开润股份：上海嘉乐收购完成后将并表，卡位印尼，丰富增长点

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6][11]. Core Insights - The acquisition of Shanghai Jiale will enhance the company's position in the textile and apparel sector, allowing for a broader product range and new market opportunities [6][7][21]. - Shanghai Jiale has demonstrated strong revenue growth, achieving a 26.87% increase in sales in 2023 despite a challenging global market [17]. - The integration of Shanghai Jiale into the company's operations is expected to create synergies, leveraging both companies' strengths in production and customer resources [19][21]. Summary by Sections Company Overview - Shanghai Jiale, established in 1993, specializes in vertical integration from fabric development to garment production, serving major global clients like UNIQLO and Adidas [3][4]. - The company has a significant history with UNIQLO, being a core supplier for nearly 18 years [3]. Market Potential - The textile and apparel retail market exceeds a trillion USD, with substantial growth potential in garment and fabric manufacturing [2]. - The industry is characterized by strong economies of scale and a stable outlook, fostering the emergence of billion-dollar companies with high profitability [2]. Financial Performance - Shanghai Jiale reported revenues of 1.29 billion RMB in 2023, with a net loss of 75 million RMB, but showed a recovery with a net profit of 10 million RMB in Q1 2024 [9]. - The company's revenue is projected to grow significantly, with estimates of 3.75 billion RMB in 2024 and 5.74 billion RMB by 2026 [22]. Strategic Acquisition - The acquisition will result in the company holding 51.848% of Shanghai Jiale, making it a subsidiary and consolidating its financials [6][21]. - This strategic move is expected to enhance the company's manufacturing capabilities and expand its product offerings into textiles and apparel [7][16]. Future Outlook - The report forecasts a significant increase in net profit for the company, estimating 291.7 million RMB in 2024, 363.16 million RMB in 2025, and 456.14 million RMB in 2026 [21][22]. - The expected earnings per share (EPS) are projected to rise to 1.22 RMB in 2024, 1.51 RMB in 2025, and 1.90 RMB in 2026, indicating strong growth potential [21][22].