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申洲国际:半年入账近150亿,纺织印染业的“隐形冠军”是如何炼成的?
Sou Hu Cai Jing· 2025-10-10 02:25
9月29日,港股上市企业申洲国际集团控股有限公司发布了2025年中期报告。报告显示,公司在截至6月30日的六个月内实现销售收入约149.66亿元,同比 增长15.3%;母公司拥有人应占利润达31.77亿元,同比增长8.4%。这两项数据均创下同期历史新高。 | | 未經審核 | | | --- | --- | --- | | | 截至六月三十日止六個月 | | | | 二零二五年 | 二零二四年 | | | 人民幣千元 | 人民幣千元 | | 销售額 | 14,966,384 | 12,975,971 | | 毛利 | 4,058,018 | 3,761,469 | | 除稅前利潤 | 3,632,120 | 3,249,209 | | 母公司擁有人應佔利潤 | 3,176,836 | 2,931,028 | | 毛利率(%) | 27.1 | 29.0 | | 争利潤率(%) | 21.2 | 22.6 | | 每股盈利(人民幣元) | 2.11 | 1.95 | | | 二零二五年 | 二零二四年 | | | 六月三十日 | 十二月三十一日 | | | 人民幣千元 | 人民幣千元 | | 地圖露 | 56, ...
新力量NewForce总第4858期
Group 1: Company Research - Blokko (0325) - Blokko's revenue for H1 2025 reached HKD 1.348 billion, a year-on-year increase of 27.9%[7] - Net profit for H1 2025 was HKD 297 million, with adjusted net profit at HKD 320 million, reflecting a 9.6% increase year-on-year[7] - The gross profit margin decreased to 48.4%, down 4.5 percentage points year-on-year, primarily due to a higher proportion of lower-margin new products[12] - The target price for Blokko is set at HKD 123.6, indicating a potential upside of 30.1% from the current price[13] Group 2: Company Research - Shenzhou International (2313) - Shenzhou International reported a revenue of RMB 14.97 billion for H1 2025, a year-on-year growth of 15.3%[20] - The gross profit margin decreased by 1.9 percentage points to 27.1%, influenced by increased employee compensation[20] - The net profit for H1 2025 was RMB 3.18 billion, reflecting an 8.4% increase year-on-year[20] - The target price for Shenzhou International is set at HKD 79.80, representing a potential upside of 31.1% from the current price[23]
第一上海:维持申洲国际“买入”评级 目标价79.80港元
Zhi Tong Cai Jing· 2025-09-12 07:15
Core Viewpoint - First Shanghai maintains a "Buy" rating for Shenzhou International (02313) with a target price of HKD 79.80, highlighting the company's strong performance despite fluctuations in the sports brand and macroeconomic environment [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 15.3% to RMB 14.97 billion, driven primarily by volume growth, while prices in USD decreased by 0.8% [2] - Gross margin declined by 1.9 percentage points to 27.1%, mainly due to increased employee compensation in the second half of the previous year [2] - The company recorded a net profit attributable to shareholders growth of 8.4% to RMB 3.18 billion, with an interim dividend of HKD 1.38, maintaining a stable payout ratio of 60% [2] Group 2: Product and Market Performance - The sports category showed stable growth, with product segments recording changes of +9.9% for sports, +37.4% for leisure, +4.1% for underwear, and +6.0% for others [3] - Growth in the sports category was primarily driven by demand in the US and European markets, while the leisure category benefited from increased demand in Japan, Europe, and other regions [3] - Regional performance showed increases of +19.9% in Europe, +35.8% in the US, +18.1% in Japan, +18.7% in other regions, and a slight decline of -2.1% in the domestic market [3] Group 3: Operational Insights - The company expects high single-digit growth in volume in the second half of the year, with an improvement in gross margin due to faster growth in sports products [4] - In terms of capacity, the company has recruited 4,000 employees in Cambodia in the first half of the year, with a total recruitment target of 6,000 for the year [4] - The acquisition of a factory in Vietnam is expected to increase daily production capacity by 200-300 tons, with minimal impact from tariffs as the company will maintain the FOB model [4]
第一上海:维持申洲国际(02313)“买入”评级 目标价79.80港元
智通财经网· 2025-09-12 07:12
