机构：东方证券 研究员：施红梅/李雪君 上半年公司营收增长靓丽，显示了公司在复杂贸易环境下强大的竞争力。上半年贸易摩擦不断、国内服 饰消费需求相对疲弱，公司仍实现了15.3%的收入增长，超出之前市场的估计，也显示了公司在行业中 强大的竞争实力。我们判断公司收入的增长主要来自于在运动和休闲品牌大客户中市场份额的持续提升 （更多是销量的增长）。中报显示，公司对前四大客户的销售增速分别达到27%、 6%、28%和15%。 中报公司毛利率同比有所下降，但盈利仍实现了韧性增长。由于劳动力成本的上升（自24 年下半年开 始公司对生产工人涨薪），公司上半年毛利率同比下降了1.9 个百分点。但在收入增长快速、费用控制 良好、政府补助和汇兑收益增加等共同作用之下，公司仍实现了归母净利润8.4%的增长。我们预计随 着后续人力成本影响因素的逐步减弱以及产品结构的逐步优化（下半年相对高毛利率的运动服饰产品增 速预计快于休闲产品），下半年公司综合毛利率有望环比逐步改善。 作为全球运动服饰的代工龙头，公司的核心竞争力在于全球化、一体化的前瞻布局和强大的制造、研发 和管理能力。公司历史上也经历了多轮产业周期的变化，但其行业竞争力仍在不断增 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5][9] Core Views - The company achieved a remarkable revenue growth of 15.3% in the first half of the year, surpassing market expectations despite a challenging trade environment and weak domestic apparel consumption [8] - The company's gross margin decreased by 1.9 percentage points year-on-year due to rising labor costs, but net profit attributable to the parent company still grew by 8.4% [8] - The company's core competitiveness lies in its global and integrated business model, which has allowed it to increase market share among major clients and expand its customer base [8] Financial Performance Summary - Revenue (in million) for 2023A is 24,970, with a year-on-year decline of 10.1%, and projected revenues for 2024A, 2025E, 2026E, and 2027E are 28,663, 32,205, 36,134, and 40,567 respectively, showing growth rates of 14.8%, 12.4%, 12.2%, and 12.3% [4] - Operating profit (in million) for 2023A is 4,996, with a year-on-year decline of 5.1%, and projected operating profits for 2024A, 2025E, 2026E, and 2027E are 7,164, 7,557, 8,455, and 9,717 respectively, indicating growth rates of 43.4%, 5.5%, 11.9%, and 14.9% [4] - Net profit attributable to the parent company (in million) for 2023A is 4,557, with a year-on-year decline of 0.1%, and projected net profits for 2024A, 2025E, 2026E, and 2027E are 6,241, 6,575, 7,339, and 8,415 respectively, showing growth rates of 36.9%, 5.4%, 11.6%, and 14.7% [4] - Earnings per share (in yuan) for 2023A is 3.03, with projections for 2024A, 2025E, 2026E, and 2027E being 4.15, 4.37, 4.88, and 5.60 respectively [4] Valuation Summary - The DCF target valuation is set at 85.09 HKD, with the current share price at 58 HKD [3][5][9] - The company’s price-to-earnings ratio (P/E) for 2025E is projected at 12.1, and the price-to-book ratio (P/B) is projected at 2.0 [4]