证券研究报告 | 公司点评 | 服装家纺 公司作为全球贴身内衣 ODM 龙头，贴身内衣为基本盘，持续保持行业龙头地 位，差异化创新产品拓展运动品类，FY26H1 营业收入 38.4 亿港元（同比- 3.4%）,其中贴身内衣 21.0 亿港元（同比-6.6%，占比 54.7%），运动产品收入 15.1 亿港元（同比+13.4%，占比 39.2%），实现归母净利润 1.4 亿港元（同比 +114.3%），收入在关税扰动下运动产品仍逆势实现双位数增长展现公司差异化 技术壁垒，利润靓丽增长主要来自财务费用降低、维密中国利润贡献靓丽和肇庆 工厂搬迁一次性费用的降低。 ❑ 差异化创新技术构建壁垒，Bonding 服装高增 公司 bonding 技术优势持续获得市场验证，以黏合拼接代替缝合，改革传统裁剪 和缝纫做工，提升穿着舒适度，获得国内外核心品牌认可，持续聚焦 Polo、 jacket、leggings、冲锋衣主要单品，精准对接品牌需求，目前进入开发加速期， 有望成为公司增长引擎。FY26H1bonding 功能性服装收入同比+40%至 7 亿港 币，带动运动板块收入逆势同比+13.4%至 15.1 亿港元。 ❑ 维密 ...

证券研究报告 | 公司点评 | 服装家纺 Bonding 服装高增，维密中国业绩亮眼 ——维珍妮点评报告 投资要点 ❑ 维珍妮：全球贴身内衣 ODM 龙头，差异化技术构建壁垒，拓宽运动品类 公司作为全球贴身内衣 ODM 龙头，贴身内衣为基本盘，持续保持行业龙头地 位，差异化创新产品拓展运动品类，FY26H1 营业收入 38.4 亿港元（同比- 3.4%）,其中贴身内衣 21.0 亿港元（同比-6.6%，占比 54.7%），运动产品收入 15.1 亿港元（同比+13.4%，占比 39.2%），实现归母净利润 1.4 亿港元（同比 +114.3%），收入在关税扰动下运动产品仍逆势实现双位数增长展现公司差异化 技术壁垒，利润靓丽增长主要来自财务费用降低、维密中国利润贡献靓丽和肇庆 工厂搬迁一次性费用的降低。 ❑ 差异化创新技术构建壁垒，Bonding 服装高增 ❑ 肇庆工厂搬迁近尾声，减债计划提上日程，盈利能力修复 2023 年以来深圳生产基地陆续搬迁至广东肇庆，分别于 FY2024、FY2025、 FY2026H1 产生员工工龄一次性补偿费用 1.3、1.8、0.4 亿港元，我们预计将于 FY2027 完成工厂搬 ...

