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 ...

Core Points - The tax policies implemented by the Urumqi High-tech Zone (New District) Taxation Bureau aim to support the employment and entrepreneurship of disabled individuals while promoting high-quality development for businesses [1][2] Group 1: Tax Benefits for Companies - Urumqi Fuai Canvas Products Co., Ltd., a labor-intensive garment processing company, employs over 85% disabled workers and benefited from tax deductions amounting to over 400,000 yuan due to tax incentives for disabled individuals [1] - The financial manager of the company highlighted that the tax savings allow for improved welfare for disabled employees, creating a win-win situation [1] Group 2: Support for Disabled Entrepreneurs - Liu Lipu, a disabled entrepreneur, operates a daily goods store with annual sales of 90,000 yuan and has received tax exemptions, including VAT and personal income tax reductions, amounting to nearly 10,000 yuan annually [2] - Liu expressed gratitude for the support from tax policies, which have significantly improved his quality of life and enabled him to run his own business [2] Group 3: Ongoing Commitment to Policy Implementation - The Urumqi High-tech Zone (New District) Taxation Bureau plans to continue implementing and refining support policies for disabled individuals, ensuring proactive service and targeted policy guidance for businesses [2] - The aim is to encourage compliance in business operations and correct tax declarations while facilitating the integration of disabled individuals into the workforce [2]