证券研究报告 | 2025年08月08日 健盛集团（603558.SH） 优于大市 上半年棉袜盈利承压无缝盈利改善，公司加码分红回购政策 2025 上半年净利润同比下降 14.5%，通过分红和回购提升股东回报。公司主 要业务为棉袜和无缝服饰。2025 上半年收入同比+0.19%至 11.71 亿元，归母 净利润同比-14.46%至1.42 亿元，扣非归母净利润同比-15.84%至1.36 亿元。 利润下降主要因越南基地产能、人员配备增加，产生成本压力，毛利率同比 下降 0.72 百分点至 28.17%；同时人员增加导致管理费用增加，销售/管理费 用率分别同比+0.17/+0.99 个百分点至 3.24%/8.87%。存货周转天数同比增 加 19 天至 149 天，应收账款/应付账款周转天数分别同比+7/+4 天至 84/35 天。2025 年半年度拟分红 0.25 元/股，分红总额 0.87 亿元，分红率达 61%； 同时公司持续推进回购计划，截至报告期末已回购股份支付 0.22 亿元，回 购方案拟于 2025/4/15-2026/4/14 日执行，回购金额 0.5-1.0 亿元。 第二季度毛利率同环比改善， ...

Core Viewpoint - The textile manufacturing industry in China is showing resilience despite external pressures, with companies like Jian Sheng Group reporting stable performance and positive growth in exports due to diversified international market strategies [2][4]. Group 1: Company Performance - Jian Sheng Group reported a sales revenue of 1.171 billion yuan in the first half of 2025, a year-on-year increase of 0.19%, and a net profit of 142 million yuan, down 14.46% [3]. - The company experienced a significant increase in net cash flow from operating activities, which rose by 146.96% to 252 million yuan due to improved receivables [3]. - Over 50% of listed companies in the textile sector that have disclosed performance forecasts expect positive profit growth [2][4]. Group 2: Market Dynamics - The textile industry faced challenges from U.S. trade policies, with a notable 20% year-on-year decline in textile and apparel exports to the U.S. from April to May 2025 [4]. - Despite these challenges, exports to developed markets like the EU, Japan, and emerging markets such as Bangladesh and Indonesia remained robust, indicating strong market resilience [4]. - The overall textile and apparel export value from January to June 2025 was 143.98 billion USD, reflecting a 0.8% year-on-year increase [4]. Group 3: Strategic Initiatives - Jian Sheng Group has been diversifying its production bases internationally, with significant operations established in Vietnam, which now accounts for a substantial portion of its production for the U.S. market [6]. - The company is also focusing on enhancing its operational efficiency through smart factory initiatives, which aim to reduce labor costs and improve production capabilities [8]. - The textile industry is increasingly prioritizing supply chain resilience and product value addition, adapting to the changing global trade environment [7][8]. Group 4: Industry Outlook - The industry is urged to focus on internal strengths and domestic market cycles to navigate external uncertainties, as emphasized by industry leaders [9]. - The Chinese textile industry is expected to continue investing in high-end, intelligent, and green technology upgrades, with fixed asset investments in the textile sector growing by 15.1% year-on-year in the first half of 2025 [8].

Core Viewpoint - Zhejiang Jasan Holding Group Co., Ltd. (Jasan Group) aims to become a global leader in integrated supply chain manufacturing of knitted sports apparel, showcasing strong financial performance and strategic growth initiatives in 2024 [1][2]. Company Overview - The company reported a revenue of CNY 2.57 billion in 2024, representing a year-on-year increase of 12.81% [2][5]. - Net profit attributable to shareholders reached CNY 321.18 million, up 20.15% from the previous year [2][5]. - The company has a diversified product portfolio, primarily focusing on knitted socks and seamless apparel, serving major global brands such as UNIQLO, PUMA, and ADIDAS [6][9]. Financial Performance - The total assets of the company stood at CNY 3.90 billion, an increase of 11.98% compared to the previous year [2]. - Basic earnings per share rose to CNY 0.89, reflecting a growth of 20.27% year-on-year [2]. - The company’s cash flow from operating activities was CNY 342.25 million, indicating a decrease of 12.29% from the previous year [5]. Business Segments - The cotton sock segment generated approximately CNY 1.92 billion in sales, marking a 15.85% increase, with net profit growing by 12.62% to CNY 279 million [5][6]. - Seamless apparel sales also showed significant growth, contributing to the overall revenue increase [6][7]. Strategic Initiatives - The company is actively pursuing cost reduction and efficiency improvement strategies, including optimizing procurement and enhancing production processes [5][6]. - Jasan Group is expanding its production capacity in Vietnam, with projects aimed at producing 65 million pairs of mid-to-high-end cotton socks and other textile products [5][6]. Market Position - The company has established a strong foothold in the textile industry, with a focus on export markets, particularly in Europe, the United States, and Japan [6][9]. - In 2024, China's cotton sock exports reached 18.8 billion pairs, with an export value of USD 6 billion, highlighting the robust demand for the company's products [7]. Future Outlook - The company plans to continue enhancing its vertical integration and invest in research and development to maintain its competitive edge in the textile market [6][9]. - Jasan Group aims to strengthen its relationships with existing clients while exploring opportunities to attract new high-quality customers [6][9].

