Core Viewpoint - Guosheng Securities maintains a "Buy" rating for Shenzhou International (02313), highlighting its solid fundamentals and potential for revenue growth as core customer orders normalize, with expectations for the company to enter a phase of supply-demand imbalance and improved profitability by 2026 [1] Customer Trends - Recent improvements in core customer trends, particularly with Nike and Fast Retailing, are expected to drive a compound annual growth rate (CAGR) of over 10% in revenue from 2025 to 2026 [1] - Nike's inventory in North America has normalized, leading to a positive outlook for order recovery by 2026; Fast Retailing projects a 10.3% revenue growth for FY2026, while Adidas continues to perform well across regions [1] - Other customers are also expected to see healthy order growth, with PUMA currently in a stabilization phase [1] Product Categories - The leisure category is anticipated to grow rapidly in 2025, with significant events like the Winter Olympics and World Cup in 2026 expected to accelerate growth in the sports category, although the proportion of leisure products may decrease compared to 2025 [1] Long-term Asset Investment - The company has consistently invested in long-term asset construction, leading to a unique integrated supply chain that is expected to enhance market share [2] - By the end of 2024, the workforce is projected to reach 103,000, a 12% year-on-year increase, with further growth expected in 2025 [2] - The company is expanding overseas production capacity, particularly in Vietnam and Cambodia, which currently account for over 50% of garment production capacity, with plans to enter Indonesia [2] Industry Growth Potential - The demand for functional sportswear is expected to continue growing, providing long-term order support for the company [3] - The company is well-positioned to leverage its superior fabric development capabilities to enhance collaboration with leading sports brands, thereby strengthening competitive advantages [3]

Group 1: Consumer Electronics - The wireless electronics category is highly competitive, with opportunities in smart wearable devices and smart security equipment, requiring attention to technological innovation and compliance [1][10] - In the computer category, laptops and tablets show high opportunity scores, with a focus on compliance and patents, while providing quality after-sales service [1][11] - The electronic devices category is rapidly evolving, with significant opportunities in wearable devices and accessories, emphasizing quality and innovation [1][12] Group 2: Office Supplies - The demand for office supplies has increased due to remote work, with three peak sales periods each year, necessitating careful inventory and promotional planning [1][13] - Key products include ink/toner, desktop supplies, and classroom supplies, all showing good market potential [1][13] Group 3: Lifestyle Products - The home improvement category has a high composite score, suitable for sellers with supply chain advantages, focusing on design and after-sales service [2] - Furniture demand is growing, particularly for home office furniture, requiring a balance between functionality and cost [2] - The gardening and yard category has significant demand, with seasonal bestsellers needing attention to quality control and inventory planning [2] Group 4: Fashion Products - The apparel category shows broad growth, especially in women's fashion, requiring sellers to stay on trend and manage sizing effectively [2] - Footwear has many subcategories with growth opportunities, particularly in children's shoes, necessitating attention to size and quality [2] Group 5: Fast-Moving Consumer Goods - The beauty and personal care category is highly competitive, with a focus on natural and organic products, particularly for men's grooming [2] - The grocery category is sensitive to brand perception, with rising demand for health foods, requiring compliance and safety guarantees [2] Group 6: Sports and Outdoor Products - The sports category requires attention to functionality and professionalism, with precise targeting and seasonal marketing strategies [1][22] - Automotive products emphasize compatibility and durability, necessitating detailed information and compliance checks [1][23] Group 7: Industrial Products - Industrial products have strict compliance requirements, necessitating the display of certifications and provision of technical support [1][24] - Outdoor products focus on materials and safety, requiring seasonal promotions and eco-labeling [1][24]