[Table_Title] 研究报告 Research Report 24 Aug 2025 晶苑国际 Crystal International (2232 HK) 营收利润双增，在头部品牌客户中的渗透率持续提升 Solid Revenue and Profit Growth, Deeper Penetration into Core Customers 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 8 月 20 日，晶苑国际召开 2025 年中期业绩电话会。 营收利润双增，充裕现金流保障分红与扩张并行。晶苑国际 1H25 实现收入 12.29 亿美元，同比+12.4%，保持稳健 增长。分品类看，休闲服/运动及户外服/牛仔服/贴身内衣/毛衣实现增速分别为+11.4%/+12.4%/+10.3%/ ...

港股公司报告 | 公司点评 晶苑国际（02232） 证券研究报告 成长清晰且稀缺 公司发布 2025 中报 25H1，公司实现营收 12 亿美金，同比增长 12%；净利润 1 亿美金，同比 增长 17%；毛利率 20%，持平略增；净利率 8%，同比增长 0.3pp。 分产品，25H1 休闲服实现营收 3.4 亿美金，同比增长 11%，占比 28%，毛 利率 21%，同比增长 0.7pp； 运动户外服实现营收 3.1 亿美金，同比增长 12%，占比 26%，毛利率 21% 同比略降； 牛仔服实现营收 2.6 亿美金，同比增长 10%，占比 21%，毛利率 16%同比 略降； 贴身内衣实现营收 2.1 亿美金，同比增长 10%，占比 17%，毛利率 21%， 同比增长 1.3pp； 毛衣实现营收 1 亿美金，同比增长 29%，占比 9%，毛利率 20%，同比下降 2.2pp； 休闲服及贴身内衣毛利率上升主因生产效率提升，毛衣毛利率下降主因毛 利率较低的常规款销量增加。 公司拟每股派发中期股息 2.1 美仙，分红比例为 60%。 重点把握欧亚机遇 二零二五年四月二日，美国总统特朗普签署「解放日」关税行政命令，宣 布 ...

Core Viewpoint - The company has achieved revenue and profit growth in the first half of 2025 despite external environmental disturbances, demonstrating operational resilience [1][2] Financial Performance - In H1 2025, the company reported revenue of $1.229 billion, a year-on-year increase of 12.42%, with a gross profit of $243 million, up 13.66%, and a net profit attributable to shareholders of $98 million, reflecting a 16.97% increase [1] - The gross margin and net profit margin for H1 2025 were 19.73% and 7.99%, respectively, showing slight improvements of 0.22 percentage points and 0.31 percentage points year-on-year [1] - The selling and administrative expense ratios were 1.31% and 7.64%, respectively, both showing minor improvements compared to H1 2024 [1] - The company plans to distribute an interim dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60%, indicating a strong willingness to return capital to shareholders [1] Product Performance - By product category, knitwear revenue reached $105 million, a significant year-on-year increase of 29.21%, while casual wear, sportswear, outdoor wear, and denim wear saw revenue growth of 11.37%, 12.44%, and 10.31%, respectively [1] - The gross margins for casual wear and intimate apparel improved by 0.7 percentage points and 1.3 percentage points to 20.50% and 20.80%, respectively, driven by enhanced production efficiency [1] - The decline in knitwear gross margin was attributed to an increase in sales of lower-margin regular styles [1] Regional Performance - In H1 2025, revenue growth in the Asia-Pacific and other regions was notably high at 14.50% and 14.94%, while North America experienced a stable growth of 11.67% [1] Strategic Advantages - The company faces tariff challenges due to its significant revenue exposure to the U.S. market, but it has three core advantages to mitigate these impacts: 1. FOB revenue structure where all production costs are borne by customers [2] 2. Pricing advantage with brand clients, as the retail prices of products significantly exceed the FOB prices, reducing tariff impact [2] 3. Overall industry resilience, with steady growth in brand clients despite external factors [2] Future Outlook - The company is expected to continue benefiting from its deep-rooted partnerships with premium brand clients and its recent entry into the sports and outdoor apparel sector, which is anticipated to contribute to performance growth [2] - Forecasted net profits for 2025-2027 are $242 million, $287 million, and $337 million, representing year-on-year growth rates of 20.83%, 18.41%, and 17.32%, respectively [2]

产能持续扩张承接订单增长。2024 年公司员工数量同增1 万人，2025H1公司生产基地新聘约4000 名员 工以提升产能。预计公司2025 及2026 年维持稳健的产能扩张节奏。此外，公司已进行欧洲地区产能布 局考察，后续有望进行布局以强化产能多元布局优势。 公司发布2025年中报。2025H1 营业收入同比增长 12.4%至 12.3 亿美元，归母净利润同比增长16.8%至1 亿美元。 机构：东北证券 点评： 研究员：刘家薇/苏浩洋 波动环境下展现增长韧性。2025H1 公司营业收入同比增长12.4%至12.3亿美元。分品类来看，休闲/运 动户外/牛仔/内衣/毛衣收入分别同增11.4%/12.4%/10.3%/9.5%/29.2%至3.4/3.1/2.6/2.1/1 亿美元，占比分 别为27.6%/25.5%/21.3%/17.1%/8.5%；分地区来看，亚太/北美洲/欧洲/其它地区收入分别同比增长 14.5%/11.7%/9.7%/14.9%至4.8/4.6/2.5/0.4 亿美元。 事件： 在对等关税等因素扰动下，核心客户份额持续提升，运动客户订单增速领先，驱动公司营收实现稳健增 长。 投资建议：晶苑 ...

