 10.12% year-on-year decrease in revenue to 24.97 billion RMB in 2023. However, net profit remained stable at 4.557 billion RMB, reflecting a slight increase of 0.12% year-on-year [2][4][6] - The gross margin improved to 24.27%, up 2.22 percentage points from the previous year, attributed to increased capacity utilization and enhanced efficiency of overseas factories [3][6] - The company is transitioning towards a green low-carbon production model, with approximately 50% of its electricity sourced from green energy as of the end of 2023 [6][8] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 24.97 billion RMB, a decrease of 10.12% year-on-year, while net profit was 4.557 billion RMB, showing a marginal increase of 0.12% [4][5] - The sales net profit margin was 18.25%, an increase of 1.82 percentage points from 2022, and the gross margin was 24.27%, up 2.22 percentage points [2][3] Revenue Breakdown - By product category, revenue from sports products was 18.032 billion RMB, down 13.6% year-on-year, while leisure products generated 5.673 billion RMB, down 1.4%. The lingerie segment saw a 30.2% increase to 1.067 billion RMB [2][4] - Geographically, revenue from Europe and the US declined significantly, with decreases of 19.1% and 20.4%, respectively, while domestic market revenue increased by 0.7% to 7.124 billion RMB [2][3] Future Outlook - The company expects revenue growth of 15% in 2024, reaching 28.83 billion RMB, with net profit projected to increase by 17% to 5.337 billion RMB [6][7] - The report highlights the potential for order recovery in the second half of 2024, driven by brand client expansion and improved operational efficiency in overseas factories [5][6]
申洲国际（02313）2023年业绩点评报告：海外成衣产能占比提升，看好2024年订单修复