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].

Group 1 - RCEP has been in effect for four years, providing significant tariff reductions and trade facilitation, which boosts regional economic development and enhances international market competitiveness for companies [1] - Guangdong port has imported goods worth 61.63 billion yuan under RCEP, with tax reductions totaling 1.57 billion yuan, showing double-digit growth in tax reductions for three consecutive years [1] - Companies like Dongguan Yiji Industrial Co., Ltd. have benefited from RCEP, saving on tariffs and improving operational efficiency, leading to increased exports to RCEP countries [2] Group 2 - GAC Aion's electric vehicle components exported to Indonesia previously faced a 10% import tariff, which has been eliminated due to RCEP, significantly enhancing price competitiveness in the market [4] - The original cumulative rules of RCEP allow for greater flexibility in supply chains, enabling companies like Dongguan Chuangji Electric Products Co., Ltd. to meet origin standards more easily and enjoy tariff reductions [5] - The Guangzhou Customs has implemented measures to streamline the issuance of origin certificates, improving efficiency and reducing operational costs for exporting companies [5]