申洲国际（02313.HK） 优于大市 上半年收入增长 12%，毛利率提升 6.6 百分点 | --- | --- | --- | --- | --- | --- | |---------------------|--------|--------|--------|--------|--------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 27,781 | 24,970 | 27,592 | 31,153 | 34,914 | | (+/-%) | 16.5% | -10.1% | 10.5% | 12.9% | 12.1% | | 净利润(百万元) | 4563 | 4557 | 5915 | 6867 | 7743 | | (+/-%) | 35.3% | -0.1% | 29.8% | 16.1% | 12.8% | | 每股收益（元） | 3.04 | 3.03 | 3.93 | 4.57 | 5.15 | | EBIT Margin | 18.8% | 18.2% | 22.0% | 23.0% | 23 ...

[Table_Title] 收入增速受乙客户影响，但净利端好于预期 [Table_Title2] 申洲国际(2313.HK) [Table_Summary] 事件概述 2024H1 年公司实现收入/归母净利/经营性现金流分别为 129.76/29.31/23.10 亿元、同比增长 12.18%/37.81%/- 14.58%，收入低于市场预期我们分析主要由于乙客户订单下 滑，净利好于市场预期主要来自产能利用率修复下的毛利率 改善；且剔除汇兑损益（23/24H1 年汇兑收益 2.44/0.75 亿 元）及其他收入（主要为利息收入+政府补助，23/24H1 其他 收入为 5.07/6.35 亿元）后归母净利为 22.2 亿元，同比增长 61.4%。 公司派发中期股息每普通股 1.25 港元，股息派息比例为 58.52%（23H1 62.0%），对应年股息率 3.9%。 分析判断: 国内及日本订单增幅较大，甲、丙客户增长明显。（1） 分客户来看，收入放缓受乙客户下滑、丁客户持平影响，但 甲、丙客户仍在体现份额提升。24H1 来自主要客户的客户甲/ 乙/丙/丁收入分别为 34.01/32.42/23.34/13.36 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 12.2% year-on-year growth and a net profit increase of 37.8% for H1 2024, indicating a strong performance that exceeded profit expectations while slightly missing revenue forecasts [1]. - The gross margin improved significantly, rising by 6.6 percentage points to 29.0% due to the recovery in capacity utilization [1]. - The company is experiencing robust order growth, particularly from key clients such as Uniqlo, Nike, and Adidas, with expectations for continued strong performance in H2 2024 [2]. - The company is actively expanding its workforce and production capacity to meet increasing demand, with a focus on enhancing its competitive edge through vertical integration and international expansion [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 12.2% growth to 12.98 billion RMB and a net profit of 29.3 billion RMB, reflecting a 37.8% increase [1]. - The gross margin for H1 2024 was 29.0%, up from 22.4% in H1 2023, driven by improved capacity utilization [1]. - The company declared an interim dividend of 1.25 HKD per share, a 31.6% increase year-on-year [1]. Customer and Market Dynamics - Orders from major clients such as Uniqlo and Adidas showed significant growth, with sales to the top four clients reaching 34.0, 32.4, 23.3, and 13.4 billion RMB, representing year-on-year changes of +34%, -6%, +24%, and +0% respectively [2]. - The company’s sales by product category for H1 2024 were 92.1 billion RMB for sportswear, 27.6 billion RMB for casual wear, 9.0 billion RMB for underwear, and 1.0 billion RMB for other categories, with respective growth rates of +8%, +20%, +47%, and +12% [2]. Future Outlook - The company is expected to achieve a revenue growth of over 10% for the full year 2024, with continued recovery in gross margins and significant profit growth anticipated [3]. - The forecasted net profits for 2024, 2025, and 2026 are 58.03 billion RMB, 65.28 billion RMB, and 74.56 billion RMB, reflecting year-on-year growth rates of 27%, 13%, and 14% respectively [3].