投资建议：公司为头部服饰代工制造商之一，持续拓展优质客户，在运动等新客户中份额有望持续提 升。维持25-26 年盈利预测，预计25-27 年归母净利润分别为16.8、19.5、22.3 亿元，同比分别+16%、 +16%、+14%。维持"买入"评级。 毛衣业务增长靓丽。分产品看，休闲服、运动及户外服、牛仔服、贴身内衣、毛衣分别实现营业收入 3.40、3.13、2.62、2.10、1.05 亿美元，同比分别+11.4%、+12.4%、+10.3%、+9.5%、+29.2%。分地区 看，亚太地区、北美洲、欧洲、其他国家及地区分别实现营业收入4.78、4.63、2.53、0.36 亿美元，同 比分别+14.5%、+11.7%、+9.7%、+14.9%，收入占比分别为39%、38%、21%、3%。 风险提示：下游需求不及预期，公司产能受限、汇率波动等。 盈利能力如期提升。25H1 公司毛利率同比+0.2pct 至19.7%，其中休闲服20.5%（+0.8pct）、运动服及户 外服20.7%（-0.2pct）、牛仔服16.4%（-0.2pct）、贴身内衣20.8%（+1.3pct）、毛衣20.4%（-2.2pct）。 ...

Group 1: Deep Sea Technology Industry - The government has positioned deep sea technology as a strategic emerging industry, alongside commercial aerospace and low-altitude economy, highlighting its importance for national security and resource safety [6][7] - The deep sea sector is crucial for ensuring resource security, as the global underwater resource competition intensifies, particularly with the U.S. and Japan accelerating their deep-sea mining efforts [7] - The blue economy in China reached a production value of 10.54 trillion yuan in 2024, indicating significant market potential for growth in related sub-industries [8] - The deep sea technology industry chain spans from basic materials to high-end equipment manufacturing, with a focus on "deep sensing" capabilities as a foundational infrastructure for development [8] Group 2: New Consumption - Crystal International - Crystal International reported a revenue of 1.229 billion USD in H1 2025, a year-on-year increase of 12.42%, and a net profit of 98 million USD, reflecting strong operational resilience despite external challenges [11][12] - The company improved its gross profit margins in leisure and intimate apparel due to enhanced production efficiency, with gross margins reaching 20.50% and 20.80% respectively [12] - Crystal International's strategic advantages, including its FOB revenue structure and strong brand client pricing power, have helped mitigate the impact of tariffs [12][13] Group 3: New Consumption - Laopu Gold - Laopu Gold achieved a revenue of 12.354 billion yuan in H1 2025, a remarkable year-on-year growth of 251%, with a net profit of 2.268 billion yuan, reflecting strong market positioning and brand influence [15][16] - The company expanded its offline presence with 41 self-operated stores across 16 cities, achieving an average sales performance of approximately 459 million yuan per store [17] - Laopu Gold's brand strength is validated by a high overlap rate with major luxury brands, and the company plans to adjust product prices to support profit performance [17][18] Group 4: North Exchange - Youji Co., Ltd. - Youji Co., Ltd. reported a revenue of 443 million yuan in H1 2025, a year-on-year increase of 19%, and a net profit of 34.3 million yuan, reflecting strong growth driven by capacity release and business expansion [19][20] - The company experienced significant revenue growth in the oil and gas sector, with a 19% increase, and a 48% increase in the aviation sector due to the integration of Beiyang Precision [20][21] - The mechanical parts processing industry is expected to benefit from global industrial upgrades and domestic demand expansion, positioning China as a key supplier in the global market [21][22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [11]. Core Insights - The company demonstrated resilience in growth despite a volatile environment, with a 12.4% year-on-year increase in revenue to $1.23 billion in H1 2025 and a 16.8% increase in net profit to $100 million [2][3]. - The company is expanding its production capacity to meet growing orders, hiring an additional 4,000 employees in H1 2025 and planning further capacity expansion in Europe [3]. - Profitability is steadily improving, with a gross margin increase of 0.2 percentage points to 19.7% in H1 2025, driven by enhanced production efficiency [4]. Revenue Breakdown - Revenue growth by product category in H1 2025: Leisure (11.4%), Outdoor (12.4%), Denim (10.3%), Underwear (9.5%), and Sweaters (29.2%) [3]. - Revenue growth by region: Asia-Pacific (14.5%), North America (11.7%), Europe (9.7%), and other regions (14.9%) [3]. Financial Projections - Expected net profit growth for 2025-2027: 13.5% in 2025, 18.8% in 2026, and 17.4% in 2027, reaching $227.55 million, $270.37 million, and $317.30 million respectively [5]. - Projected revenue for 2025 is $2.77 billion, with a year-on-year growth of 12.33% [5]. Dividend Policy - The