Group 1 - The appointment of Zeng Yajun as Vice President of Jian Sheng Group signifies a strategic move to enhance the company's global sales capabilities in seamless apparel [2][4] - Jian Sheng Group, established in 1994, has shown consistent revenue growth, with a reported total revenue of 2.6 billion yuan in 2024, reflecting a year-on-year increase of 13% [2][3] - The seamless apparel segment has become a core competitive advantage for Jian Sheng Group, contributing approximately 40% to the company's revenue in 2024 [4][6] Group 2 - Zeng Yajun brings over 20 years of experience from notable companies such as Pacific Brands Asia and Gildan Activewear, which aligns well with Jian Sheng Group's international business strategy [2][3] - The company's international business revenue reached 2.192 billion yuan in 2024, growing over 14% and accounting for more than 85% of total revenue, indicating a strong global presence [3][4] - The recent hiring of three vice presidents within three months demonstrates Jian Sheng Group's commitment to strategic talent acquisition and governance resilience [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a stable revenue growth of 2% year-on-year in Q1 2025, but the net profit attributable to the parent company decreased by 27% year-on-year [1]. - The company is expected to see healthy growth in orders for cotton socks in 2025, despite a slight decline in Q1 2025 due to customer order shipment schedules [2]. - The company is expanding its overseas integrated production capacity, which is anticipated to enhance its competitive strength in the medium to long term [3]. Financial Performance - In Q1 2025, the company's revenue was 560 million yuan, with a net profit of 60 million yuan, reflecting a decrease in net profit margin by 4.3 percentage points to 10.7% [1]. - The gross profit margin decreased by 2.5 percentage points to 26.8% in Q1 2025 [1]. - The company expects net profits for 2025, 2026, and 2027 to be 340 million, 388 million, and 441 million yuan respectively, with a corresponding P/E ratio of 9 times for 2025 [4][5]. Business Outlook - The company is focusing on matching production capacity with orders, particularly in the cotton socks and seamless apparel segments, with expectations of improved profitability in the seamless apparel business [2]. - The company is actively expanding its production capacity in Vietnam, with projects expected to be completed in 2024, which will further enhance its production capabilities [3]. - The company has a solid cash flow management strategy, with a net operating cash flow of 200 million yuan in Q1 2025, approximately 3.3 times the net profit for the same period [3].

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]

Core Viewpoint - Jian Sheng Group has appointed Chen Chuaizhuang, a Vietnamese national, as Vice President, marking a significant milestone as she is the first Vietnamese executive in A-share history [1][3]. Group 1: Company Appointments - The company has appointed Yang Yong and Chen Chuaizhuang as Vice Presidents, with their terms lasting until the end of the sixth board of directors [1]. - Chen Chuaizhuang has a diverse background, including roles in various companies and has been the Executive Vice President of Jasan Socks (Vietnam) Co., Ltd. since 2014 [3][5]. Group 2: Financial Performance - In the 2024 annual report, Jian Sheng Group reported a revenue of 2.574 billion yuan, a year-on-year increase of 12.81%, and a net profit of 325 million yuan, up 20.15% [4]. - The company's sock business generated approximately 1.918 billion yuan in sales, reflecting a 15.85% increase, while seamless clothing sales grew by 25.11% [4]. - The overseas sales revenue reached 2.192 billion yuan, up 13.75%, while domestic sales were 351 million yuan, a 9.04% increase [4]. Group 3: International Expansion - Jian Sheng Group has been expanding its operations in Vietnam since 2013, establishing three production bases, with the Hai Phong base having an annual capacity of 180 million pairs of mid-to-high-end knitted socks [4]. - The company aims to leverage Vietnam's tax policies and reduce international trade barriers to enhance competitiveness [4]. Group 4: Growth in Vietnam Operations - The revenue from Jian Sheng Vietnam has shown significant growth, with 750 million yuan in 2023 and 884 million yuan in 2024, alongside profits of 63.48 million yuan and 82.83 million yuan, respectively [5]. - The appointment of Chen Chuaizhuang is seen as a strategic move to strengthen management over the Vietnam operations [5]. Group 5: Trade Relations - China is Vietnam's largest trading partner, with bilateral trade exceeding 200 billion USD for three consecutive years, and in the first nine months of 2024, it reached 190.38 billion USD, a 17.6% increase [7]. - The trade relationship is expected to continue growing due to various bilateral and multilateral trade agreements [7]. Group 6: Investment Trends - A-share listed companies are leading the investment trend in Vietnam, with numerous firms announcing plans to establish subsidiaries or factories in the country [8]. - Recent investments include companies like Yanjin Puzhi and Huaci Co., which are setting up operations in Vietnam to enhance their international competitiveness [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is experiencing excellent growth in its cotton sock business, with a projected revenue of 2.57 billion yuan in 2024, representing a year-on-year increase of 13%, and a net profit of 325 million yuan, up 20% year-on-year [1][4] - The seamless apparel segment is showing continuous improvement in profitability, with a revenue increase of 6% to 660 million yuan in 2024 [2][4] - The company is expanding its overseas production capacity, particularly in Vietnam, which is expected to enhance its competitive edge in the long term [3][4] Financial Summary - For 2024, the company expects a revenue of 2.57 billion yuan and a net profit of 325 million yuan, with a gross margin of 28.8%, an increase of 2.8 percentage points year-on-year [1][5] - The cotton sock business is projected to generate 1.84 billion yuan in revenue, a 16% increase, while the seamless business is expected to reach 660 million yuan, a 6% increase [2][5] - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of approximately 55% [1][4] Business Segmentation - The cotton sock segment is expected to see a volume increase of 14% to 378 million pairs, with a gross margin of 30% [2][3] - The seamless apparel segment is projected to have a volume increase of 25% to 33.32 million pieces, with a gross margin of 21.7% [2][3] Capacity Expansion - The company is committed to building an integrated supply chain and enhancing its production capabilities, with a focus on smart manufacturing [3] - The completion of a new production line for mid-to-high-end cotton socks is expected to boost output, with ongoing investments in Vietnam to further expand capacity [3]