行 业 研 究 | S | 渤 海 证 券 | | --- | --- | | | Bohai Securities | [Table_MainInfo] 关注 AI 赋能家居企业，以及 AI 眼镜投资机会 ――轻工制造&纺织服饰行业周报 | | 分析师： 袁艺博 | | | | | SAC NO： | S1150521120002 2025 年 2 月 24 日 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | [Table_Author] 证券分析师 | | | | | | | | | [Table_Summary] 投资要点： | | | | | 袁艺博 | | 行业要闻 | | | | | | | | | | | | 022-23839135 | | | | | | | | | | | | | | yuanyb@bhzq.com | | | | | | （1）欧盟对中国产装饰纸（Decor Paper）作出反倾销初裁。 | | | | | | | | [Tabl ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with an estimated annual revenue and net profit growth of around 20%, driven by a production volume of approximately 220 million pairs, representing a year-on-year increase of 10% to 20% [1][2] - In 2025, the company anticipates a 15% year-on-year growth in revenue and performance, supported by successful new customer collaborations and accelerated capacity expansion [1][2] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are expected to contribute significantly to revenue growth in the coming years [2][8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 24,004 million yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27,567 million yuan, reflecting a growth rate of 14.8% [10][11] - The net profit for 2024 is estimated at 3,902 million yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4,525 million yuan, indicating a growth rate of 16.0% [10][11] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia, which will enhance its international presence and meet customer demand [7][10] - The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026, aligning with the anticipated increase in orders [10][11] Market Position - The company is recognized as a leading global manufacturer of sports shoes, with a strong growth trajectory and increasing market share over the past few years [8] - The company’s gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [10][11]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to maintain a solid performance in 2025, with revenue and net profit projected to grow by approximately 20% year-on-year in 2024, and around 15% in 2025 due to successful new customer collaborations and accelerated capacity expansion [1][2][8] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are anticipated to drive significant order growth in the coming years [2][8] Summary by Sections Financial Performance - Estimated revenue for 2024 is projected at 24.0 billion yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27.6 billion yuan, reflecting a growth rate of 14.8% [10] - The net profit for 2024 is estimated at 3.9 billion yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4.5 billion yuan, indicating a growth rate of 16.0% [10] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia. The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026 [7][10] - The production capacity utilization rate has improved significantly, reaching 97.3% in the first half of 2024, indicating strong demand recovery in the apparel manufacturing sector [10] Customer Collaboration - The company has successfully onboarded new clients, including Adidas, which is expected to contribute to a robust revenue growth trajectory. The estimated compound annual growth rate (CAGR) for revenue from 2025 to 2026 is projected to be around 15% [2][8] - Orders from key clients such as Adidas, On, and New Balance are expected to see strong growth, while Nike's orders are anticipated to remain stable [2][8] Market Position - The company is recognized as a leading global manufacturer of athletic footwear, with a strong market presence and continuous growth in market share over the past few years [8]

证券研究报告/晨会聚焦 2025 年 02 月 18 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 【中泰研究丨晨会聚焦】政策杨畅：等待民企增量政策出台—— 当前经济与政策思考 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行 戴志锋：4Q24 货币政策执行报告点 评：宽松继续，节奏审慎》2025-02-17 2、《【中泰研究丨晨会聚焦】地产 由子沛：三大拐点齐现，板块迎来反 弹机会》2025-02-12 3、《【中泰研究丨晨会聚焦】化工 孙颖：固态电池材料专题报告：产业 方向日益清晰，技术迭代驶入快车道》 2025-02-12 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍 提价-——轻工制造及纺服服饰行业周报 【政策】杨畅：等待民企增量政策出台-——当前经济与政策思考 今日重点 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价-——轻工制造及纺服 服饰行业周报 2025/2/10-2025/2/14 上证指数 1.3%， ...

行 业 研 究 | 第1 海 证 学 | | --- | | Bohai Securities | [Table_MainInfo] 文化纸温和上涨可期，上海推动 IP、宠物消费发展 ――轻工制造&纺织服饰行业周报 推荐组合：欧派家居（603833）、索菲亚（002572）、探路者（300005）、 森马服饰（002563）、乖宝宠物（301498）。 风险提示 宏观经济波动；原材料成本上涨；新产能无法及时消化；大客户流失。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 12 行业周报 | | 分析师： 袁艺博 | | | SAC NO： S1150521120002 | | | 2025 | 年 月 2 | 17 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | [Table_Author] 证券分析师 | | [Table_Summary] | | | | | | | | | | 袁艺博 | | 投资要点： | | | | | | | | | | | |  行业要 ...