Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company is expected to experience a seamless business transition in 2025, with a focus on improving operational efficiency and profitability through various strategic initiatives [2][3] - The company's revenue for 2024 is projected to be 2.6 billion, representing a 13% increase, while the net profit is expected to reach 330 million, a 20% increase [1][4] - The report highlights the strong demand for cotton socks and the potential recovery of the seamless apparel segment, driven by improved orders and overseas production capacity [3] Financial Performance Summary - For Q4 2024, the company reported revenue of 650 million, a 4% year-on-year increase, and a net profit of 60 million, a 12% decrease [1] - The revenue breakdown for 2024 includes 300 million from knitted casual cotton socks (4% increase), 1.6 billion from knitted sports cotton socks (19% increase), and 600 million from seamless sports apparel (17% increase) [1] - The company anticipates EPS of 1.06, 1.20, and 1.39 for 2025-2027, with corresponding P/E ratios of 10, 9, and 7 [3][4] Strategic Focus Areas - The company plans to enhance its management system, focusing on operational efficiency and cost control to achieve new profit breakthroughs [2] - There is a commitment to expanding the sales team to capture new customers and increase market share, particularly in the seamless apparel segment [2] - The production team will concentrate on improving efficiency and quality control to ensure product competitiveness [2]

Core Viewpoint - The article emphasizes the cyclical nature of stock performance in the export chain, particularly highlighting the importance of earnings seasons for price movements and the need for companies to deliver on EPS expectations to drive stock prices upward [2][8][12]. Export Chain Performance - The stock performance of export chain companies tends to rise during earnings seasons, with a focus on EPS growth rather than valuation increases [2][8]. - As of March 2024, many companies in the export chain have seen their PE ratios fall to a favorable range of 10-15X, indicating potential for upward movement as earnings reports approach [11][12]. - Key sectors such as transformers, wind power equipment, motorcycles, air conditioners, injection molding machines, buses, and hand tools/electric tools have shown over 10% growth in exports during January-February 2024 [12][15]. Machinery Sector - The machinery sector is characterized by cyclical demand, with overseas durable goods and industrial products showing strong competitive advantages [19][20]. - Companies like Juxing Technology and Quanfeng Holdings are recommended for their strong positions in overseas durable goods, while SANY Heavy Industry, XCMG, and others are highlighted for their industrial products [21][22]. Home Appliances - The home appliance sector is experiencing a shift due to U.S. tariffs, which have accelerated the competitive landscape, benefiting leading companies with overseas production capabilities [30][34]. - Companies such as Xinbao, Ousheng Electric, and Dechang are recommended for their high export ratios to the U.S. and strong growth prospects [35][38]. Textile and Apparel - The textile and apparel sector is expected to face challenges in Q1 2025, with a decline in export amounts due to increased tariffs from the U.S. [39][44]. - However, many companies have global production layouts that help mitigate the impact of trade tensions, with some benefiting from large customer orders [44][45]. Military Industry - The military industry is poised for growth due to global demand for military equipment and the ongoing geopolitical tensions, particularly in Europe [47][50]. - Companies like Guorui Technology and Aerospace South Lake are highlighted for their potential in military trade, with a focus on global expansion opportunities [48][56].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve a revenue of 28.66 billion RMB in 2024, representing a year-on-year increase of 14.8%, with a projected sales volume growth of 21% and a decrease in the average selling price by 5% [5] - The net profit attributable to shareholders for 2024 is forecasted to be 6.24 billion RMB, reflecting a growth of 36.9%, with core profit expected to be 4.92 billion RMB, up by 37% [5] - The company is enhancing new product development and diversifying its product categories, which is anticipated to increase market share among existing customers and accelerate the acquisition of new customers [5] Financial Summary and Valuation Metrics - Revenue for 2023 was 24.97 billion RMB, with a projected increase to 28.66 billion RMB in 2024, and further growth expected to 31.96 billion RMB in 2025 [8] - The net profit for 2023 was 4.56 billion RMB, expected to rise to 6.24 billion RMB in 2024, and to 6.55 billion RMB in 2025 [8] - The gross margin for 2024 is projected at 28.1%, with a net profit margin of 21.8% [7][8] - The company’s P/E ratios are forecasted to be 13.2, 11.8, and 10.5 for the years 2025, 2026, and 2027 respectively [8] Operational Insights - The company is expanding its workforce, with the number of employees expected to increase from 92,000 to 103,000 by the end of 2024, which will support production capacity growth [8] - The new fabric factory in Vietnam is expected to increase daily fabric production capacity from 400 tons to 600 tons [8] - The new garment factory in Cambodia is nearing completion and is expected to start hiring approximately 6,000 workers [8] Market Performance - The company’s core clients, including Uniqlo, Nike, Adidas, and Puma, have shown significant revenue growth, with Uniqlo and Lululemon experiencing over 70% year-on-year growth [6] - The revenue contribution from the top four clients (CR4) increased to 80.7% in 2024, indicating a strong reliance on key customers [6] - The company is expected to see double-digit growth in orders from major clients in 2025 [6]