Core Viewpoint - First Shanghai maintains a "Buy" rating for Shenzhou International (02313) with a target price of HKD 79.80, highlighting the company's strong performance despite fluctuations in the sports brand and macroeconomic environment [1] Group 1: Financial Performance - For the first half of 2025, the company's revenue increased by 15.3% to RMB 14.97 billion, driven primarily by volume growth, while prices in USD decreased by 0.8% [1] - Gross margin declined by 1.9 percentage points to 27.1%, mainly due to increased employee compensation in the second half of the previous year [1] - The company recorded a net profit attributable to shareholders growth of 8.4% to RMB 3.18 billion, with overall revenue growth exceeding expectations [1] Group 2: Product and Market Performance - The sports category grew by 9.9%, while the leisure category saw a significant increase of 37.4%, driven by demand in the US, Europe, and Japan [2] - Regional performance showed Europe, the US, Japan, and other regions growing by 19.9%, 35.8%, 18.1%, and 18.7% respectively, while the domestic market declined by 2.1% [2] - The growth of major clients like Nike, Adidas, Uniqlo, and Puma was 6.0%, 28.2%, 27.4%, and 14.7% respectively, with their combined market share increasing by 2.7 percentage points to 82.1% [2] Group 3: Future Outlook and Capacity - The company expects high single-digit growth in volume for the second half of the year, with an improvement in gross margin due to faster growth in sports products [3] - In terms of capacity, the company has recruited 4,000 employees in Cambodia in the first half and plans to hire a total of 6,000 by year-end, while the acquisition of a factory in Vietnam will increase daily capacity by 200-300 tons [3] - Capital expenditure for the first half was RMB 1.5 billion, with an estimated total of around RMB 2.3 billion for the year [3]
突然,崩盘!关税,重创!
券商中国· 2025-09-06 04:16
Core Viewpoint - The article highlights the significant impact of U.S. tariff policies on lululemon's financial performance, leading to a substantial drop in its stock price and downward revisions of its earnings and sales forecasts for fiscal year 2025 [1][2][4]. Financial Performance - lululemon's projected net revenue for the fiscal year 2025 is between $10.85 billion and $11 billion, down from a previous forecast of $11.15 billion to $11.3 billion, and below market expectations of $11.2 billion [4]. - The company expects earnings per share to be between $12.77 and $12.97, significantly lower than analyst expectations of $14.40 and previous guidance of $14.58 to $14.78 [4]. - In the second fiscal quarter, lululemon reported revenue of $2.525 billion, a year-over-year increase of 6.5%, while net profit decreased by 5% to $371 million [4]. Market Impact - The stock price of lululemon fell by as much as 20% during trading, closing down 18.58% following the earnings report [2][4]. - Year-to-date, lululemon's stock has declined by 46%, resulting in a market capitalization loss of over $20 billion [1]. Competitive Landscape - lululemon's core business in North America is under pressure, with comparable store sales in the Americas declining by 4% in the second quarter [5]. - The company faces increased competition from emerging brands like Alo Yoga and Vuori, which are capturing market share [5]. Broader Industry Context - The article notes that other major brands, such as Adidas and Nike, are also experiencing challenges due to U.S. tariff policies, with Adidas reporting significant losses and Nike planning layoffs [5][6]. - The overall apparel industry is feeling the effects of rising costs due to tariffs, which are expected to continue impacting consumer prices and spending [7][8].
