Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue growth of 1.46% year-on-year for the first three quarters of 2025, with international business continuing its growth trend [5][7] - The company is focusing on enhancing operational efficiency through overseas capacity expansion and product innovation, aiming to solidify its competitive advantage in the apparel accessories sector [7] Financial Summary - For 2023, the company is projected to have a revenue of 3,907 million RMB, with a year-on-year growth rate of 7.67% [6] - The estimated revenue for 2024 is 4,674 million RMB, reflecting a growth rate of 19.66% [6] - The net profit attributable to the parent company for 2025 is expected to be 694 million RMB, showing a slight decline of 0.91% compared to 2024 [6] - The company’s return on equity (ROE) is projected to be 15.54% in 2025, increasing to 18.75% by 2027 [6][9] Market Performance - The company reported a gross margin of 43.71% for the first three quarters of 2025, an increase of 1.01 percentage points year-on-year [7] - The net profit margin for the same period was 16.06%, down by 1.36 percentage points year-on-year [7] - The company’s international business revenue for the first half of 2025 was 8.64 billion RMB, a year-on-year increase of 13.72%, accounting for 36.97% of total revenue [7] Operational Insights - The company is actively pursuing a global strategy, with operational industrial parks in Bangladesh and Vietnam, and aims to enhance its international capacity utilization [7] - The company’s financial expenses increased significantly by 1436.18% due to international exchange rate impacts and a decline in interest income [7]

Investment Rating - The report maintains a "Buy-A" rating for the company [5] Core Insights - In Q3 2025, the company achieved revenue growth, with total revenue reaching 12.95 billion yuan, a year-on-year increase of 0.86%. The net profit attributable to the parent company was 2.14 billion yuan, up 3.03% year-on-year [3][4] - The company is expected to improve its profitability through the new factory in Vietnam and increased collaboration with international brands, leading to a gradual enhancement in profit margins [5] - The forecasted net profits for 2025-2027 are 6.91 billion, 7.64 billion, and 8.25 billion yuan, corresponding to P/E ratios of 18, 16, and 15 times respectively [5] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 36.33 billion yuan, a 1.46% increase year-on-year, while the net profit attributable to the parent company was 5.83 billion yuan, a decrease of 6.46% year-on-year [3][4] - The gross profit margin for the first three quarters of 2025 was 43.71%, an increase of 1.01 percentage points year-on-year, while the Q3 gross profit margin was 45.20%, up 0.88 percentage points year-on-year [4] - The company’s operating cash flow for the first three quarters of 2025 was 7.25 billion yuan, a decrease of 2.14% year-on-year [4] Future Projections - The company is projected to have revenues of 48.82 billion yuan in 2025, with a year-on-year growth of 4.4%, and net profits of 6.91 billion yuan, reflecting a slight decline of 1.4% [8][9] - The gross margin is expected to stabilize around 42.1% in 2025, with a net profit margin of 14.1% [9][10]