Sales Performance - Sales for the six months ended June 30, 2024 reached approximately RMB 12,975,971,000, a 12.2% increase compared to the same period in 2023[1] - Sales from sportswear products accounted for 71.0% of total sales, with a 7.6% year-on-year increase[1] - Sales from casual wear products accounted for 21.3% of total sales, with a significant 20.0% year-on-year increase[1] - Sales from underwear products accounted for 7.0% of total sales, with a significant 47.4% year-on-year increase[1] - Total revenue for the six months ended June 30, 2024, reached RMB 12,975,971 thousand, a 12.2% increase compared to RMB 11,561,962 thousand in the same period of 2023[11] - Revenue from Mainland China increased by 20.0% to RMB 3,724,258 thousand, up from RMB 3,103,257 thousand in the previous year[11] - Revenue from the EU grew by 4.4% to RMB 2,526,925 thousand, compared to RMB 2,421,402 thousand in 2023[11] - Japan's revenue surged by 27.0% to RMB 2,115,984 thousand, up from RMB 1,666,147 thousand in 2023[11] - Revenue from the US increased by 2.7% to RMB 1,881,045 thousand, compared to RMB 1,831,356 thousand in the previous year[11] - Revenue from other regions rose by 7.4% to RMB 2,727,759 thousand, up from RMB 2,539,800 thousand in 2023[11] - Revenue from major customer A increased by 33.8% to RMB 3,400,553 thousand, compared to RMB 2,540,639 thousand in 2023[13] - Sales revenue for the first half of 2024 reached approximately RMB 12,975,971,000, a 12.2% increase year-over-year[42][44] - Sales of sportswear products increased by 7.6% to approximately RMB 9,212,546,000, driven by higher demand in the Chinese mainland market[45][46] - Sales of casual wear products rose by 20.0% to approximately RMB 2,760,739,000, primarily due to increased demand in Japan, Europe, and other markets[45][46] - Sales of underwear products surged by 47.4% to approximately RMB 903,182,000, mainly due to higher demand in the Japanese market[45][46] - Sales in the Japanese market increased by 27.0% to approximately RMB 2,115,984,000, driven by strong demand for casual and underwear products[47] - Domestic sales in China grew by 20.0% to approximately RMB 3,724,258,000, reflecting increased market share and order demand[47] - Sales in the Japanese market increased by 27.0% to approximately RMB 2,115,984,000, driven by higher demand for casual and underwear apparel[48] - Sales in the US market grew by 2.7% to approximately RMB 1,881,045,000, primarily due to increased demand for sportswear[48] - Sales in other markets (including Canada, South Korea, and Australia) rose by 7.4% to approximately RMB 2,727,759,000, driven by higher demand for casual apparel in South Korea, Australia, and Southeast Asia[49] - Domestic sales in China increased by 20.0% to approximately RMB 3,641,465,000, driven by higher demand for sportswear brands[49] Profitability - Gross profit for the period was approximately RMB 3,761,469,000, a 45.0% increase year-on-year, with a gross margin of 29.0%, up 6.6 percentage points from 22.4% in the same period last year[1] - Net profit attributable to owners of the parent company was approximately RMB 2,931,028,000, a 37.8% increase year-on-year, driven by improved capacity utilization and efficiency gains from overseas factories[1] - Basic earnings per share were RMB 1.95, a 38.3% increase compared to RMB 1.41 in the same period last year[1] - Gross profit increased by 45.0% to approximately RMB 3,761,469,000, with gross margin rising by 6.6 percentage points to 29.0%[42] - Net profit attributable to the parent company rose by 37.8% to approximately RMB 2,931,028,000, marking a historical high for the company[42] - Gross profit margin improved by 6.6 percentage points to 29.0%, attributed to increased capacity utilization and improved production efficiency at overseas factories[50] - Basic earnings per share for ordinary shareholders increased to RMB 2,931,028 thousand in 2024 from RMB 2,126,829 thousand in 2023[21] Dividends and Shareholder Returns - The board