申洲国际(02313):2025H1收入表现亮眼,看好海外产能释放
Guohai Securities· 2025-09-03 13:34
Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - The company achieved a sales revenue of 14.966 billion RMB in H1 2025, representing a year-on-year growth of 15.3%, with a net profit of 3.177 billion RMB, up 8.4% year-on-year [5][7] - The growth in revenue is primarily driven by product diversification and the expansion of overseas production capacity [7][10] - The gross margin decreased to 27.1%, down 1.9 percentage points year-on-year, mainly due to rising labor costs [5][7] Financial Performance - The company's earnings per share (EPS) for H1 2025 was 2.11 RMB, reflecting an 8.2% increase year-on-year [5][7] - The revenue breakdown shows that the sports category generated 10.129 billion RMB (67.7% of total revenue), the leisure category 3.792 billion RMB (25.3%), and the underwear category 0.94 billion RMB (6.3%) [7] - Revenue from key regions includes Europe at 3.029 billion RMB (20.2%), the US at 2.555 billion RMB (17.1%), and Japan at 2.499 billion RMB (16.7%) [7] Future Projections - The company is expected to achieve revenues of 32.039 billion RMB, 35.386 billion RMB, and 38.571 billion RMB for the years 2025, 2026, and 2027 respectively, with growth rates of 12%, 10%, and 9% [9][10] - The projected net profit for the same years is 6.587 billion RMB, 7.323 billion RMB, and 7.996 billion RMB, with growth rates of 6%, 11%, and 9% respectively [9][10] Market Position - The company's four core customers accounted for 82.1% of total revenue, indicating a strong market position and stable order growth [7][8] - The company is well-positioned for future growth due to its brand client expansion and integrated domestic and overseas production capacity [10]
申洲国际(02313.HK):25H1营收增长领跑运动制造业 再次证明高护城河
Ge Long Hui· 2025-08-29 18:53
Group 1: Financial Performance - Company reported H1 2025 revenue of 14.97 billion yuan, a year-on-year increase of 15.3%, and net profit of 3.18 billion yuan, up 8.4% year-on-year, both achieving historical highs [1] - The revenue exceeded expectations primarily due to a significant increase in sales volume, while the average selling price saw a slight increase [1] - The company maintained a strong cash position with total cash and cash equivalents, trading financial assets, and other short-term investments amounting to 27.45 billion yuan, with net cash exceeding 12 billion yuan [1] Group 2: Market Dynamics - Uniqlo's order growth has driven high increases in the leisure category and the Japanese market, with a gradual return to growth in the sports category alongside major clients like Nike, Adidas, and Puma [2] - Sales figures for H1 2025 in various categories showed significant growth, with leisure category sales up 37.4% year-on-year, while sports products grew mainly due to increased demand in Europe and the US [2] - Domestic market faced slight pressure, while overseas markets continued to show strong growth, particularly in Japan and Europe [2] Group 3: Operational Insights - The company is experiencing a temporary pressure on gross margins due to increased employee compensation and a higher proportion of leisure wear sales, resulting in a gross margin of 27.1%, down 1.9 percentage points year-on-year [3] - The company is expanding its production capacity with new factories in Cambodia and Vietnam, aiming to support growth and meet increasing order demands [3] - Profit forecasts for 2025-2027 have been slightly adjusted, with expected net profits of 6.61 billion, 7.33 billion, and 8.11 billion yuan respectively, maintaining a "buy" rating [3]
申洲国际(02313):25H1公司营收同增15.3%,外部扰动下远期战略明晰
Hua Yuan Zheng Quan· 2025-08-28 12:36
Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue growth of 15.3% year-on-year in H1 2025, driven by increased procurement from core clients and enhanced operational efficiency [7] - The company reported a gross profit of 4.058 billion RMB in H1 2025, with a gross margin of 27.1%, reflecting a slight decrease due to rising labor costs [7] - The company maintains a strong dividend payout ratio of approximately 60% [7] - The company has a clear long-term strategy focusing on market expansion, capacity optimization, and institutional improvement amidst external disruptions and intensified industry competition [7] - The company is positioned