机构：天风证券 研究员：孙海洋 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； 去年，公司大幅扩招员工，新增约1 万名雇员，全面释放了运营效能。鉴于营商环境的改善，公司在上 半年后期也积极加快扩充员工队伍，于生产基地战略性地增聘了约4000 名员工，以全面提升整体产 能。 这些前瞻性的产能投资，配合加速推进的自动化措施以及优化的数据驱动流程，进一步增强了企业的运 营灵活性。公司通过策略性产能扩充与生产效率优化，实现了收益增长，从而有效化解了高额美国关税 带来的不利影响。 维持盈利预测，维持"买入"评级 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 ...

Investment Rating - The report assigns a rating of "Outperform" for Crystal International, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - Crystal International reported solid revenue and profit growth, achieving revenue of USD 1.229 billion in 1H25, a year-on-year increase of 12.4%. The gross profit reached USD 243 million, up 19.7% YoY, with a gross margin of 19.8% [2][8]. - The company is experiencing strong order inflow and high production line utilization, primarily driven by deeper penetration into core brand customers, including a 20% YoY increase in orders from its largest customer, Uniqlo [3][9]. - Management anticipates a revenue growth of approximately 10% for the full year 2025, with profit growth expected to outpace revenue growth [5][12]. Revenue and Profit Performance - In 1H25, revenue by product category showed growth rates of +11.4% for casual wear, +12.4% for sports and outdoor wear, +10.3% for denim, +9.5% for lingerie, and +29.2% for sweaters, with sweaters showing the most significant growth [2][8]. - By region, revenue growth was +14.5% in Asia Pacific, +11.7% in North America, +9.7% in Europe, and +14.9% in other regions, contributing 39%, 38%, 21%, and 3% of total revenue, respectively [2][8]. Cash Flow and Dividends - Operating cash flow for 1H25 was USD 155 million, with a net cash position of USD 517 million at the end of the period, supporting high dividends and expansion [2][8]. - An interim dividend of HKD 0.163 per share was announced for 2025, higher than HKD 0.138 in 2024, maintaining a payout ratio of 60% [2][8]. Capacity and Production Strategy - The company is diversifying its capacity layout, with ongoing expansions in Vietnam, Cambodia, and Bangladesh, and is evaluating a new plant in Egypt to reduce transportation cycles and tariff risks [5][11]. - The implementation of a "satellite factory" model in Vietnam aims to ease labor competition and improve employee retention, with positive feedback received so far [5][11]. Long-term Growth Strategy - Crystal International's long-term strategy focuses on solid fundamentals, including product quality, delivery speed, and customer service, while enhancing competitiveness through multi-category synergy and vertical integration [5][12]. - The company aims to achieve around 60% of export fabric supply to be self-produced within five years, indicating a clear path for long-term growth [5][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 6.9 HKD, expecting a relative return of over 20% within the next six months [5][13]. Core Insights - The company reported a revenue of 1.2 billion USD for the first half of 2025, reflecting a year-on-year growth of 12%, and a net profit of 100 million USD, which is a 17% increase compared to the previous year [1]. - The gross margin remained stable at 20%, while the net profit margin increased by 0.3 percentage points to 8% [1]. - The company is strategically focusing on expanding its production capacity and optimizing efficiency to mitigate the impact of high tariffs imposed by the U.S. [3][4]. Revenue Breakdown - The revenue from leisure apparel reached 340 million USD, up 11% year-on-year, accounting for 28% of total revenue with a gross margin of 21% [1]. - The sports and outdoor apparel segment generated 310 million USD, a 12% increase, representing 26% of total revenue with a gross margin of 21% [1]. - Denim apparel achieved 260 million USD in revenue, growing 10% year-on-year, making up 21% of total revenue with a gross margin of 16% [1]. - The intimate apparel segment reported 210 million USD, also a 10% increase, contributing 17% to total revenue with a gross margin of 21% [1]. - Sweater sales surged by 29% to 100 million USD, accounting for 9% of total revenue, although the gross margin decreased by 2.2 percentage points [1]. Strategic Initiatives - The company plans to leverage growth opportunities in Europe and Asia, particularly by modernizing its production facilities in Vietnam, which accounts for over 60% of its total output [2]. - The company is also evaluating the feasibility of establishing new production bases near Europe to enhance its market responsiveness [2]. - A significant workforce expansion occurred, adding approximately 10,000 employees last year, with an additional 4,000 hired in the latter half of the year to boost overall capacity [3]. Financial Projections - The report maintains its earnings forecast, projecting revenues of 2.7 billion USD, 3.0 billion USD, and 3.3 billion USD for the years 2025 to 2027, respectively [4]. - Expected net profits for the same period are 230 million USD, 270 million USD, and 310 million USD, with corresponding EPS of 0.08 USD, 0.09 USD, and 0.11 USD [4].

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]

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]

8月21日，截至港股收盘，恒生指数下跌0.24%，报25104.61点。晶苑国际（02232.HK）收报6.85港元/ 股，上涨12.66%，成交量2560.48万股，成交额1.72亿港元，振幅11.18%。 最近一个月来，晶苑国际累计涨幅13.01%，今年来累计涨幅46.27%，跑赢恒生指数25.45%的涨幅。 大事提醒 2025年8月20日，2025财年中报归属股东应占溢利9827万美元，同比增长16.97%，基本每股收益0.0344 美元 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 财务数据显示，截至2025年6月30日，晶苑国际实现营业总收入88.01亿元，同比增长12.42%；归母净利 润7.03亿元，同比增长16.97%；毛利率19.73%，资产负债率34.11%。 机构评级方面，华源证券股份有限公司给予"买入"评级。 行业估值方面，纺织及服饰行业市盈率（TTM）平均值为-11.44倍，行业中值3.54倍。晶苑国际市盈率 10.38倍，行业排名第34位；其他FAST RETAIL-DRS（06288.HK）为0.35倍、浙江永安（08211.HK）为 1.3 ...

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]

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。 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（002926）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。 ...