Core Viewpoint - The article focuses on the growth logic and investment value of Shenzhou International, emphasizing its unique profit structure and competitive advantages in the textile industry [4][6][28]. Group 1: Growth Logic - Shenzhou International has demonstrated a strong growth trajectory, supported by its ability to manage cost pressures across the textile supply chain, rather than solely relying on profit margins [4][6]. - The company has maintained a profit structure of approximately 30% gross margin and 20% net margin, significantly higher than industry peers, which typically operate at around 20% gross margin and 10% net margin [6][11]. - The vertical integration of its business model and a high proportion of sportswear clients have been key factors in sustaining its superior profit structure [11][12]. Group 2: Competitive Advantages - Shenzhou's early entry into upstream fabric production and its strategic focus on sportswear have created significant barriers to entry for competitors, such as Crystal International, which has struggled to replicate these advantages despite its long-standing presence in the industry [12][13]. - The company has effectively leveraged its relationships with major clients like Nike and Adidas, which account for a substantial portion of its revenue, to enhance its market position [24][25]. - Shenzhou's ability to internalize cost pressures and improve operational efficiency has allowed it to maintain competitive pricing, which is attractive to brand clients [25][26]. Group 3: Market Dynamics - The global textile industry has experienced significant shifts, with sportswear's market share increasing from approximately 5%-7% in the late 1980s to around 21% by 2024, indicating a growing trend that Shenzhou is well-positioned to capitalize on [17][18]. - The company has faced challenges in maintaining profit margins due to rising raw material costs and market fluctuations, but it has shown resilience by adapting its operational strategies [26][32]. - As the industry evolves, Shenzhou's focus on diversifying its client base and expanding its product offerings will be crucial for sustaining growth and mitigating risks associated with client concentration [27][29].
纺织代工龙头的又一次周期下注，申洲国际在赌什么？