纺织服饰/纺织制造 申洲国际（02313.HK） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 申洲国际 恒生指数 相关研究报告 《2024H1 量增亮眼单价承压，毛利率 修复超预期—港股公司信息更新报 告》-2024.8.30 《全年毛利率逐季改善，期待 2024 年 盈利能力再向上—港股公司信息更新 报告》-2024.3.29 毛利率修复下核心利润亮眼，海外持续扩产提效 ——港股公司信息更新报告 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 62.300 | | 一年最高最低(港元) | 86.900/54.800 | | 总市值(亿港元) | 936.51 | | 流通市值(亿港元) | 936.51 | | 总股本(亿股) | 15.03 | | 流通港股(亿股) | 15.03 | | 近 3 个月换手率(%) | 23.55 | 股价走势图 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is expected to achieve a revenue of 2.574 billion yuan in 2024, representing a year-on-year increase of 12.8%, and a net profit of 325 million yuan, up 20.2% year-on-year [2] - The cotton sock business is projected to grow due to increased volume and price, with a revenue of 1.844 billion yuan in 2024, a 16% increase, and a net profit of 279 million yuan, up 12.5% year-on-year [3] - The seamless apparel segment is anticipated to improve profitability significantly as production capacity utilization in Vietnam increases, with a revenue of 661 million yuan in 2024, a 5.6% increase, and a net profit of 46 million yuan, up 105% year-on-year [3] Financial Summary - Revenue and profit projections for 2024-2027 show consistent growth, with revenue expected to reach 3.401 billion yuan by 2027, and net profit projected at 470 million yuan [4][8] - The gross margin is expected to improve from 26.0% in 2023 to 29.8% in 2027, while the net margin is projected to rise from 11.9% to 13.8% over the same period [4][8] - The company maintains a high dividend payout ratio, with a cash dividend ratio of 54.74% for 2024, and a total buyback amount leading to a payout ratio of 94.7% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The increase in capacity utilization is driving profit growth, with expectations for new customers and capacity expansion [5] - The company reported a revenue of 28.66 billion RMB for 2024, representing a year-on-year growth of 14.8%, attributed to effective customer expansion and improved capacity utilization [7] - The gross profit for 2024 was 8.05 billion RMB, a year-on-year increase of 32.9%, with a gross margin of 28.1%, up 3.8 percentage points [7] - The company announced a final dividend of 1.28 HKD per share, with a total dividend payout of 2.53 HKD per share for 2024, indicating a strong dividend policy [7] - The company has seen significant growth in leisure products, with revenue from the Japanese market growing over 30% year-on-year [7] - The company maintains a stable share of core customers, with major brands like Adidas, Nike, Puma, and UNIQLO contributing to 80.7% of revenue in 2024 [7] - The company is expected to achieve net profits of 6.61 billion RMB, 7.47 billion RMB, and 8.38 billion RMB for 2025-2027, with respective growth rates of 5.95%, 12.95%, and 12.14% [7] Financial Summary - Revenue projections for 2025 are estimated at 31.91 billion RMB, with a growth rate of 11.32% [8] - The projected net profit for 2025 is 6.61 billion RMB, with a net profit margin of 20.7% [8] - The company’s total assets are expected to reach 59.56 billion RMB by 2025, with a debt-to-asset ratio of 28.70% [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve a revenue growth of 14.7% year-on-year in 2024, reaching 28.66 billion yuan, with a net profit growth of 36.9%, totaling 6.24 billion yuan, both exceeding expectations [1][10] - The company demonstrates strong competitive advantages, with orders growing faster than major brand clients, particularly benefiting from the performance of non-Nike clients [3][53] - The company is positioned to maintain its leading growth rate in the industry, with a target price adjustment to 75-82 HKD, reflecting a PE ratio of 16-17.5x for 2025 [3][54] Revenue and Profitability - Revenue is projected to grow by 14.8% in 2024, with net profit expected to increase by 36.9% [4][56] - The gross profit margin is anticipated to rise by 3.8 percentage points to 28.1% in 2024, with improvements in both the first and second halves of the year [1][10] - The company’s net cash position is 13.4 billion yuan, an increase of 2 billion yuan year-on-year [1] Customer and Product Performance - Performance varies by product category, with sportswear, casual wear, and underwear growing by 9.8%, 27.1%, and 34.6% respectively [2][27] - Customer performance shows significant growth for clients other than the second-largest client, with notable increases for clients A, C, and D [2][30] - The company is expected to benefit from the recovery of Nike, which has been under pressure, as it continues to outperform its competitors [45][51] Regional Performance - Revenue growth by region shows double-digit increases in China, with the US and Japan also seeing improved sales proportions [2][36] - The company’s revenue from China grew by 13.2%, while sales in Europe saw single-digit growth [36] Future Outlook - The company plans a 10% increase in production capacity for 2025, with stable pricing and gross margins [51] - The management indicates that if Nike recovers, there could be further upside potential for the company’s orders and performance [53][54]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][31][36] Core