as a leading player in the sports apparel manufacturing sector, benefiting from strong client relationships and mature production technology [7] Financial Summary - Revenue projections for the company are as follows: 24,995.68 million RMB in 2023, 28,662.94 million RMB in 2024, 31,906.94 million RMB in 2025, 35,266.51 million RMB in 2026, and 38,918.06 million RMB in 2027, with respective growth rates of -10.14%, 14.67%, 11.32%, 10.53%, and 10.35% [6] - The net profit attributable to the parent company is projected to be 4,557.26 million RMB in 2023, 6,240.58 million RMB in 2024, 6,612.20 million RMB in 2025, 7,335.75 million RMB in 2026, and 8,108.96 million RMB in 2027, with growth rates of -0.12%, 36.94%, 5.95%, 10.94%, and 10.54% respectively [6] - The company’s earnings per share are expected to increase from 3.03 RMB in 2023 to 5.39 RMB in 2027 [6] - The return on equity (ROE) is projected to be 13.87% in 2023, increasing to 18.16% by 2027 [6]
申洲国际(02313):1H25业绩稳健增长,毛利率恢复需时,维持买入
BOCOM International· 2025-08-28 10:59
Investment Rating - The report maintains a "Buy" rating for the company, Shenzhou International (2313 HK), with a target price adjusted to HKD 84.00, indicating a potential upside of 41.5% from the current price of HKD 59.35 [1][7][12]. Core Insights - The company has shown steady revenue growth in the first half of 2025, with a year-on-year increase of 15.3% to RMB 14.97 billion, primarily driven by volume growth, while the average selling price saw a slight increase of 0.8% [6][7]. - Net profit for the same period rose by 8.4% to RMB 3.18 billion, although the gross margin decreased to 27.1%, down 1.9 percentage points year-on-year, influenced by ongoing employee salary increases [6][7]. - The report highlights a significant growth in leisure products, which surged by 37.4%, while sports products grew by 9.9% in the European and American markets [6][7]. - The company is expanding its overseas production capacity, with a new fabric factory in Vietnam set to begin operations by the end of 2025 and a new garment factory in Cambodia already operational [6][7]. Financial Summary - Revenue projections for the company have been slightly reduced for 2025 and 2026 by 3-4%, with net profit forecasts adjusted down by 16% due to more conservative gross margin assumptions [6][7]. - The expected revenue for 2025 is RMB 32.17 billion, with a projected net profit of RMB 6.55 billion, reflecting a year-on-year growth of 4.9% [5][13]. - The report anticipates a gross margin of 27.2% for 2025, which is a decrease from previous estimates, and a net profit margin of 20.4% [8][14].
申洲国际(02313):业绩稳健,盈利改善
Ping An Securities· 2025-08-28 07:57
Investment Rating - The investment rating for the company is "Recommended" [1][4][7] Core Views - The company has shown steady performance in revenue with a year-on-year increase of 15.3% in the first half of 2025, reaching 14.97 billion yuan, and a net profit increase of 8.4% to 3.18 billion yuan [4][7] - The company is focusing on market expansion, capacity optimization, and institutional improvement to navigate the complex operating environment [7] - The projected net profits for 2025 and 2026 have been revised upwards to 6.74 billion yuan and 7.45 billion yuan respectively, with a new forecast for 2027 set at 8.14 billion yuan [7] Financial Summary - Revenue and Profit Forecasts: - 2025E revenue is projected at 31.91 billion yuan, with a year-on-year growth of 11.3% [6][10] - Net profit for 2025E is estimated at 6.74 billion yuan, reflecting a growth of 7.9% [6][10] - Key Financial Ratios: - Gross margin is expected to be 28.2% in 2025E, with a net margin of 21.1% [10] - Return on equity (ROE) is projected to be 19.7% in 2025E [10] - Earnings Per Share (EPS): - The diluted EPS for 2025E is forecasted at 4.48 yuan [10] Revenue Breakdown - In the first half of 2025, the revenue composition is as follows: - Sports products accounted for 67.7% of total revenue, with a year-on-year growth of 9.9% - Casual wear contributed 25.3% with a significant increase of 37.4% - Underwear represented 6.3% with a growth of 4.1% [7] Geographic Revenue Distribution - Revenue by region in the first half of 2025: - Europe: 20.2% of total revenue, up 19.9% year-on-year - Americas: 17.1%, with a growth of 35.8% - Japan: 16.7%, increasing by 18.1% [7]