（原标题：广发证券：首予裕元集团(00551)"买入"评级 合理价值19.99港元） 智通财经APP获悉，广发证券发布研报称，预计裕元集团(00551)FY25-27每股收益分别为0.23/0.26/0.28 美元，根据分部估值法，对应合理价值19.99港元/股，首次覆盖，给予"买入"评级。公司是全球最大运 动鞋制造商，业务由运动鞋制造+零售双轮驱动。制造业务同时深度绑定Nike与adidas，FY2024鞋履出 货量规模居全球第一;公司上市子公司宝胜国际(03813)是大中华区最大的整合型运动、户外及休闲用品 零售平台之一。 广发证券主要观点如下： 制造业务：量价齐升，有望带动收入和盈利能力持续改善 (1)展望2026年，运动鞋服代工行业业绩有望改善：①伴随美国关税政策明朗化，品牌客户下单节奏有 望恢复正常;②2026年是"体育赛事超级大年"，有望带动下游需求;③若耐克FY26去库结束、品牌销售回 暖，则相关代工公司有望受益;④品牌端供应商集中化趋势助力，看好制造端龙头份额持续提升。(2)公 司积极采取多方面举措提升卓越制造能力，有望带动制造业务收入和盈利能力持续改善：①伴随新产能 爬坡、规模效应释放，产能 ...

(1)展望2026年，我国运动鞋服零售行业需求有望回暖：①体育赛事、我国扩内需及发展体育运动政策 助力，相关消费环境有望回暖;②耐克的老品逐步去化、新品占比提升加快有望改善宝胜的售罄率和折 扣率。(2)宝胜积极推进精细化运营：①精细化零售，动态布局全渠道零售版图;②持续丰富品牌和产品 类别矩阵;③在品牌合作伙伴存货共享、商品共享平台机制下，库存结构有望优化。 广发证券发布研报称，预计裕元集团(00551)FY25-27每股收益分别为0.23/0.26/0.28美元，根据分部估值 法，对应合理价值19.99港元/股，首次覆盖，给予"买入"评级。公司是全球最大运动鞋制造商，业务由 运动鞋制造+零售双轮驱动。制造业务同时深度绑定Nike与adidas，FY2024鞋履出货量规模居全球第一; 公司上市子公司宝胜国际(03813)是大中华区最大的整合型运动、户外及休闲用品零售平台之一。 风险提示：客户销售下滑，产能扩张不及预期，贸易摩擦加剧风险。 (1)展望2026年，运动鞋服代工行业业绩有望改善：①伴随美国关税政策明朗化，品牌客户下单节奏有 望恢复正常;②2026年是"体育赛事超级大年"，有望带动下游需求;③若耐克F ...

Market Overview - Global stock markets are experiencing a downturn, with US markets leading the decline, European markets dropping over 1%, and Japanese markets falling over 3% [1] - The Hang Seng Index opened with a drop of 1.72% [1] - Geopolitical tensions are escalating, particularly between Japan and China, affecting market sentiment [1] Cryptocurrency Market - Bitcoin prices fell below $90,000, with over 180,000 traders liquidated in the past 24 hours, totaling over $1 billion in liquidations [2] - The cryptocurrency market has lost over $1 trillion in value over the past six weeks due to high tech stock valuations and uncertainty in US interest rates [2] Electric Vehicle and Battery Industry - Concerns are rising in the lithium battery sector, with industry leaders expressing skepticism about a projected 50% growth in the coming year and potential price increases [2] - Companies like Tianqi Lithium and Ganfeng Lithium saw their stocks drop over 6% due to negative sentiment in the market [2] Automotive Sector - Xiaopeng Motors reported disappointing Q4 revenue guidance, projecting total revenue of RMB 21.5 billion to RMB 23 billion, below market expectations of RMB 26 billion [3] - The company's gross margin decreased from 14.3% to 13.1%, attributed to higher costs from new model launches [3] Robotics and AI - A video from a Chinese startup showcasing autonomous robots has sparked global interest, indicating significant advancements in robotics technology [4] - The startup's use of hardware from Unitree Technology could lead to increased sales if breakthroughs in AI are achieved [4] Semiconductor Industry - SMIC reported a supply-demand imbalance in the semiconductor industry, with a capacity utilization rate of 95.8% in Q3 [5] - The company anticipates sustained high prices in the storage sector due to high barriers to entry for competitors [5] AI Business Growth - Baidu's latest financial report revealed over 50% year-on-year growth in AI business revenue, exceeding expectations [6] - AI cloud revenue grew by 33%, and AI application revenue reached RMB 2.6 billion [6] Aerospace Industry - Boeing forecasts significant growth in the Middle East aviation market, expecting the fleet to more than double in the next 20 years [7] - The Chinese C919 aircraft showcased at the Dubai Airshow aims to enhance China's presence in the global aerospace sector [7] Apparel Industry - Shenzhou International reported a 15.3% year-on-year increase in revenue for the first half of 2025, driven by demand recovery in the sportswear sector [8] - The company has expanded its global production capacity, with overseas factories accounting for 53% of total output [9]

