Investment Rating - The report assigns a rating of "Buy" for Shenzhou International (2313) [2] Core Views - The company is expected to see a strong recovery in orders throughout 2024, with an estimated volume increase of 15-20% at the upper limit, while the USD ASP is expected to decline slightly. Profit growth is anticipated to outpace revenue growth [6][4]. Summary by Sections Current Performance - As of 2024, the company's orders have been continuously recovering, with a strong performance in H1. The gross profit margin is improving sequentially, exceeding previous expectations [6]. Financial Projections - The net profit forecasts for 2024-2026 have been raised to RMB 5.83 billion, RMB 6.73 billion, and RMB 7.69 billion respectively, with corresponding EPS of RMB 3.88, RMB 4.47, and RMB 5.11. The current stock price corresponds to PE ratios of 20, 17, and 15 times for the respective years [6]. Demand Side - Short-term demand is driven by increased orders from existing customers and rapid growth from new clients. Long-term prospects include diversification and expansion into new product categories. Key clients like Adidas and Puma have raised their revenue guidance, indicating a healthy demand environment [6]. Supply Side - The company plans to expand capacity through hiring, with new factories under construction in Cambodia and Indonesia. The hiring strategy includes recruiting approximately 1,000 new employees in Vietnam and China, and over 5,000 in Cambodia once the new factory is completed [6].
申洲国际：订单强势复苏，看好全年业绩修复