has resolved to declare an interim dividend of HKD 1.25 per share, a 31.6% increase compared to HKD 0.95 per share in the same period last year[1] - The Board declared an interim dividend of HKD 1.25 per share, totaling approximately HKD 1,879,028 thousand (RMB 1,714,989 thousand), up from HKD 0.95 per share in 2023[22] - The company has declared an interim dividend of HK$1.25 per share for the six months ending June 30, 2024, payable by September 27, 2024[67] Assets and Liabilities - Total assets as of June 30, 2024 were RMB 36,370,864,000, compared to RMB 35,226,654,000 as of December 31, 2023[5] - Net current assets as of June 30, 2024 were RMB 19,437,557,000, compared to RMB 15,095,005,000 as of December 31, 2023[5] - Total non-current assets decreased by 2.5% to RMB 13,015,578 thousand, down from RMB 13,347,831 thousand at the end of 2023[12] - Inventory increased to RMB 6.97 billion as of June 30, 2024, compared to RMB 6.39 billion as of December 31, 2023, with finished goods accounting for RMB 2.26 billion[24] - Accounts receivable and notes totaled RMB 5.18 billion as of June 30, 2024, with 98.2% of the amount due within three months[25] - USD-denominated accounts receivable and notes increased to RMB 3.87 billion as of June 30, 2024, up from RMB 3.44 billion as of December 31, 2023[26] - Prepayments and other receivables increased to RMB 471.38 million as of June 30, 2024, compared to RMB 441.07 million as of December 31, 2023[27] - Long-term prepayments, including land use rights and property, plant, and equipment, totaled RMB 290.99 million as of June 30, 2024[29] - Accounts payable increased to RMB 1.32 billion as of June 30, 2024, up from RMB 1.20 billion as of December 31, 2023, with 98.8% due within six months[30] - Other payables and accruals increased to RMB 1.79 billion as of June 30, 2024, compared to RMB 1.60 billion as of December 31, 2023[31] - Contracted commitments for property, plant, and equipment decreased to RMB 761.10 million as of June 30, 2024, down from RMB 810.00 million as of December 31, 2023[32] - The company reported no significant contingent liabilities as of June 30, 2024[33] - The company's lease liability interest expense decreased to RMB 1,225 thousand in 2024 from RMB 1,904 thousand in 2023[35] - The total outstanding balances with related parties decreased to RMB 2,895 thousand in 2024 from RMB 3,341 thousand in 2023[37] - The company's capital-to-debt ratio was approximately 31.7% as of June 30, 2024[61] - The company has no significant contingent liabilities as of June 30, 2024[62] Employee and Labor Costs - Employee benefits expenses increased by 10.0% to RMB 3,700,974 thousand, up from RMB 3,365,715 thousand in the previous year[14] - The company's salary and short-term employee benefits increased to RMB 26,495 thousand in 2024 from RMB 24,762 thousand in 2023[38] - The company's total employee benefits increased to RMB 26,589 thousand in 2024 from RMB 24,841 thousand in 2023[38] - The company employs approximately 101,720 employees as of June 30, 2024, an increase from 92,030 at the end of 2023[58] - Employee costs accounted for 28.5% of the company's sales for the six months ended June 30, 2024, compared to 29.1% for the same period in 2023[58] Capital Expenditures and Investments - Capital expenditures for property, plant, and equipment increased to RMB 623.11 million in the first half of 2024, up from RMB 413.03 million in the same period of 2023[23] - The company invested approximately RMB 640,159,000 in property, plant, equipment, right-of-use assets, and intangible assets during the six months ended June 30, 2024, with 58% allocated to production equipment and 37% to new factory buildings and right-of-use assets[59] - The company has committed approximately RMB 893,163,000 for the construction and purchase of property, plant, and equipment as of June 30, 2024[59] - The company acquired a Vietnamese subsidiary for a base price of USD 50,000,000 to expand its fabric production capacity in Vietnam[60] - The