Workflow
米家侧翻盖旅行箱
icon
Search documents
开润股份(300577):嘉乐成长可期
Tianfeng Securities· 2025-04-29 02:12
嘉乐成长可期 公司发布年报及一季报 25Q1 公司营收 12 亿,同增 36%。归母净利 0.9 亿,同增 20%;扣非后归 母净利 0.8 亿,同增 7%;营收增长系服装及箱包收入增加,本期财务费用 0.3 亿,24Q1 为 686 万元,系并购企业并表后未实现汇兑损益增加所致。 24 年公司营收 42 亿,同增 37%。归母净利 3.8 亿,同增 229.5%。扣非后 归母净利 2.9 亿,同增 109.7%。 目前,开润美国业务主要为箱包及服装代工制造,占公司收入约 15%,由 印尼生产并出口。公司与客户主要采用 FOB,该模式下由客户承担货物装 运上船后的运费并自行清关支付关税。 包括印尼在内东南亚国家是继中国之后,当下全球纺织制造产品最主要生 产和出口国,美国消费市场及美国纺服品牌客户对其产能依赖度很高。东 南亚国家因其人口基数和人力成本优势,成为诸如箱包、鞋、服生产等劳 动密集型行业的重要产能地,而美国人力成本显著高于东南亚,通过关税 政策倒逼纺服制造行业回流至美国本土的可能性较低。 公司报告 | 年报点评报告 开润股份(300577) 证券研究报告 公司通过在中国、印尼、印度等多地建厂布局全球化 ...
开润股份:2024年营收和净利润双双创历史新高
Core Insights - In 2024, the company achieved a main business revenue of 4.192 billion yuan, a year-on-year increase of 36.54%, and a net profit attributable to shareholders of 381 million yuan, a year-on-year increase of 229.52% [2] - The company continues to strengthen its position in the bag manufacturing sector by leveraging its global production capacity in Indonesia, China, and India, while optimizing its order structure and expanding business with key clients like Nike and Decathlon [2][3] Financial Performance - In Q1 2025, the company reported an operating income of 1.234 billion yuan, a year-on-year increase of 35.57%, and a net profit attributable to shareholders of 85.36 million yuan, a year-on-year increase of 20.12% [2] - The company's net profit excluding non-recurring gains and losses for Q1 2025 was 83.34 million yuan, reflecting a year-on-year increase of 6.64% [2] Business Segments - The company’s bag manufacturing revenue reached 2.372 billion yuan, a year-on-year increase of 20.27%, while the clothing manufacturing revenue surged to 1.162 billion yuan, a year-on-year increase of 146.43% [3] - The gross margin for the manufacturing business decreased by 1.33%, primarily due to the consolidation of Jia Le's revenue, which is currently experiencing lower margins due to production efficiency issues in Indonesia [3] Brand Operations - The company has optimized its brand strategies and product matrix, resulting in revenue growth, including the launch of new Xiaomi-branded luggage products and expansion into various sales channels [4] - The brand "90 Points" has successfully entered both domestic and international markets, enhancing its global influence and sales performance [4] Market Positioning - The company’s U.S. market operations, primarily in bag and clothing manufacturing, account for approximately 15% of its revenue, with production based in Indonesia [5] - The company benefits from the FOB (Free On Board) cooperation model, which mitigates the impact of rising tariffs on its costs [5] Industry Context - Southeast Asian countries, including Indonesia, are becoming key production and export hubs for textile and apparel products, with a significant reliance from U.S. brands on their production capabilities [6] - The company’s global production capacity exceeds 70%, strategically positioned to meet the demands of high-quality clients while maintaining a robust supply chain and trade risk management [6]