3 元 3 - 1 - 2025 年 11 月 23 日 本周重磅发布策略报告,挖掘新消费、看好全球制造 本期投资提示: -纺织服装行业周报 20251123 相关研究 《 澳毛价格企稳回升，全运会开幕提振户 外运动板块——纺织服装行业周报 20251116》 2025/11/16 《 10 月纺服出口承压,中美磋商利好有望 修复出口链一 -- 纺织服装行业周报 20251110》 2025/11/10 证券分析师 王立平 A0230511040052 wanqlp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 (8621)23297818× zhubl@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 时代小 本周纺织服饰板块表现强于市场。11 月 17 日 ~ 11 月 21 日, SW 纺织服饰指数下 ...

行 业 及 产 业 纺织服饰 2025 年 11 月 23 日 本周重磅发布策略报告，挖掘新消费、看好全球制造 看好 ——纺织服装行业周报 20251123 相关研究 《 澳毛价格企稳回升，全运会开幕提振户 外运动板块——纺织服装行业周报 20251116》 2025/11/16 《 10 月纺服出口承压，中美磋商利好有望 修复出口链——纺织服装行业周报 20251110》 2025/11/10 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 (8621)23297818× zhubl@swsresearch.com 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 ⚫ 本周纺织 ...

证券代码：003019 证券简称：宸展光电 宸展光电（厦门）股份有限公司 投资者关系活动记录表 编号：IR2025-007 | 投资者关系 | □ 特定对象调研 □ 分析师会议 □ 媒体采访 | | | | | --- | --- | --- | --- | --- | | | 业绩说明会 新闻发布会 路演活动 □ □ ■ | | | | | 活动类别 | □ 现场参观 □ | 其他 | | | | 参与单位名称 | 中泰证券、东方阿尔法基金、博普资产、长城基金、平安基金、前海人 | | | | | | 寿（排名不分先后）。 | | | | | 时间 | 2025 年 11 月 17 日、2025 日 | 年 | 11 月 | 18 | | 地点 | 中泰证券深圳会议室、交流机构会议室 | | | | | 上市公司接待人员 | 董事会秘书钟柏安、投关总监赖洲洋 | | | | | 姓名 | | | | | 投资者关系活动主要内容： 2、公司在泰国工厂的主要产能以及产能利用率？ 答复：公司在泰国工厂主要生产车载显示屏和商用一体机等产品，主要满足北美三大新 能源车厂，以及部分欧美新客户和新订单的需求。目前产能储备 ...

Investment Strategy Overview - The report emphasizes the stabilization of global tariff negotiations, which does not alter the core competitiveness of global manufacturing, and highlights optimism towards two major industrial chains and a price increase cycle [3][4]. Industry Performance Review - As of November 14, 2025, the SW textile and apparel index has increased by 16.9%, ranking 17th in relative performance across the market. The manufacturing sector shows higher certainty compared to brands still in recovery [4][8]. - Domestic demand is at a low point in 2025 but is expected to recover in 2026-2027, focusing on the characteristics of young consumer groups to explore high-growth areas in new consumption [4][21]. New Consumption Trends - High-performance outdoor apparel is identified as a growth area with low penetration and high potential, with the market size projected to reach 102.7 billion yuan in 2024, growing by 17% year-on-year [4][33]. - Discount retail is highlighted as a scarce high-growth area within the consumption sector, with rapid expansion in urban outlets and hard discount specialty stores [4][46]. - The personal care and cleaning market, particularly wet wipes, is noted for its rapid growth and increasing necessity among young consumers, with a market size in China expected to reach 100 billion yuan [4][62]. - The sleep economy is emerging as a significant market, with explosive growth in household textile products, driven by young consumers' acceptance [4][20]. - The report discusses Nike's innovation cycle, which is expected to benefit from inventory replenishment and product innovation, similar to Adidas's recovery cycle [4][20]. - The Australian wool price increase cycle is anticipated due to supply contraction and demand highlights, with potential market space comparable to previous high points in 2011 and 2018 [4][20]. - The healthcare material upgrade cycle presents broad replacement opportunities for overseas non-woven fabrics [4][20]. Global Manufacturing Insights - The report notes that the resolution of tariff variables is expected to lead to a new growth phase for leading companies [4][27]. - The textile industry has undergone a pressure test for external demand, with recent tariff negotiations expected to boost export chain expectations for 2026 [4][26]. Investment Recommendations - The report suggests focusing on high-growth new consumption areas and the competitive strength of global manufacturing as key investment strategies [4][27].