Views - The company is expected to achieve a net profit growth of 20% in 2024, driven by stable growth in cotton socks and a recovery in seamless apparel profitability [1][4] - Revenue is projected to increase by 12.8% year-on-year to 2.574 billion yuan in 2024, with a net profit of 325 million yuan, reflecting a 20.2% increase [1][5] - The company plans to enhance shareholder returns through dividends and share buybacks, with a dividend of 0.3 yuan per share and a buyback plan of 50-100 million yuan [1][4] Summary by Sections Financial Performance - In Q4 2024, the company's revenue grew by 4.4% year-on-year to 650 million yuan, while net profit decreased by 11.6% to 62 million yuan, primarily due to year-end bonus provisions [2][3] - The cotton socks business saw a revenue increase of 16.0% to 1.844 billion yuan, with a net profit contribution of 279 million yuan [3][4] - Seamless apparel revenue increased by 5.6% to 661 million yuan, with a significant recovery in profitability, as the gross margin improved by 9.0 percentage points to 22% [3][4] Future Outlook - The company anticipates continued growth in cotton socks and a rapid increase in seamless apparel orders, with profitability expected to improve further as production capacity increases [4][31] - The net profit forecast for 2025-2027 is adjusted to 370 million, 410 million, and 450 million yuan, reflecting year-on-year growth rates of 14.7%, 10.6%, and 8.8% respectively [4][32] Valuation - The target price for the company is maintained at 11.80-12.70 yuan, corresponding to a price-to-earnings ratio of 11-12x for 2025 [4][31] - The company’s financial metrics indicate a projected net profit margin of 14.6% in 2024, with a return on equity (ROE) of 13.0% [5][32]

Investment Rating - The report maintains a "Recommended" rating for the textile and apparel industry [1]. Core Insights - The leading domestic sports brands, including Anta Sports, Xtep International, and 361 Degrees, have shown resilient growth in 2024, with revenues of 70.826 billion, 13.577 billion, and 10.074 billion yuan respectively, reflecting year-on-year growth rates of 13.6%, 6.5%, and 19.6% [3][6]. - The retail sales of clothing in China for January-February 2025 reached 262.4 billion yuan, a year-on-year increase of 3.3%, indicating a steady recovery in consumer demand supported by favorable policies [7][15]. - The report anticipates a quarterly improvement in clothing consumption throughout 2025, driven by ongoing consumer policy support and the effects of a low base in 2024 [7][15]. Summary by Sections 1. Industry Overview - The textile and apparel industry is experiencing stable growth, with a focus on domestic consumption recovery in early 2025 [1]. 2. Key Industry Data Review (a) Stock Market Review - The Shanghai Composite Index fell by 1.6%, while the textile and apparel sector saw a decline of 1.29% during the week of March 17-21, 2025 [11][12]. (b) Retail Performance - The total retail sales of consumer goods in China for January-February 2025 amounted to 83,731 billion yuan, with clothing retail sales contributing 2,624 billion yuan [15]. (c) Upstream Textile Exports - In February 2025, textile yarn, fabric, and related products exported amounted to 6.219 billion USD, a year-on-year decrease of 25.3% [22]. (d) Upstream Raw Materials - As of March 21, 2025, the domestic cotton price index was 14,905 yuan per ton, showing a slight increase from the previous week [31][32]. 3. Key Company Announcements - Anta Sports, Xtep International, and 361 Degrees reported significant revenue growth for 2024, with net profits increasing by 52.4%, 20.2%, and 19.5% respectively [3][6].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to achieve a revenue of 28.66 billion RMB and a net profit of 6.24 billion RMB in 2024, representing year-on-year growth of 15% and 37% respectively [1] - The company anticipates a revenue growth of 10% to 15% in 2025, driven by an increase in order share and improved production efficiency [5] Revenue and Profitability - In 2024, the company's revenue and net profit are projected to be 28.66 billion RMB and 6.24 billion RMB, with respective year-on-year growth rates of 15% and 37% [1] - The gross margin for 2024 is expected to increase by 3.8 percentage points to 28.1%, primarily due to the recovery of capacity utilization [2] - The net profit margin is projected to rise by 3.5 percentage points to 21.8% in 2024 [2] Orders and Client Base - The company has seen healthy growth in orders from major clients such as Uniqlo, Nike, Adidas, and PUMA, with sales to the top four clients reaching 79.9 billion RMB, 74.0 billion RMB, 50.0 billion RMB, and 27.6 billion RMB respectively in 2024 [3] - Sales in the sports, leisure, underwear, and other categories for 2024 are expected to be 198.0 billion RMB, 72.1 billion RMB, 14.4 billion RMB, and 2.2 billion RMB, with year-on-year growth rates of 10%, 27%, 35%, and 11% respectively [3] Capacity and Production - The company is actively increasing its workforce to meet growing customer demand, with a saturated capacity utilization rate in 2024 [4] - The company is expanding its overseas production capacity, with a new garment factory in Cambodia nearing completion and expected to start hiring in 2025 [4] Financial Projections - The company expects to achieve a net profit of 6.65 billion RMB in 2025, with a projected P/E ratio of 11.5 times based on the current price [5] - The estimated revenue for 2025 is 32.03 billion RMB, reflecting a year-on-year growth rate of 11.8% [6]