Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to achieve a revenue growth of approximately 16% and a profit growth of 24% in 2024, with a projected CAGR of around mid-double digits over the next three years [5][45] - The current valuation is at a relatively low level compared to the past five years, indicating significant room for recovery [5][40] Summary by Sections Short-term: High Profit Growth Expected, Valuation Recovery Likely - The inventory destocking by core customers has largely ended, leading to a cautious sales outlook [11] - Revenue for 2024 is projected to grow by about 16%, driven by significant growth from major brands such as Nike, Adidas, Uniqlo, Puma, Lululemon, and domestic brands [5][19] - Profit margins are expected to return to a healthy level of around 30% by the end of 2024, supported by capacity expansion and improved product mix [26][32] Medium to Long-term: Expected CAGR of Revenue Around Mid-Double Digits - The company is projected to achieve a mid-double-digit CAGR in revenue over the next three years, primarily driven by increased market share from existing customers and contributions from new clients [45] - The company’s share in Nike is expected to grow at a high single-digit CAGR, while Adidas is projected to see a 20% CAGR in orders [46][49] - The company is also expected to enhance its share in Uniqlo and Puma, with respective order growth rates of low double digits and mid-double digits [54][55]
申洲国际系列深度（一）：从客户角度拆解公司未来收入增长