Core Insights - The report from Guohai Securities highlights that Juxing Technology achieved a net profit attributable to shareholders of 1.27 billion yuan in the first half of the year, representing a year-on-year increase of 6.6%, with Q2 net profit reaching 810 million yuan, up 4.1% year-on-year [1] Group 1: Financial Performance - Juxing Technology's net profit for the first half of the year was 1.27 billion yuan, showing a year-on-year growth of 6.6% [1] - In Q2, the company reported a net profit of 810 million yuan, reflecting a year-on-year increase of 4.1% [1] Group 2: Business Development - The company is experiencing synergistic development across its three main product lines, with electric tools creating a second growth curve [1] - The proportion of self-owned brands continues to rise, and the company's global operational capabilities are strengthening [1] Group 3: E-commerce and Global Operations - Despite external challenges, the business remains robust, with cross-border e-commerce maintaining a growth rate of over 30%, indicating strong online channel expansion capabilities [1] - The company has established a "global procurement, global manufacturing, global distribution" operational system, with 23 manufacturing bases worldwide [1] Group 4: Manufacturing Expansion - The company is continuing to add manufacturing capacity in Southeast Asia and is actively seeking manufacturing solutions globally, with efforts underway to accelerate the establishment of production in Mexico, Singapore, and Malaysia [1] Group 5: Market Outlook - The company is positioned to benefit from the U.S. interest rate cut cycle and the development of electric tools as a second growth curve, leading to a maintained "buy" rating [1]

Group 1: Company Strategy and Market Response - The company is implementing a "global manufacturing," "global customers," and "global team" strategy to mitigate the impact of tariff policies and trade frictions on performance [3] - The Thai factory achieved mass production in 2024, establishing a dual factory layout for smart cockpit business in China and Thailand [3] - Plans to expand production capacity in Thailand and evaluate the establishment of subcontracting factories in Europe and the United States [4] Group 2: Financial Performance and Shareholder Management - In 2024, the total amount for cash dividends and share buybacks was ¥169,955,631.05, accounting for 90.36% of the net profit attributable to shareholders [4] - The company plans to distribute a cash dividend of ¥5 per 10 shares (including tax) for the 2024 fiscal year, pending approval at the annual shareholders' meeting [4] - The company's revenue for Q1 2025 was ¥622 million, a decrease of 3.00% year-on-year, while net profit dropped by 23.90% to ¥49.68 million [11] Group 3: Business Development and Investment Plans - The company is focusing on expanding its domestic vehicle display business with new projects entering mass production in 2025 [5] - Plans for investment and mergers in 2025 include optimizing supply chain integration, horizontal expansion, and leveraging new technologies such as AI and IoT [8] - The company is actively pursuing partnerships and collaborations to enhance its product offerings and market reach [10] Group 4: Challenges and Market Conditions - The decline in revenue is attributed to decreased demand in the North American new energy vehicle market, leading to lower-than-expected customer orders [11] - The company is monitoring tariff negotiations between the U.S. and China, which could impact operations and orders [3] - Recent stock price declines are not linked to operational issues, and the company will disclose any significant information as required by regulations [6]

Group 1: Company Performance - In 2024, the company achieved revenue of 2.214 billion CNY, a year-on-year increase of 31.76% [3] - The net profit attributable to shareholders was 188 million CNY, up 18.16% year-on-year [3] - Growth was driven by strong demand from European clients, expansion of the MicroTouch™ brand, and new products from the subsidiary Hongtong Technology entering mass production [3] Group 2: Strategic Plans for 2025 - The company plans to adjust strategies for its three main business segments: ODM, MicroTouch™, and smart cockpit [3] - There will be a focus on enhancing the global manufacturing system and core competitiveness [3] - Continuous improvement in core technology R&D capabilities is a priority [3] - The company aims to build an efficient global team to expand and maintain its global customer base [3] Group 3: Industry Insights - The commercial interactive display device industry is fragmented with low concentration [4] - The retail sector remains the primary application area for the company's products, with the global POS terminal market expected to exceed 100 billion USD by 2025, growing at a CAGR of over 8% from 2025 to 2030 [5] Group 4: Operational Developments - The Thailand factory commenced mass production in 2024, establishing a dual manufacturing layout in China and Thailand [6] - Plans to expand production capacity in Thailand include adding an all-in-one assembly line and SMT line to enhance supply chain resilience [6] Group 5: Trade and Tariff Impacts - Recent tariff agreements between China and the U.S. are expected to have limited direct impact on the company's performance due to exemptions for its products [7] - The company will continue to implement global manufacturing and customer strategies to mitigate trade uncertainties [7] Group 6: Business Strategies for Growth - The company will shift from a single-engine ODM model to a dual-engine EMS model to enhance profitability [9] - Focus will be on product development and planning, transitioning from a channel-centric to a product-centric approach to improve market share and brand value [9] Group 7: Challenges and Solutions - The low gross margin in the vehicle display business is attributed to low revenue scale and underutilization of capacity [11] - Management plans to improve gross margins through new customer acquisition, increasing existing customer share, optimizing product structure, and enhancing supply chain management [11]