纺织服饰 《健盛集团（603558）点评：23 年利润 超 预 期 ， 棉 袜 业 务 经 营 效 益 提 升 》 2024/03/18 《健盛集团（603558）点评：23Q3 收入 利润降幅均收窄，Q4 有望环比持续改 善 》 2023/10/29 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 研究支持 李璇 A0230122060008 lixuan@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com ⚫ 公司是"棉袜+无缝"双轮驱动的运动针织公司，棉袜优势强化，无缝业务增长弹性大， 维持"买入"评级。公司加大与 Uniqlo、迪卡侬等老客户合作，同时积极开发国内外优 质客户，持续补强产业链配套产能，实现"高品质、低成本、短交期"，夯实核心竞争 力。无缝业务逐步调整优化，新客户订单陆续出货，盈利能力有望逐步提升。根据 24Q1 业绩，上调 24-26 年毛利率至 26.9%/27.3%/27.6%（原为 26.3% ...

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Views - The company has shown a robust recovery in orders, leading to significant growth in earnings quality and performance in Q1 2024, with revenue increasing by 10% year-on-year to 550 million yuan and net profit rising by 112% to 80 million yuan [6]. - The gross margin improved significantly, increasing by 7.0 percentage points to 29.3%, attributed to enhanced capacity utilization and effective cost control [6]. - The company is focusing on expanding its production capacity and enhancing its integrated supply chain capabilities, particularly in the sock segment, which is expected to see healthy growth in orders and maintain high profitability [6]. Financial Performance Summary - For Q1 2024, the company reported a revenue of 550 million yuan, a year-on-year increase of 10%, and a net profit of 80 million yuan, up 112% year-on-year [6]. - The gross margin for Q1 2024 was 29.3%, reflecting a significant improvement from the previous year [6]. - The company expects revenue growth of 10% to 20% for the full year 2024, with net profit projected to reach 335 million yuan in 2024, representing a year-on-year growth of 23.7% [6][15]. Business Segment Analysis - The sock business is anticipated to grow by approximately 30% year-on-year in Q1 2024, with a net profit margin exceeding 16% [6]. - The seamless clothing segment experienced a decline of over 20% in sales year-on-year in Q1 2024, but profitability is expected to improve due to better capacity utilization and cost control measures [6]. - The company is actively expanding its production capacity in Vietnam, with plans to invest in new facilities to support future growth [6]. Cash Flow and Inventory Management - As of the end of Q1 2024, the company's inventory decreased by 13.6% year-on-year to 530 million yuan, with inventory turnover days improving by 24.6 days to 123.4 days [6]. - The net operating cash flow for Q1 2024 was 150 million yuan, approximately 1.8 times the net profit for the same period [6]. Future Outlook - The company is expected to continue benefiting from order recovery and improved capacity utilization, with a projected net profit of 375 million yuan in 2025 and 414 million yuan in 2026 [6][15]. - The company has established a clear incentive mechanism to align the interests of its core management team with business performance [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 13.50, up from the previous forecast of CNY 12.46, and the current price is CNY 11.24 [23][29]. Core Insights - The company's Q1 2024 performance exceeded expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items increasing by 10.4%, 112%, and 112% year-on-year, respectively [29]. - The gross profit margin reached a historical high of 29.3% in Q1 2024, driven by a recovery in downstream order demand and increased foreign exchange gains [29]. - The company is actively expanding its production capacity in Vietnam, which is expected to enhance operational efficiency and profitability [29]. Financial Summary - Revenue for 2022 was CNY 2,354 million, with a projected increase to CNY 2,653 million in 2024, reflecting a growth rate of 16% [2]. - Operating profit (EBIT) is expected to rise from CNY 286 million in 2023 to CNY 369 million in 2024, indicating a growth of 29% [2]. - Net profit attributable to shareholders is forecasted to grow from CNY 270 million in 2023 to CNY 332 million in 2024, a 23% increase [2]. - The earnings per share (EPS) is projected to increase from CNY 0.73 in 2023 to CNY 0.90 in 2024 [2]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 12.6% in 2023 to 13.9% in 2024 [2]. - The return on equity (ROE) is projected to rise from 11.1% in 2023 to 12.9% in 2024 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 15.34 in 2023 to 12.49 in 2024, indicating a more attractive valuation [2]. Market Performance - The stock has shown a 49% increase over the past 12 months, outperforming the market index [31]. - The company’s market capitalization is CNY 4,148 million, with a 52-week price range of CNY 7.76 to CNY 11.45 [30].