Core Viewpoint - The Hong Kong stock market has seen a significant increase in the share prices of sportswear and footwear manufacturing companies, indicating positive market sentiment towards this sector [1] Company Performance - Crystal International (02232.HK) has experienced a rise of 8.81%, reaching a price of 7.29 HKD [1] - Shenzhou International (02313.HK) has seen an increase of 5.1%, with its share price at 71.15 HKD [1]

Core Viewpoint - The sports footwear and apparel manufacturing sector is experiencing a positive outlook, with potential recovery in downstream demand and benefits for leading companies if Nike's performance rebounds in the fiscal year 2026 [1] Group 1: Market Performance - Crystal International (02232) shares increased by 8.81%, reaching HKD 7.29, while Shenzhou International (02313) shares rose by 5.1%, reaching HKD 71.15 [1] Group 2: Industry Outlook - Short-term recovery in downstream demand for the sports footwear and apparel manufacturing industry is anticipated, with strong competitiveness among leading companies and an expanding customer base [1] - The long-term market potential for the sports footwear and apparel industry is significant, with high industry prosperity and steady growth expected in future performance [1] Group 3: Export Challenges - In October, China's textile and apparel export value was USD 22.3 billion, a year-on-year decline of 13%, with textile and apparel exports at USD 11.3 billion and USD 11 billion, respectively, reflecting declines of 9% and 16% [1] - The recent announcement by the U.S. to cancel additional tariffs on China may lead to gradual recovery in the export chain, positively impacting the sports manufacturing and non-woven fabric sectors [1]

Core Viewpoint - The sports footwear and apparel manufacturing sector is experiencing a positive trend, with key companies like Crystal International and Shenzhou International seeing significant stock price increases due to anticipated recovery in downstream demand and potential benefits from Nike's performance reversal in FY2026 [1] Industry Summary - Short-term outlook for the sports footwear and apparel manufacturing industry indicates a gradual recovery in downstream demand, with leading companies expected to benefit from improved performance in the supply chain [1] - The industry has a large market space and high prosperity, with strong competitiveness among leading companies, enhanced penetration rates among existing customers, and continuous expansion of new customers and production capacity [1] Company Summary - Crystal International (02232) saw an increase of 8.81%, reaching HKD 7.29, while Shenzhou International (02313) rose by 5.1%, reaching HKD 71.15 [1] - The textile and apparel export value from China in October was USD 22.3 billion, a year-on-year decline of 13%, with specific declines in textile and apparel exports of USD 11.3 billion and USD 11 billion, respectively [1] - The recent announcement by the U.S. to cancel the 10% tariff on fentanyl imports from China and suspend the 24% reciprocal tariff for a year is expected to positively impact the export chain, leading to a gradual recovery [1]