受需求不佳及贸易摩擦影响，短期业绩承压

Investment Rating - The investment rating for the company is "Accumulate" [21][48]. Core Views - The company is experiencing short-term performance pressure due to poor demand and trade friction, with a significant decline in revenue and net profit in 2023. However, it has long-term growth potential through its integrated supply chain and strategic partnerships with quality brands [19][48]. - The company is actively integrating its domestic and overseas production bases and has made significant investments in capacity expansion and smart upgrades, which are expected to yield benefits in the future [19][48]. Financial Forecasts and Indicators - Revenue is projected to decline by 22% in 2023 to 46.51 billion yuan, with a net profit drop of 72% to 1.04 billion yuan. The company anticipates a slight recovery in revenue in 2024, with estimates of 47.68 billion yuan, followed by growth in subsequent years [2][3][32]. - The company's gross margin is expected to decrease to 16.2% in 2023, with projections of 17.1%, 17.6%, and 17.8% for 2024, 2025, and 2026, respectively [45][32]. - The net profit forecast for 2024-2026 is adjusted to 1.26 billion yuan, 1.92 billion yuan, and 2.44 billion yuan, reflecting a year-on-year growth of 21%, 52%, and 27% [48][32]. Revenue and Profitability Metrics - The company's earnings per share (EPS) is expected to be 0.19 yuan in 2023, with projections of 0.23 yuan, 0.35 yuan, and 0.44 yuan for 2024, 2025, and 2026, respectively [32][21]. - The price-to-earnings (P/E) ratio is projected to be 31.6 in 2023, decreasing to 26.2 in 2024 and further to 17.2 in 2025 [32][21]. Market Position and Strategy - The company operates a full supply chain from spinning to garment manufacturing, aiming to penetrate the mid-to-high-end brand supply chain through quality, efficiency, and timely delivery [48][19]. - The company is focusing on expanding its production capacity and enhancing its product competitiveness, with a strong emphasis on establishing good partnerships with both domestic and international quality brands [19][48].