浙江天册律师事务所 关于 浙江健盛集团股份有限公司 2023 年度差异化分红事项的 法律意见书 天册律师事务所 T & C LAW FIRM 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话:0571-8790111 传真: 0571-87901500 法律意见书 浙江天册律师事务所 关于浙江健盛集团股份有限公司 2023 年度差异化分红事项的 法律意见书 编号:TCYJS2024H0367 号 致:浙江健盛集团股份有限公司 浙江天册律师事务所(特殊普通合伙)(以下简称"本所"或"天册")接 受浙江健盛集团股份有限公司(以下简称"健盛集团"、"公司"或"上市公司") 的委托,根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华 人民共和国证券法》(以下简称"《证券法》")、《上市公司股份回购规则》 (以下简称"《回购规则》")、《上海证券交易所上市公司自律监管指引第7号 -- 回购股份》(以下简称"《回购指引》")、《上海证券交易所股票上市规 则》(以下简称"《上市规则》")等相关法律、法规、规章和其他规范性文件 及《浙江健盛集团股份有限公司章程》的规定,就公司2023年 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 548,536,755.66, representing a year-on-year increase of 10.42%[5] - The net profit attributable to shareholders for the same period was CNY 82,224,877.64, showing a significant increase of 112.06% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 80,069,017.79, reflecting a growth of 164.71% year-on-year[5] - Basic earnings per share for Q1 2024 were CNY 0.22, up by 120.00% year-on-year[6] - Operating profit for Q1 2024 was CNY 98.06 million, significantly up from CNY 36.09 million in the same period last year, marking an increase of 172.5%[26] - Net profit for Q1 2024 was CNY 82.22 million, compared to CNY 38.78 million in Q1 2023, representing a growth of 112.5%[26] - The total comprehensive income attributable to the parent company's owners for Q1 2024 was CNY 43,272,738.17, compared to CNY 16,147,806.64 in Q1 2023, representing an increase of approximately 168.8%[27] - Basic and diluted earnings per share for Q1 2024 were CNY 0.22, up from CNY 0.10 in Q1 2023, reflecting a growth of 120%[27] Cash Flow - The net cash flow from operating activities reached CNY 149,777,371.33, an increase of 69.85% compared to the same period last year[5] - Cash inflows from operating activities totaled CNY 732,046,558.84 in Q1 2024, compared to CNY 606,368,186.71 in Q1 2023, marking an increase of about 20.7%[30] - The net cash flow from operating activities for Q1 2024 was CNY 149,777,371.33, up from CNY 88,181,418.80 in Q1 2023, indicating an increase of approximately 69.9%[30] - Cash inflows from financing activities in Q1 2024 were CNY 360,162,146.00, compared to CNY 291,479,477.45 in Q1 2023, reflecting an increase of approximately 23.6%[30] - The net cash flow from financing activities for Q1 2024 was -CNY 45,395,054.06, an improvement from -CNY 98,180,569.53 in Q1 2023[30] - The net cash flow from investing activities for Q1 2024 was -CNY 26,594,635.28, worsening from -CNY 13,440,396.93 in Q1 2023[30] - The company received CNY 48,912,939.27 in tax refunds during Q1 2024, an increase from CNY 31,025,543.08 in Q1 2023, representing a growth of approximately 57.7%[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,421,083,560.28, a decrease of 1.89% from the end of the previous year[6] - Total assets as of March 31, 2024, were CNY 3.42 billion, down from CNY 3.49 billion at the end of 2023, a decrease of 1.9%[22] - Total liabilities decreased to CNY 957.74 million from CNY 1.05 billion, a reduction of 8.5%[23] - The company reported a decrease in inventory to CNY 533.49 million from CNY 529.04 million, a slight decline of 0.8%[21] - The company’s equity attributable to shareholders increased to CNY 2.46 billion from CNY 2.44 billion, reflecting a growth of 1.1%[23] Shareholder Information - The top shareholder, Zhang Maoyi, holds 132,212,262 shares, representing 35.82% of the total shares[14] - The second-largest shareholder, Hangzhou Yideng Trading Co., Ltd., holds 18,898,178 shares, accounting for 5.12%[14] - The company has a total of 130 employees participating in the employee stock ownership plan, with 11 employees having transferred their shares due to resignation[16] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[14] Stock Repurchase and Employee Stock Ownership Plan - The company plans to repurchase shares with a total fund not exceeding RMB 200 million and not less than RMB 100 million, with a maximum repurchase price of RMB 14.03 per share[17] - As of the announcement date, the company has repurchased a total of 2,464,200 shares, accounting for 0.67% of the total share capital, with a total payment of RMB 24,213,674.09[18] - The second phase of the employee stock ownership plan has seen 5,696,209 shares sold, generating a total income of RMB 66,652,000[16] - The company has not yet fully sold the third batch of shares from the second phase of the employee stock ownership plan as of March 31, 2024[16] - The company’s board of directors approved the employee stock ownership plan management measures and related proposals in 2020[15] - The company’s stock repurchase plan was approved by the shareholders' meeting held on February 22, 2024[17] Business Segments - The company reported a significant increase in pre-receipts for goods, which rose by 121.52%[10] - The company experienced stable growth in its cotton socks and seamless business segments, contributing to the overall profit increase[10] Return on Equity - The weighted average return on equity increased to 3.34%, up by 1.79 percentage points from the previous year[6]

