| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | √其他：电话会议 | | | 中泰资管：张蕾 | | | | 大家资产：钱怡 | | | | 招商证券：刘丽 | | | | 中信证券：冯重光、郑一鸣、张政、杨奕成、姚正阳 | | | | Cyber Atlas Capital：戴雯雯 | | | | regents capital：吴昱洁 | | | | 高信百诺：秦雨清 | | | | 关呈基金：范潇文 | | | | 金百镕资管：刘晓爽、马学进 | | | | 容光私募基金：韩飞 | | | | 止于至善投资：邓祖铭 | | | | 渤海资管：李文 | | | | 创金合信基金：李晗 | | | | 大成基金：黄涛 | | | | 东方财富证券：韩欣 | | | 参与单位名称及 | 东方资管：唐亮 | | | 人员姓名 | 东吴证券：赵艺原 | | | | 敦和资产：陈文敏、金佳炜 | | | | 方正证券：周小锋 | | | | 光大证券 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1] - The company is expected to achieve a net profit growth of 8.5% in 2025, with projected revenue growth of 7.7% to 5 billion yuan [3] - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2] Financial Performance - In Q1 2025, the company's gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1] - The company’s revenue for 2025 is projected to be 5,033 million yuan, with a year-on-year growth rate of 7.7% [5] - The expected net profit for 2025 is 760 million yuan, reflecting a year-on-year growth rate of 8.5% [5] Business Expansion - The company’s zipper business showed strong sales performance, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2] - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2] Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the medium to long term [3] - The company is actively exploring opportunities to adapt its production capacity based on customer needs, particularly in response to tariff challenges [3]

Group 1: Business Performance - The company's zipper business achieved a revenue growth of 16% year-on-year, accounting for 53% of total revenue [4] - The button business saw a year-on-year growth of 22%, making up 42% of total revenue [4] - Domestic business revenue reached CNY 30.94 billion, a year-on-year increase of 14.74% [7] - International business revenue was CNY 15.81 billion, reflecting a year-on-year growth of 30.62% [7] Group 2: Future Outlook - The company aims to achieve a revenue target of CNY 5 billion by 2025 [4] - The Vietnam industrial park is expected to significantly increase revenue in 2025 as it enters a ramp-up phase [6] - The company is focused on becoming a "global, innovative fashion accessory leader" over the next five to ten years [4] Group 3: Capacity and Utilization - The overall capacity utilization rate for 2024 was 68.82%, an increase of 2.01 percentage points year-on-year [8] - The company is facing short-term pressure on order intake due to cautious market conditions [4] Group 4: Competitive Landscape - The apparel accessory industry is characterized by high competition, with many small-scale enterprises exiting the market due to stricter regulations [10] - The company believes that its comprehensive competitive strength will allow it to thrive in a market with increasing demand for mid-to-high-end apparel [10] Group 5: Strategic Initiatives - The company plans to implement appropriate measures to incentivize its core team in the future [11] - Capital expenditure will be cautiously managed to ensure it does not adversely affect dividend policies [11]