SBS(SZ:002098)2022-12-08 09:28Group 1: Company Performance and Expectations - The company expects to complete its annual profit growth target despite a slight decrease in sales revenue growth compared to initial goals [1] - In 2015, the textile and apparel industry is anticipated to undergo structural adjustments, with a focus on automation and international market development [2] - The company holds a 12% share of the zipper industry, indicating potential for industry consolidation and increased market share [2] Group 2: Market Dynamics and Customer Base - The zipper industry is characterized by strong seasonality, affecting sales and production capacity [3] - The primary customer base consists of apparel clients, with a significant portion of sales directly to brand customers [3] - Approximately 10% of sales are facilitated through distributors in regions not covered by direct sales [4] Group 3: Profitability and Growth Potential - The overall gross margin for zippers is around 32%, with expectations for improvement as sales scale up and the proportion of finished zippers increases [4] - Export business shows higher gross margins and potential for growth through direct sales and international market expansion [4]