Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is expected to be strong, with significant contributions from the consolidation of Jia Le [5] - The garment manufacturing segment is experiencing revenue growth due to acquisitions and improved production efficiency [2] - The brand management segment is actively expanding new channels, with Xiaomi continuing to launch new products [3] - The company is effectively controlling expenses, with one-time investment gains from Jia Le enhancing profits [4] - Profitability is projected to improve as overseas production efficiency increases, with sustained revenue growth anticipated from 2025 to 2027 [5] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.24 billion yuan (up 36.6% year-on-year) and a net profit of 0.381 billion yuan (up 229.5% year-on-year) [1] - For Q1 2025, revenue was 1.234 billion yuan (up 35.6% year-on-year) and net profit was 0.085 billion yuan (up 20.1% year-on-year) [1] Manufacturing Segment - In 2024, the garment manufacturing revenue reached 3.534 billion yuan (up 44.6% year-on-year), with bag manufacturing revenue at 2.372 billion yuan (up 20.3% year-on-year) and garment manufacturing revenue at 1.162 billion yuan (up 146.4% year-on-year) [2] - The gross margin for garment manufacturing was 22.55% (down 1.33 percentage points year-on-year), primarily due to the impact of Jia Le's consolidation [2] Brand Management - Brand management revenue in 2024 was 0.658 billion yuan (up 5.1% year-on-year), with distribution revenue at 0.498 billion yuan (up 20.8% year-on-year) and online revenue at 0.160 billion yuan (down 25.2% year-on-year) [3] - The gross margin for brand management was 25.52% (down 1.03 percentage points year-on-year) [3] Profitability and Forecast - The net profit margin for 2024 was 9.0% (up 5.3 percentage points year-on-year) [4] - Revenue forecasts for 2025 to 2027 are 5.344 billion yuan, 6.222 billion yuan, and 7.190 billion yuan, respectively, with year-on-year growth rates of 26%, 16%, and 16% [5] - Expected net profit for 2025 to 2027 is 0.384 billion yuan, 0.480 billion yuan, and 0.590 billion yuan, with growth rates of 1%, 25%, and 23% respectively [5]

Core Insights - The company achieved a revenue growth of 37% in 2024, driven by the acquisition of Shanghai Jiale, which contributed both one-time gains and ongoing performance post-consolidation [1] - The main business segments include bag and apparel OEM and brand operations, with OEM accounting for 83% of total revenue in 2024 [1] - The company reported a total revenue of 4.24 billion yuan in 2024, a year-on-year increase of 36.6%, and a net profit attributable to shareholders of 0.381 billion yuan, up 229.5% year-on-year [1] Financial Performance - In 2024, the company recorded a revenue of 4.24 billion yuan, with a net profit of 0.381 billion yuan, benefiting from the consolidation of Shanghai Jiale, which contributed 0.848 billion yuan in revenue and 0.028 billion yuan in profit for the second half of the year [1] - A one-time gain of 0.096 billion yuan was recognized when control over Shanghai Jiale was obtained, measured at fair value [1] - The overall gross margin decreased by 1.5 percentage points to 22.9% due to the lower margin of Jiale and the impact of consolidation [1] Q4 2024 Performance - In Q4 2024, the company achieved a revenue of 1.215 billion yuan, representing a year-on-year growth of 47.9%, and a net profit of 0.060 billion yuan, marking a return to profitability [1] - The non-recurring net profit attributable to shareholders was 0.066 billion yuan, showing significant growth year-on-year [1] Q1 2025 Performance - In Q1 2025, the company continued its high growth trajectory with revenue of 1.234 billion yuan, up 35.6% year-on-year, and a net profit of 0.085 billion yuan, an increase of 20.1% [2] - The gross margin improved slightly by 0.5 percentage points to 24.7%, despite the drag from Jiale's consolidation [2] - The overall expense ratio increased by 1.9 percentage points, leading to a decline in net profit margin by 0.9 percentage points to 6.9% [2] Business Segments - The bag OEM segment generated revenue of 2.372 billion yuan in 2024, a growth of 20.3%, driven by recovery in downstream customer inventory demand and increased orders from key clients like Nike and Decathlon [2] - The apparel OEM segment saw a significant revenue increase of 146.43% to 1.162 billion yuan, primarily due to the consolidation of Shanghai Jiale [2] - The brand business reported revenue of 0.658 billion yuan, a growth of 5.1%, mainly supported by increased income from the Xiaomi brand [2]