company plans to distribute a dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60%, reflecting a commitment to shareholder returns [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company reported strong mid-year results that met expectations, with a revenue of USD 1.229 billion, representing a year-on-year increase of 12.4%, and a net profit of USD 98.32 million, up 16.8% year-on-year [5] - The company continues to maintain a high dividend payout, announcing an interim dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60% [5] - The company is recognized as a leading apparel manufacturer, expanding its quality customer base, particularly in the sports sector, which is expected to enhance its market share [5] Financial Performance Summary - Revenue and Profit Forecasts: - Revenue for 2023 is projected at 15,651 million, with a year-on-year growth rate of -11% - Expected revenue growth rates for 2024 and 2025 are 13% [3] - Net profit for 2023 is forecasted at 1,158 million, with a year-on-year growth rate of -4% [3] - Earnings Per Share (EPS) is expected to increase from 0.41 in 2023 to 0.59 in 2025 [3] - The company’s gross margin improved by 0.2 percentage points to 19.7% in the first half of 2025 [5] - The company’s net asset return rate is projected to remain stable at around 14% from 2025 to 2027 [3] Revenue Breakdown - By product, revenue from casual wear, sports and outdoor wear, denim, intimate apparel, and sweaters was USD 340 million, USD 313 million, USD 262 million, USD 210 million, and USD 105 million respectively, with year-on-year growth rates of 11.4%, 12.4%, 10.3%, 9.5%, and 29.2% [5] - By region, revenue from the Asia-Pacific, North America, Europe, and other regions was USD 478 million, USD 463 million, USD 253 million, and USD 36 million respectively, with year-on-year growth rates of 14.5%, 11.7%, 9.7%, and 14.9% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved revenue and profit growth in H1 2025, demonstrating operational resilience despite external disruptions [8] - The company has three core advantages that help mitigate the impact of tariffs: FOB revenue structure, pricing advantage with brand clients, and overall industry resilience [8] - The company is expected to continue benefiting from its strong partnerships with quality brand clients and expanding into the sports and outdoor apparel sector, leading to significant growth potential [8] Financial Performance Summary - In H1 2025, the company reported revenue of $1.229 billion, a year-on-year increase of 12.42%, and a gross profit of $243 million, up 13.66% year-on-year [8] - The net profit attributable to shareholders for H1 2025 was $98 million, reflecting a year-on-year growth of 16.97% [8] - The gross margin and net margin for H1 2025 were 19.73% and 7.99%, respectively, showing slight improvements compared to the previous year [8] - The company expects to pay an interim dividend of 16.3 HKD cents per share, with a payout ratio of 60% [8] Revenue and Profit Forecast - Revenue projections for the company are as follows: $2.780 billion in 2025, $3.106 billion in 2026, and $3.449 billion in 2027, with year-on-year growth rates of 12.58%, 11.71%, and 11.06% respectively [7] - Net profit forecasts are $242 million in 2025, $287 million in 2026, and $337 million in 2027, with year-on-year growth rates of 20.83%, 18.41%, and 17.32% respectively [7] - The company’s earnings per share are projected to be $0.08 in 2025, $0.10 in 2026, and $0.12 in 2027 [7] Operational Efficiency - The company has improved production efficiency, leading to increased gross margins for casual and intimate apparel, with respective margins of 20.50% and 20.80% in H1 2025 [8] - The company’s sales and management expense ratios improved slightly to 1.31% and 7.64% in H1 2025, respectively [8] Market Position - The company has a strong market presence in the Asia-Pacific region, with revenue growth of 14.50% in H1 2025, and stable growth in North America at 11.67% [8]

招商证券指出，公司在主要品牌客户中的渗透率提升，通过生产效率的优化，化解关税不利影响。下半 年将合作欧洲新客户，优先把握欧亚市场的增长机遇。华西证券认为，在关税背景下，公司对美销售占 比约30%，越南产能占比约60%，能够覆盖美国出口，未来公司将发展重点放在亚洲及欧洲地区，通过 拓展欧洲大客户及设立新基地有望带动欧洲市场渗透率快速提升，同时公司有望迎来下游客户景气度共 振的红利期。 智通财经APP获悉，晶苑国际(02232)涨超8%，截至发稿，涨8.88%，报6.62港元，成交额2449.1万港 元。 消息面上，晶苑国际发布2025年中期业绩，收益12.29亿美元，同比增长12.4%；公司拥有人应占溢利 9826.5万美元，同比增长17%；每股基本盈利3.44美仙，拟派中期股息每股16.3港仙。休闲服及贴身内 衣的毛利率上升主要是由于生产效率有效提升。毛衣的毛利率下降主要是由于毛利率较低的常规款销量 增加。此外，公司在中报披露，下半年将与一家领先的欧洲品牌客户建立全新合作伙伴关系。 ...