company sold its wholly-owned subsidiary, Shanghai Mawei Industrial Co., Ltd., for RMB 582,526,000, which was originally acquired for RMB 297,000,000 in 2010[60] - The company has acquired a subsidiary's land use rights and wastewater discharge permits through equity purchase, enhancing its overseas production layout[64] - The company has signed a share transfer agreement to acquire a subsidiary in Vietnam for a base price of $50,000,000, with the transaction completed on July 16, 2024[66] Tax and Financial Expenses - Total tax expenses increased to RMB 318,181 thousand in 2024 from RMB 221,595 thousand in 2023, with significant contributions from Mainland China (RMB 140,710 thousand) and Macau (RMB 102,757 thousand)[17] - Hong Kong profits tax rate remains at 16.5%, with the first HKD 2,000,000 taxed at 8.25% and the remainder at 16.5%[18] - Vietnam subsidiaries benefit from a reduced tax rate of 10% for the first 15 years, with exemptions and reductions available for specific periods[19] - Macau subsidiaries are subject to a 12% tax rate on taxable profits[19] - Mainland China subsidiaries are taxed at 25%, with certain high-tech enterprises eligible for a reduced rate of 15% and small enterprises at 5%[19] - The Group is assessing the potential tax risks and impacts of the OECD's Pillar Two rules, which require a minimum global tax rate of 15%[20] - Interest income rose significantly by 64.7% to RMB 536,524 thousand, compared to RMB 325,831 thousand in 2023[15] - Total interest expenses increased to RMB 191,389 thousand in 2024 from RMB 146,258 thousand in 2023, with bank loan interest rising to RMB 188,387 thousand from RMB 142,023 thousand[16] - Financing costs increased by RMB 45,131,000 to approximately RMB 191,389,000 due to higher average loan balances[55] - Income tax expenses rose by RMB 96,586,000 to approximately RMB 318,181,000, driven by higher overall profitability[55] Operational and Strategic Developments - The company's new garment factory in Cambodia employed approximately 18,000 workers, reaching the planned scale, with production efficiency continuously improving[42] - The company increased its workforce in Vietnam by over 2,200 employees and initiated a land use rights acquisition in Tay Ninh Province, Vietnam, to expand fabric production capacity[42] - The company is focusing on optimizing its global industrial chain layout, talent development, and advancing digital and automated industrial applications to enhance its competitive advantage[63] - The company plans to expand its fabric production capacity in Vietnam and increase the supporting processes such as colored yarn and webbing, aiming to better meet customer demand and shorten product delivery cycles[64] - The company will continue to focus on digital transformation and automation, investing more resources in R&D for automated equipment and deepening cooperation with innovative equipment manufacturers[64] - The company expects its business to maintain year-on-year growth in the second half of the year, with overall capacity utilization remaining at an ideal level[64] - The company will strengthen talent development, emphasizing innovation and sustainable high-quality growth through technology empowerment[64] Corporate Governance and Compliance - The company has adopted a new set of articles of association to comply with Cayman Islands laws and Hong Kong Stock Exchange listing rules, approved at the annual general meeting on May 28, 2024[69] - The company is consulting on arrangements for electronic distribution of corporate communications to promote environmental protection[73] - The company has adopted the "Standard Code of Conduct for Securities Transactions by Directors of Listed Issuers" as its code of conduct for directors' securities transactions, and all directors have confirmed strict compliance with the code during the six months ended June 30, 2024[74] - No changes were reported in the directors' information that required disclosure under the Listing