近期，TikTok上刮起了一股"奢侈品成本揭秘"风潮，有用户称，在美售价超100美元的Lululemon在中国 出厂价最低仅5美元。 不过，Lululemon发布声明称，从未与该用户提到的两处中国工厂合作，它们也不在品牌发布的供应商 名单上。 虽然TikTok上许多传言并非完全属实，但不少海外品牌在华设有代工厂仍是不争的事实。如，中国代工 制造商时代集团、盛泰集团均曾在招股书中披露，分别为PRADA、拉夫劳伦等海外奢侈品品牌代工产 品。而泰慕士、华利集团也在财报中披露，分别为迪卡侬、耐克等品牌提供贴牌加工服务。 长江商报消息 ●长江商报记者 汪静 值得关注的是，在不少厂商靠贴牌代工等业务服务海外品牌的同时，中国制造业正在持续进行结构性升 级。 国家税务总局数据显示，一季度高技术制造业和装备制造业销售收入分别增长12.1%和9.7%，增速较 2024年加快3.1和3.5个百分点。 高端装备和绿色能源产品成为出口新引擎。海关总署数据显示，今年一季度，我国货物贸易进出口额 10.3万亿元，同比增长1.3%，创历史同期新高，连续8个季度超过10万亿元。 众多海外品牌在华设置代工厂 近期，TikTok上刮起了一股"奢侈 ...

Investment Rating - The report gives a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading manufacturer in the bag industry, leveraging both B2B and B2C business models to drive growth. The B2B segment includes partnerships with renowned brands like Nike and Uniqlo, while the B2C segment focuses on its own brands, "90 Points" and "Xiaomi" [2][8]. - The company anticipates significant revenue growth, with projections of 32.04% in 2024 and 29.82% in 2025, alongside a substantial increase in net profit [8][12]. Financial Forecasts - Revenue (in million yuan): - 2023A: 3104.90 - 2024E: 4099.86 - 2025E: 5322.46 - 2026E: 6099.15 - Revenue Growth Rate (%): - 2023A: 13.28 - 2024E: 32.04 - 2025E: 29.82 - 2026E: 14.59 - Net Profit (in million yuan): - 2023A: 115.62 - 2024E: 390.46 - 2025E: 372.71 - 2026E: 452.66 - EPS (in yuan): - 2024E: 1.63 - 2025E: 1.55 - 2026E: 1.89 - PE Ratio: - 2024E: 13.96 - 2025E: 14.62 - 2026E: 12.04 [3][4][8]. Business Model and Strategy - The company operates under a dual business model, focusing on both B2B and B2C segments. The B2B segment includes OEM and ODM operations, while the B2C segment emphasizes direct sales through its own brands [12][48]. - The company has successfully diversified its operations, expanding from traditional IT bag manufacturing to include sports and leisure bags, as well as garment manufacturing [22][51]. Market Overview - The domestic bag market is experiencing a recovery, with a retail scale of 2349.2 billion yuan in 2023, reflecting a growth of 12.60% compared to 2022. The international market also shows signs of recovery, with a retail scale of 1551.5 billion USD [35][40]. - The report highlights the potential for domestic brands to capture market share, as the current market is dominated by foreign luxury brands [40][41]. Management and Governance - The company's ownership structure is stable, with the founder holding 51.23% of the shares, ensuring strong control and strategic direction [24]. - The management team is experienced, with backgrounds in leading IT companies, which enhances operational efficiency and competitive advantage [24]. Conclusion - The report indicates a positive outlook for the company, driven by robust growth in both B2B and B2C segments, strategic partnerships, and a favorable market environment [2][8][12].