业绩预计持续健康增长。我们预计2025-2027 年公司收入分别为27.4/29.8/32.5亿美元，同比分别 +11%/+9%/+9%，主要系产能扩张和品类丰富驱动。同时伴随着产业链效率+订单结构优化，预计未来 公司盈利质量平稳有升，我们预计2025~2027 年公司归母净利润分别为2.32/2.65/2.97 亿美元，同比分别 增长15.7%/14.2%/12.0%，利润增速预计持续快于收入。 高分红具备吸引力。公司现金流稳定，2017~2023 年公司派息比例多在30%~50%之间，2024 年派息比 例提升至70%，公司表示基于目前对于未来现金流的预期，我们估计未来股息派付仍有提升空间。 投资建议。我们认为公司合理股价区间9.15~9.57 港元，对应2026 年PE 为12.6~13.2 倍（（前前股价对 应 2026 年 PE 为 10.3 倍），空间 23%~29%。结合 DCF模型及公司相对估值水平，首次覆盖，给予"买 入"评级。 风险提示：产能扩张风险；行业竞争加剧风险；经济环境及订单波动风险；测算误差风险。 机构：国盛证券 研究员：杨莹/侯子夜/王佳伟 公司是服饰制造行业龙头之一，未来业务 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 13 年 月 日 晶苑国际（02232.HK） 订单品类扩充，产能效率提升，制造龙头稳健成长 公司是服饰制造行业龙头之一，未来业务规模有望持续扩张。1）公司合作下游龙 头品牌公司，包括优衣库、Levis、GAP、Adidas 等，所生产的产品品类包括休闲 服、运动服及户外服、牛仔服、贴身内衣、毛衣、以及针织布料。2）2024 年公司 收入同比+13%至 24.7 亿美元/净利润同比+23%至 2.0 亿美元，2025H1 收入同 比+12%至 12.3 亿美元/净利润同比+17%至 0.98 亿美元，预计未来效率提升及 订单增长有望持续驱动公司业绩增长。 产能：积极布局一体化产业链，产能持续扩张以匹配订单需求。1）公司国际化布 局较早，目前员工人数约 8 万人，每年合计成衣出货量超过 4.7 亿件，2024 年末 在越南、中国、孟加拉国、柬埔寨、斯里兰卡的员工占比分别达到 54.3%/16.1%/11.3%/11.9%/5.9%。2）2024~2025 年间公司持续补充产能、招 聘员工，预计效率爬坡与提升将在 2026 年继续体现。我们 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price range of HKD 9.15 to HKD 9.57, corresponding to a PE ratio of 12.6 to 13.2 for 2026, indicating a potential upside of 23% to 29% [4]. Core Insights - The company is a leading player in the apparel manufacturing industry, with a diverse product range and a strong growth outlook. Revenue is expected to increase by 13% year-on-year to USD 2.47 billion in 2024, with net profit rising by 23% to USD 200 million [1][15]. - The company has a well-established international presence, with approximately 80,000 employees and an annual output of over 470 million garments. The production capacity is set to expand further to meet growing order demands [2][15]. - The company has a stable customer base, with significant contributions from major clients like Fast Retailing Group, which accounts for over one-third of its order revenue. The sportswear segment is experiencing rapid growth, driving overall revenue increases [3][15]. Summary by Sections Company Overview - The company is a leading apparel manufacturer with a wide range of products including casual wear, sportswear, outdoor clothing, denim, intimate apparel, sweaters, and knitted fabrics. It has a robust growth trajectory with expected revenue and profit increases in the coming years [1][15]. Capacity Expansion - The company is actively expanding its integrated supply chain and production capacity to match order demands. It has a global workforce and is investing in automation and vertical integration to enhance efficiency and market share [2][4][15]. Orders and Client Relationships - The company has a diversified client structure, with major clients contributing significantly to its revenue. The sportswear category is a key growth driver, supported by long-term partnerships with leading brands [3][15]. Financial Analysis and Profit Forecast - The company is projected to achieve revenues of USD 2.74 billion in 2025, with a year-on-year growth of 10.9%. Net profit is expected to reach USD 232 million, reflecting a 15.7% increase [5][3][15]. Dividend Policy - The company has a stable cash flow, with a dividend payout ratio historically between 30% and 50%. The payout ratio is expected to increase to 70% in 2024, indicating potential for further dividend growth [4][27].

Core Viewpoint - The newly introduced "Regulations on Quality Supervision of Fiber Products" aims to enhance the quality and safety regulation of fiber products, effective from July 1, 2026, focusing on key products such as infant fiber products, school uniforms, underwear, and bedding fiber products [1][2]. Group 1: Regulatory Measures - The regulations will implement stricter supervision measures across three key areas: raw materials, production, and labeling, to establish a robust safety barrier [1]. - A differentiated management approach will be adopted for raw materials based on risk levels, with a ban on the use of recycled fibers in infant products and underwear to eliminate safety hazards from the source [1]. - Manufacturers and sellers of fiber products are required to establish and enforce a procurement inspection system to ensure traceability of quality responsibility [1][2]. Group 2: Consumer Protection - Products such as school uniforms, underwear, and infant fiber products must include clear labeling of fiber composition, content, and safety technical categories to ensure consumer awareness [2]. - Non-living bedding fiber products must prominently display a "non-living product" durability label to protect consumer rights [2]. Group 3: Enforcement and Compliance - The regulatory authority will adopt a "zero tolerance" approach towards violations, employing methods such as supervision sampling, quality monitoring, and enforcement inspections to ensure compliance with the new regulations [2]. - Severe penalties will be imposed for confirmed violations, especially for the use of banned materials, with public exposure of typical cases to create a strong deterrent [2]. - Companies with serious violations will be listed on the "serious violation and dishonesty list" by market supervision management, leading to cross-departmental joint penalties [2]. Group 4: Overall Impact - The market regulatory authority aims to establish a closed-loop regulatory system characterized by strict prevention at the source, stringent management during the process, rigorous risk control, and severe punishment for violations, thereby enhancing the effectiveness of fiber product quality safety regulation [3].