Rules during the six months ended June 30, 2024[75] - The company or its subsidiaries did not purchase, redeem, or sell any of its listed securities during the six months ended June 30, 2024[75] - The company had not adopted any share option plan as of June 30, 2024[76] - The Audit Committee reviewed the group's unaudited financial statements for the six months ended June 30, 2024, and discussed accounting principles, risk management, internal controls, and financial reporting[78] - The Remuneration Committee ensures that the company's compensation policies are fair and competitive, considering market levels, workload, responsibilities, and job complexity[79] - The Nomination Committee is responsible for identifying and recommending qualified candidates for directorship and reviewing the board's structure, size, and composition[80] - As of the announcement date, the public holds at least 25% of the company's total issued share capital[81] - The company's interim report, containing all information required by the Listing Rules, will be published on the Hong Kong Stock Exchange website and the company's website[82] Market and Industry Trends - China's textile and apparel exports grew by 1.5% year-on-year to USD 143.18 billion in the first half of 2024[40] - Vietnam's textile and apparel exports increased by 4.6% year-on-year to USD 16.52 billion in the first half of 2024[40] - The US market accounted for 43.6% of Vietnam's total apparel export value in the first half of 2024[40] - Vietnam's fabric imports from China increased by 20.1% year-on-year to USD 4.89 billion in the first half of 2024[41] Related Party Transactions - Ningbo Aili's revenue from printing services increased to RMB 74,558 thousand in 2024 from RMB 68,924 thousand in 2023[35] - The company's rental agreement with Shenzhou Property has a monthly rent of RMB 3,233,169 and is valid from January 1, 2023, to December 31, 2025[36]

申洲国际(02313) / 纺织制造 / 公司深度研究报告 / 2024.07.17 国内一体化针织龙头,壁垒高筑行稳致远 投资评级:增持(首次) 核心观点 | --- | --- | |------------------|------------| | 基本数据 | 2024-07-16 | | 收盘价(港元) | 70.50 | | 流通股本(亿股) | 15.03 | | 每股净资产(港元) | 21.39 | | 总股本(亿股) | 15.03 | 最近 12 月市场表现 -21% -15% -8% -2% 5% 11% 申洲国际 恒生指数 分析师 吕明璋 SAC 证书编号:S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com 相关报告 证券研究报告 一体化针织龙头,长周期稳健增长。申洲国际是全球最大的纵向一体化针 织制造商之一,产品涵盖针织运动类产品、休闲服装及内衣服饰等。公司与国 内外知名客户建立了稳固的合作伙伴关系,主要客户包括运动品牌的 NIKE、 ADIDAS、PUMA 及休闲品牌的 UNIQLO 等客户,产品市场遍布中国内地、 日本、 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 93.00, down from the previous target of HKD 96.00 [1][7]. Core Insights - The company is expected to see a significant improvement in orders and performance in the first half of 2024 due to international brand restocking and a low base from the previous year [1][2]. - The company benefits from competitive advantages such as integrated supply chains, international capacity, automation in production, and efficient management, which contribute to its profit elasticity [1][2]. - The forecast for 2024 includes a net profit of RMB 5.73 billion and an EPS of RMB 3.81, while the net profit estimates for 2025 and 2026 have been adjusted to RMB 6.50 billion and RMB 7.30 billion, respectively [1][6]. Order and Capacity Utilization - Orders are expected to grow rapidly in 1H24, particularly from major clients like Adidas and Puma, with new clients like Lululemon also contributing to revenue growth [2]. - The company anticipates a significant improvement in gross margin for 2024, with expected margins of 22.4% in 1H23 and 25.8% in 2H23, indicating a recovery trend [2]. Capacity Expansion and Product Innovation - The company is progressing with its hiring plans at its Ningbo and Vietnam factories, expecting a capacity increase of 10-20% in 2024 [3]. - Long-term capacity expansion will focus on overseas production, with plans for new factories in Indonesia alongside existing bases in Vietnam and Cambodia [3]. - The company is diversifying its product offerings, enhancing market competitiveness and customer loyalty [3].

