国盛证券主要观点如下： 近期核心客户趋势向好，有望带动2025~2026年公司收入CAGR超过10% 公司大部分客户为运动赛道龙头品牌商(如核心客户中的Nike、Adidas、Puma，以及其他客户中的安 踏、李宁、Lululemon、特步等)。1)该行判断未来全球及中国的运动品类仍然能够享受渗透率提升带来 的赛道成长机会，进而有希望为公司中长期订单需求的增长提供支持。2)与此同时，由于运动服饰对于 透气性、速干、回弹、保暖及防护等功能性要求相对较高，以申洲国际为代表的一体化服饰制造商有希 望凭借优越的面料开发能力与客户共创产品，进而增强合作关系与竞争优势。 国盛证券（002670）发布研报称，维持申洲国际(02313)"买入"评级，公司是亚洲最大一体化针织服饰 制造商之一，基本面扎实，伴随核心客户订单需求恢复正常，该行判断公司2026年有望进入产能供不应 求、收入健康增长、盈利质量上行的阶段，估值具备提升空间。 风险提示 1)分客户：近期Nike经营情况环比改善，北美地区库存已经恢复正常，该行判断合作伙伴拿货意愿良 好，估计公司对应订单在2026年有望恢复健康增长;迅销集团(指引FY2026收入增长10.3 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to achieve a revenue CAGR of over 10% from 2025 to 2026, driven by improving trends among core customers such as Nike, Uniqlo, and Adidas [1][15]. - The company has a solid fundamental base and is positioned to benefit from the recovery of core customer orders, leading to a phase of capacity-driven growth and improved profitability quality [2][20]. Summary by Sections Market Overview - The company is one of the largest integrated knitwear manufacturers in Asia, with a strong market position and a history of stable growth [14]. - Recent fluctuations in customer orders have been addressed through long-term asset investments and capacity expansion [2]. Customer Trends - Core customers like Nike and Uniqlo are showing positive trends, with Nike's inventory in North America returning to normal levels, which is expected to enhance order volumes [1][15]. - Adidas and Fast Retailing (Uniqlo's parent company) are also performing well, with Adidas showing strong growth across various regions [15][26]. Capacity and Production - The company has consistently invested in capacity expansion, with a projected employee count of 110,000 by mid-2025, reflecting a 9% year-on-year increase [2]. - The integrated supply chain is expected to enhance competitive advantages, particularly with over 50% of production capacity located in Vietnam and Cambodia [2]. Revenue and Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 316.1 billion, 351.5 billion, and 390.7 billion CNY, respectively, with year-on-year growth rates of 10.3%, 11.2%, and 11.1% [4]. - Gross margins are expected to improve gradually, with estimates of 27.4%, 28.2%, and 28.3% for the same years [4]. Investment Recommendations - The company's stock price is currently trading at a PE ratio of 12.4 for 2026, with a target PE of around 15, indicating a potential upside of approximately 20% [5][20]. - The report emphasizes the potential for valuation improvement as core customer orders stabilize and profitability quality enhances [5][20].