Company Overview - Virginie is a leading global manufacturer in the intimate apparel industry, utilizing the IDM model and three core technologies. The business covers intimate apparel, sports products, consumer electronics accessories, and breast cups. For FY25, the company's revenue and adjusted net profit are projected to be HKD 7.84 billion and HKD 400 million, respectively [1]. Product Expansion and Client Diversification - The company has developed a diverse technology matrix based on three core technologies: computer modeling, three-dimensional molding, and seamless bonding. It has expanded from traditional intimate apparel to sports bras, leggings, functional sportswear, and consumer electronics accessories. Sports products have become the second-largest category, accounting for 37% of total revenue in FY25, with intimate apparel at 54%, consumer electronics accessories at 5%, and breast cups at 3%. The revenue for Bonding sportswear is expected to grow by 50% in FY25 and 40% in the first half of FY26, with Bonding sportswear accounting for over 40% of sports product revenue in the first half of FY26. The client base has diversified from early reliance on Victoria's Secret (35% revenue share in FY2014) to include Uniqlo, as well as international sports brands like NIKE, Adidas, Lululemon, and On [2]. Production Capacity and Cost Management - The company's production capacity is distributed with 85% in Vietnam and 15% in China. The Vietnamese production base is strategically planned by category, with six factories to meet U.S. market demand and effectively control tariff risks. The domestic production capacity relocation from Shenzhen to Zhaoqing is nearing completion, with ongoing efforts to enhance production efficiency. In terms of profitability, the company faced restructuring and interest costs due to the relocation, with restructuring costs and interest expenses projected at HKD 220 million and HKD 340 million for FY25, respectively. Future capital expenditures are expected to be manageable, with an estimated HKD 250 million for FY26 and under HKD 150 million annually for the next three years, compared to a peak of HKD 1.21 billion in FY19. The company's EBITDA for FY25 is projected at HKD 1.06 billion, with a goal to reduce debt by at least HKD 1 billion over the next 3-4 years, which, combined with anticipated interest rate reductions, may lead to savings in interest expenses and cost optimization [3].

Group 1 - The core viewpoint of the report is that Minyin International initiates coverage on Virginie (02199) with a "Buy" rating, highlighting its position as a leading manufacturer in the intimate apparel industry, utilizing the IDM model and three core technologies [1] - Virginie has successfully expanded its technological advantages into high-growth areas such as sportswear, with sports products becoming the second-largest business segment [1][2] - The company is expected to enhance profitability and efficiency through optimized customer structure, mature capacity layout in Vietnam, and the near completion of domestic factory relocation [1] Group 2 - Virginie is a top-tier manufacturer in the global intimate apparel industry, employing the IDM model and relying on three core technologies, with projected FY25 revenue and adjusted net profit of HKD 7.84 billion and HKD 400 million respectively [2] - The company has diversified its product offerings from traditional intimate apparel to include sportswear, tight-fitting pants, functional sportswear, and consumer electronic accessories, with sports products accounting for 37% of total revenue in FY25 [3] - The customer base has evolved from reliance on Victoria's Secret (35% revenue share in FY2014) to include brands like Uniqlo, NIKE, Adidas, Lululemon, and On [3] Group 3 - Virginie's production capacity is distributed with 85% in Vietnam and 15% in China, with six factories in Vietnam planned by product category to meet U.S. market demands and effectively manage tariff risks [4] - The company has faced restructuring and interest costs due to the relocation of its Shenzhen factory to Zhaoqing, with FY25 restructuring and interest costs projected at HKD 220 million and HKD 340 million respectively [4] - Future capital expenditures are expected to be manageable, with FY26 capital expenditure estimated at HKD 250 million, and a target to reduce debt by at least HKD 1 billion over the next 3-4 years [4]

Core Points - The company reported a revenue of HKD 3.84 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 3.45% [1] - The profit attributable to the company's owners was HKD 145 million, showing a significant year-on-year increase of 114.25% [1] - Earnings per share were reported at HKD 0.118, with a dividend of HKD 0.057 per share [1] Business Performance - The decline in revenue was attributed to factors such as tariff fluctuations, adjustments in product strategies by certain brand partners, and weak market demand affecting the intimate apparel business [1]

Core Insights - The company reported a revenue of HKD 3.84 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 3.45% [1] - Profit attributable to the company's owners increased to HKD 145 million, a significant year-on-year increase of 114.25% [1] - Earnings per share were reported at HKD 0.118, with a dividend of HKD 0.057 per share [1] Revenue Performance - The decline in revenue was attributed to factors such as tariff fluctuations, adjustments in product strategies by certain brand partners, and weak market demand [1]