股 票 研 [Table_Industry] 纺织服装业 究 申 洲国际(2313) [评Tab级le_I：nve st] 增持 订单强势复苏，看好全年业绩修复 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 83.30 ——申洲国际调研报告 [Table_Date] 2024.06.11 海 [table_A ut刘ho佳rs]昆 (分析师) 曹冬青(研究助理) 赵博(研究助理) 021-38038184 0755-23976666 010-83939831 外 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880524040004 S0880122070070 S0880122070053 52周内股价区间(港元) 62.75-86.20 司 当前股本(百万股) 1,503 本 报告导读： 当 前市值(百万港元) 125,218 （ 2024年至今公司订单持续恢复，预计2024全年量增15-20%偏上限，美金ASP略有 中 下 ...

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[ 申 TIna 洲fbole] 国 _T 际itle （] 2313） [评Tab级le_：Inv est] 增持 当前价格（港元）： 78.50 从客户角度拆解公司未来收入增长 2024.05.29 海 ——申洲国际系列深度（一） [ 交Ta易bl数e_据M arket] 外 刘佳昆(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 61.95-86.20 公 021-38038184 0755-23976666 010-83939831 当前股本（百万股） 1,503 当前市值（百万港元） 118,003 司 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 证书编号 S0880524040004 S0880122070070 S0880122070053 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 预计2024年公司收入/利润同增16%/24%， ...

证券研究报告 | 公司深度 2024年05月18日 申洲国际（02313.HK） 行业趋势改善，龙头笃行致远 公司是服饰制造行业龙头，数十年来业务规模持续成长。申洲国际是亚洲最大的 买入（维持） 纵向一体化针织制造商，2023年收入规模达250亿元（同比-10%）/净利润达46 股票信息 亿元（同比基本持平）。1）公司定位于中高端服饰制造，面向全球下游市场，客 户以海内外头部品牌商为主，其中运动类客户居多。2）2023 年末公司员工逾 9 行业 服装 万人，年产自用针织面料逾20万、针织成衣约5亿件，近年补充梭织面料产品、 前次评级 买入 进一步完善品类布局。 5月16日收盘价(港元) 82.95 短期：基本面改善趋势清晰，订单快速增长，恢复工厂招工。1）订单：库存周期 总市值(百万港元) 124,692.30 带动客户订单需求改善，2024Q1 服饰制造公司普遍在低基数下同比呈现良好的 总股本(百万股) 1,503.22 增长。作为服饰制造龙头，公司与行业趋势基本保持一致，我们判断2024年以来 其中自由流通股(%) 100.00 公司出货同比快速增长，估计2024年PUMA/Adidas及国内品牌等核心客 ...

公司研 究 证 券研究 报 告 纺织服装 2024年05月17日 申 洲国际（02313.HK）2023年报点评 强 推 （维持） 目标价：97港元 2023 年平稳收官，看好 2024 年业绩修复 当前价：82.95港元 事项： 华创证券研究所  2023年营收249.7亿元，同比-10.1%，归母净利润45.6亿元，同比-0.1%；若 证券分析师：秦一超 剔除汇兑收益、利息收入和政府补贴影响，净利润为37.1亿元，同比+11.3%。 其中，23H2营收134.1亿元，同比-5.5%；归母净利润24.3亿元，同比+10.7%。 邮箱：qinyichao@hcyjs.com 评论： 执业编号：S0360520100002 联系人：刘一怡  去库存压力拖累业绩，新品牌收入占比提升。1）分品类；运动类产品收入180.3 亿元（同比-13.6%），主要系欧美市场需求疲软叠加去库存压力，下半年同比 邮箱： liuyiyi@hcyjs.com 下滑7%，环比上半年降幅（20%）明显收窄；休闲类/内衣类/其他针织类产品 收入为56.7/10.7/2.0亿元，同比-1.4%/+30.2%/-41.6%（剔除口罩+0.4 ...