过去公司坚定投入长期资产建设，一体化产务链具备稀缺性，市占率有望提升 过去行务需求及客户订单存在波动，但公司始终坚持长期资产建设、稳步扩张产能。该行判断2026年伴 随着核心客户订单的修复，公司有望步入产能驱动增长、工厂利用率饱和、订单结构优化带来盈利质量 优化的阶段。1)2024年末公司员工达到10.3万人，同比增长12%;2025H1末达到11万人，同比增长9%， 该行判断过去数年内成衣工厂招聘员工带来的产能提升、产量释放将在2026年继续体现。2)中长期来 看，公司坚持海外产能扩张，并完善独立一体化产务链建设，目前越南+柬埔寨成衣产能占比估计超过 50%、预计持续提升，后续有望丰富国际化布局、务均进军印尼，为份额提升进一步打开市场空间;国 内产能主要匹配国内及亚洲市场需求，以研发、效率、速度为核心竞争优势。 智通财经APP获悉，国盛证券发布研报称，维持申洲国际(02313)"买入"评级，公司是亚洲最大一体化针 织服饰制造商之一，基本面扎实，伴随核心客户订单需求恢复正常，该行判断公司2026年有望进入产能 供不应求、收入健康增长、盈利质量上行的阶段，估值具备提升空间。 国盛证券主要观点如下： 近期核心客户 ...

机构：国盛证券 盈利预测。1）我们估计2025Q3 以来公司出货稳健增长，2026 年核心客户经营情况向好，我们综合预 计2025~2027 年公司收入分别有望达到316.1/351.5/390.7 亿元，同比分别+10.3%/+11.2%/+11.1%。2）毛 利率：考虑公司新增员工效率有望持续提升，我们判断前期基层员工涨薪带来的成本增加有望陆续得到 消化，综合估计2025~2027 年毛利率分别为27.4%/28.2%/28.3% 。3 ） 净利率：我们估计2025~2027 年 公司归母净利润分别为64.7/74.5/82.9 亿元， 同比分别+4%/+15%/+11% ， 归母净利率分别为 20.5%/21.2%/21.2%。 投资建议。过去数年内公司股价表现与Nike 公司相仿，但2025Q2 以来表现有所分化（我们判断美国关 税政策变化影响Nike 美国市场务均及务绩预期，申洲作为上游制造商所受影响相对较小）。伴随核心 客户订单需求恢复正常，我们判断公司2026 年有望进入产能供不应求、收入健康增长、盈利质量上行 的阶段，估值具备提升空间。目前公司股价对应2026 年PE 为12.4 倍，我们认为 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to achieve a revenue CAGR of over 10% from 2025 to 2026, driven by improving trends among core customers such as Nike, Uniqlo, and Adidas [1][15]. - The company has a solid fundamental base and is positioned to benefit from the recovery of core customer orders, leading to a phase of capacity-driven growth and improved profitability quality [2][20]. Summary by Sections Market Overview - The company is one of the largest integrated knitwear manufacturers in Asia, with a strong market position and a history of stable growth [14]. - Recent fluctuations in customer orders have been addressed through long-term asset investments and capacity expansion [2]. Customer Trends - Core customers like Nike and Uniqlo are showing positive trends, with Nike's inventory in North America returning to normal levels, which is expected to enhance order volumes [1][15]. - Adidas and Fast Retailing (Uniqlo's parent company) are also performing well, with Adidas showing strong growth across various regions [15][26]. Capacity and Production - The company has consistently invested in capacity expansion, with a projected employee count of 110,000 by mid-2025, reflecting a 9% year-on-year increase [2]. - The integrated supply chain is expected to enhance competitive advantages, particularly with over 50% of production capacity located in Vietnam and Cambodia [2]. Revenue and Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 316.1 billion, 351.5 billion, and 390.7 billion CNY, respectively, with year-on-year growth rates of 10.3%, 11.2%, and 11.1% [4]. - Gross margins are expected to improve gradually, with estimates of 27.4%, 28.2%, and 28.3% for the same years [4]. Investment Recommendations - The company's stock price is currently trading at a PE ratio of 12.4 for 2026, with a target PE of around 15, indicating a potential upside of approximately 20% [5][20]. - The report emphasizes the potential for valuation improvement as core customer orders stabilize and profitability quality enhances [5][20].