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申洲国际(2313.HK):抗周期能力的再审视 卓越品质锻造行业标杆
Ge Long Hui· 2025-08-28 02:53
机构:华鑫证券 研究员:娄倩 经营韧性再验证:生产复苏与财务稳健 申洲国际短期复苏已然明朗。虽然2023 年收入承压,全年表现不佳。但是,2024 年出现积极拐点,收 入较上年度增加14.8%。国内消费需求持续扩大,国外核心客户在结束2023年去库存需求后,订单量明 显回升。日本市场优衣库订单占比提升与美国市场运动类产品需求增长,受益于此,公司产能利用率显 著提升,释放出业绩复苏的信号。在应对风险的同时持续优化订单结构,实现订单量与毛利率的同步提 高。 长期来看,申洲国际财务表现稳健,成本管控卓越。2024年,毛利率回升至28.1%。锁定下游行业龙头 客户,大幅降低市场开拓成本。卓越的生产管理能力进一步优化成本结构,全方位保障公司在行业波动 中的盈利稳定性。 1. 客户结构优化。公司持续推进客户结构多元化,显著降低对头部客户的依赖。通过重点开拓安踏、李 宁等国内运动品牌及Lululemon 等细分领域龙头,新客户收入占比三年内提升6.6 个百分点至16.2%,有 效分散集中度风险。 2. 产品结构高端化。业务结构向高附加值品类倾斜,形成"运动主导、休闲升级"的格局。运动品类依托 NikeFlyknit 等创新 ...
申洲国际(02313):公司深度报告:抗周期能力的再审视,卓越品质锻造行业标杆
Huaxin Securities· 2025-08-27 09:28
Investment Rating - The report assigns a "Buy" investment rating for the company, marking it as the first recommendation [5]. Core Insights - The company is expected to experience a positive turning point in 2024, with a projected revenue increase of 14.8% compared to the previous year, driven by recovering domestic consumption and a rebound in orders from key international clients [5][16]. - The company's financial performance is robust, with a forecasted gross margin recovery to 28.1% in 2024, showcasing excellent cost control and risk management capabilities [5][21]. - The strategic advantages include vertical integration, technological innovation, deep client relationships, and a global production layout that mitigates risks [6][9][34]. Summary by Sections 1. Operational Resilience - Short-term recovery is confirmed, with a solid operational foundation as the company rebounds from a challenging 2023, where revenue was pressured by reduced orders from key clients [16]. - Financial performance remains stable, demonstrating strong risk resilience with a historical average ROE of 15.94% and a cash flow management ratio significantly above industry averages [21][25]. 2. Strategic Advantages - Vertical integration in production provides significant cost advantages and efficiency, with a high self-sufficiency rate in fabric production [26]. - Continuous technological innovation has led to high-margin products, with a total of 585 patents authorized by 2024, enhancing the company's competitive edge [30]. - The company maintains deep ties with major clients like Uniqlo, Nike, Adidas, and Puma, which collectively contribute approximately 80% of revenue, ensuring stable order flows [31][36]. - A global production strategy, characterized by a shift towards Southeast Asia, helps mitigate risks associated with international trade and labor costs [34]. 3. Future Growth Drivers - The client structure is diversifying, reducing dependency on major clients while increasing revenue from emerging brands [37]. - The digital supply chain initiatives have improved operational efficiency by nearly 90%, enhancing responsiveness and delivery capabilities [41]. - Governance stability, with significant ownership by the founding family and a highly experienced management team, supports long-term strategic consistency [45]. 4. Earnings Forecast - Revenue projections for 2025-2027 are estimated at 312.27 billion, 341.31 billion, and 376.71 billion respectively, with corresponding EPS of 4.45, 4.96, and 5.42 [9][53].
欧圣电气(301187) - 2025年4月28日投资者关系活动记录表
2025-04-28 08:42
Group 1: Market Expansion and Revenue Growth - The company is implementing a ROW (rest of the world) strategy to actively develop global markets outside North America, with non-North American market revenue reaching nearly 10% by the end of 2024 [2][3] - In 2024, the company's revenue grew by 45.05%, and net profit increased by 44.94%, driven by product and market expansion [2][3] - The North American pneumatic tools market is recovering, with major clients increasing procurement, contributing to the company's growth [3] Group 2: Financial Performance - In Q1 2025, the company's revenue increased by 61.33% year-on-year, while net profit rose by 43.84% [3] - The gross margin of key products such as vacuum cleaners and air compressors showed limited year-on-year variation, with plans to optimize product structure and increase high-margin products [4][5] Group 3: Product Development and R&D Focus - Future R&D will focus on upgrading small air compressors and wet/dry vacuum cleaners, as well as developing new air power technology products [4][5] - The company plans to enhance its nursing robot technology, ensuring stable growth in R&D investment and developing more functionalities [5][6] Group 4: Sales Models and Profit Contribution - The main sales models are ODM and brand authorization, each contributing over 45% to total sales [4][5] - The company aims to promote the OBM (own brand) model while enhancing high-end and high-margin products within ODM and brand authorization [5] Group 5: Cost Management and Risk Mitigation - The company employs vertical integration in production to control costs and improve product quality, with plans to continue this model [5][6] - To address raw material price fluctuations, the company has established long-term agreements with suppliers and employs flexible pricing strategies [6][7] Group 6: Operational Updates and Future Outlook - The new factory in Malaysia is expected to start large-scale production in May 2025, which will mitigate the impact of U.S. tariffs on exports [7] - The company anticipates stable production and shipping operations despite recent tariff changes [7]