证券代码：603558 证券简称：健盛集团 公告编号：2024-032 浙江健盛集团股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/4/30 | － | 2024/5/6 | 2024/5/6 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 8 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： A 股每股现金红利 0.25 元 相关日期 因此，公司虚拟分派计算的除权（息）参考价格=（前收 ...

重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 7 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 148,754,462 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 40.3040 | 证券代码：603558 证券简称：健盛集团 公告编号：2024-031 浙江健盛集团股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，董事长张茂义主持。本次会议采取现场投票和网络 投票相结合的表决方式，符合《公司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 4 月 8 日 (二) 股东大会召开的地点：浙江杭州萧山经济技术开发区金一路 111 号，浙 江健盛集团股份有限公司六楼会议室 (三) 出席会议的普通股股东和恢复表决权的优 ...

浙江天册律师事务所 关于 浙江健盛集团股份有限公司 2023 年年度股东大会的 法律意见书 天册律师事务所 T & C LAW FIRM 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话: 0571-87901111 传真: 0571-87901500 下 天册律师事务所 法律意见书 2023 年年度股东大会的 浙江天册律师事务所 关于浙江健盛集团股份有限公司 本所律师根据《股东大会规则》的要求,按照律师行业公认的业务标准、道德 规范和勤勉尽责的精神,对健盛集团本次股东大会所涉及的有关事项和相关文件 进行了必要的核查和验证,同时听取了公司就有关事实的陈述和说明。现出具法律 意见如下: 一、本次股东大会召集、召开的程序 法律意见书 编号:TCYJS2024H0368 号 致:浙江健盛集团股份有限公司 浙江天册律师事务所(以下简称"本所")接受浙江健盛集团股份有限公司(以 下简称"健盛集团"或"公司"）的委托,指派本所律师参加公司 2023年年度股 东大会(以下简称"本次股东大会"),并根据《中华人民共和国证券法》(以下 简称"《证券法》")、《中华人民共和国公司法》(以下简称"《公司 ...

根据《上海证券交易所上市公司回购股份规则》、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》等法律法规的规定:回购股份期间，上市公司 应当在每个月的前 3 个交易日内公告截至上月末的回购进展情况。现将公司回购 股份的进展情况公告如下： 浙江健盛集团股份有限公司 关于以集合竞价方式回购公司股份的回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江健盛集团股份有限公司(以下简称"公司")于 2024 年 2 月 6 日召开第六 届董事会第七次会议，审议并通过了《关于<浙江健盛集团股份有限公司关于回购 部分社会公众股份预案>的议案》，并经 2024 年 2 月 22 日召开的公司 2024 年第二 次临时股东大会审议通过，同意公司使用自有资金以集中竞价方式回购公司股份， 回购股份资金总额不超过人民币 20,000 万元，不低于 10,000 万元，回购股份价 格不超过人民币 14.03 元/股，回购期限为自股东大会审议通过回购方案之日起不 超过 12 个月，暨 2024 年 2 月 22 日至 20 ...

公司研究丨点评报告丨健盛集团（603558.SH） [Table_Title] 健盛集团 2023 年年报点评：棉袜超预期改善， 期待无缝修复 %% %% 分析师及联系人 SAC：S0490518020002 SAC：S0490513080003 SAC：S0490524020003 SFC：BQT624 健盛集团（603558.SH） cjzqdt11111 2024-03-26 公司研究丨点评报告 [Table_Summary2] 事件描述 事件评论 ⚫ 盈利能力：棉袜利润率达近年最优，期待无缝修复。毛利率：2023Q4 同比+6.4pct 至 25.8%，预计主因棉袜业务在优质高单价客户占比提升叠加降本增效下毛利率改善显著， 此亦带动公司在 2023 年客户去库、负经营杠杆拖累下，毛利率仍+0.2pct 至 26.0%，延 续强劲韧性。无缝则受订单不满拖累，毛利率较弱。净利率：2023Q4 同比+12.5pct 至 11.2%，为近年来盈利最优。棉袜毛利率改善、存货减值损失降低、投资净收益大幅增加 （2022Q4 亏损较多主要为套保拖累）共同驱动 Q4 净利率大幅改善。全年维度，棉袜净 利率 15%达近 ...