（记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，信达证券2月23日发布研报称，给予哈尔斯（002615.SZ）"买入"评级。评级理由主要包 括：1）未来展望乐观，26年补库行情有望展开；2）重申保温杯制造复苏机遇。风险提示：供应链成本 优化不及预期、客户订单不及预期、人民币汇率超预期波动、自主品牌发展不及预期。 每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 ...

信达证券研报指出，根据公告，哈尔斯25Q1-3前五大客户金额同比-0.1%，其中YETI同比分别-21.3%， YETI自身全年杯壶收入仅下滑1%，判断采购金额下滑主要系供应链转移导致下单节奏变化、最终库存 水平降低（25Q4存货同比-6%）。根据YETI自身销售指引，判断哈尔斯26年对YETI供应金额有望实现 靓丽增长。此外，伴随公司泰国交付能力提升，Stanley加速新品开发和非美市场发展，公司供应份额有 望显著提升。Owala/Brumate自身仍在快速成长，目前公司均为核心供应商，26年订单有望伴随客户高 速增长。公司多维度打造品牌力，OBM有望持续高增；制造代工复苏迹象清晰，盈利能力有望逐步改 善。结合近期股权激励和员工持股业绩目标乐观，预计2025-2027年公司归母净利润分别为0.7、3.0、 4.2亿元，对应PE估值分别为61.2X、14.5X、10.4X，维持"买入"评级。 ...

智通财经APP获悉，国泰海通发布研报称，保温杯行业规模稳增，中国仍占主导供应链地位，越南、泰 国凭借更低的制造成本和更优的贸易条件，成为承接中低端产能转移的核心目的地。全球保温杯品牌进 入新一轮产品生命周期，供应链迎来新的重大增长机遇，推荐前瞻布局海外产能的全球供应链龙头嘉益 股份(301004.SZ)、哈尔斯(002615.SZ)。 国泰海通主要观点如下： 保温杯行业：规模稳增，中国仍占主导供应链地位，东南亚产能转移已启动 Owala爆火做对了什么：差异化产品设计与营销思路 1)产品端，以用户为中心的产品设计思路，满足消费者细分使用需求。区别于Stanley优先考虑耐用性与 大容量，Owala更侧重用户体验。Owala的成功源于三大关键产品设计创新，使其在竞争中脱颖而出， 具体包括双模式饮用、便携性与防漏结构的功能设计、丰富的色彩定制方案。 2)定价端：亲民定价带，打开用户触达面营销端：从零售端价格分布来看，Stanley与Owala明显处于不 同价格带。Stanley产品价格带集中在$42–46区间，占总收入的42%;Owala产品定位为可亲民的奢华产 品，其中39%的产品价格为$37，且总收入中有97% ...

Investment Rating - The report assigns an "Accumulate" rating for the durable consumer goods industry, specifically for the thermos cup sector [1]. Core Insights - The downstream brands are entering a new product lifecycle, which is expected to improve the outlook for the midstream supply chain [2]. - Emerging brands are experiencing significant sales growth, with Owala's online sales on Amazon in North America showing year-on-year increases of +147% in November 2025, +321% in December 2025, and +449% in January 2026, countering the sales decline of Stanley [3]. - The report recommends proactive investment in overseas bases and highlights the potential for profit flexibility in 2026 for companies like Jiayi Co. and Hars [3]. Summary by Sections Downstream Brand Performance - Owala's differentiated product upgrades and marketing strategies are expected to replicate Stanley's success, with a focus on community engagement and affordable pricing [3]. - The sales of Owala have been steadily increasing since the second half of 2024, driven by innovative product designs and targeted marketing [3]. Manufacturing and Cost Efficiency - Hars has reported smooth capacity ramp-up at its Thailand factory, with expectations that costs will align with domestic levels by the end of 2026 due to improved labor efficiency and economies of scale [3]. - Jiayi Co. is also seeing continuous profit improvement as its Vietnam factory ramps up production, with anticipated growth in market share for key clients like Stanley and Owala [3]. Financial Projections - Hars is projected to achieve revenue growth rates of 24%, 16%, and 17% from 2026 to 2028, with profit growth rates of 471%, 24%, and 17% respectively, corresponding to a current market PE of 11, 9, and 8 times [3]. - Jiayi Co. is actively expanding its customer base outside the U.S., with new orders expected to contribute to revenue growth, alongside cost reductions from operational efficiencies [3].

Summary of Conference Call Notes Company and Industry - The conference call discusses **Hars** in the **textile and manufacturing industry**, specifically focusing on the **thermal cup manufacturing** sector. Core Points and Arguments - **Employee Stock Ownership Plan**: The company announced a plan to transfer up to **2.689 million shares** (0.58% of total shares) to a maximum of **50 directors, executives, and core employees** at a price of **4.46 CNY per share**, with a total cap of **11.9927 million CNY** sourced from share buybacks [1] - **Performance Assessment Standards**: The performance targets for 2026 are set based on the average revenue of **2.87 billion CNY** and net profit excluding non-recurring items of **250 million CNY** for 2023 and 2024. The growth targets are as follows: - 2026: Revenue/net profit growth targets of **≥55%/45%** and trigger values of **≥45%/30%** - 2027: Revenue/net profit growth targets of **≥80%/80%** and trigger values of **≥70%/60%** - 2028: Revenue/net profit growth targets of **≥110%/110%** and trigger values of **≥100%/100%** [1][2] - **Earnings Forecast**: Based on the stock incentive targets, the net profit attributable to the parent company is projected to be **360 million CNY**, **450 million CNY**, and **520 million CNY** for 2026, 2027, and 2028 respectively, corresponding to price-to-earnings ratios of **12X, 9X, and 8X** [2] - **High Demand for OEM Orders**: The company is experiencing high demand for thermal cup OEM orders, with significant improvements in profitability. Key clients such as **Yeti** are expected to see inventory replenishment, while **Stanley** is anticipated to increase its strategic cooperation share. Other brands like **Owala** and **Brumate** are showing rapid growth [2] - **Operational Improvements**: The Thailand facility has seen effective improvements in production costs, labor efficiency, and production yield after **25 years** of supply chain development and team building. The scale effect is expected to accelerate in 2026 [2] - **Brand Strategy Growth**: The company’s own brand strategy is showing continuous benefits, with accelerated internal brand growth and expansion into diverse online and offline channels. In 2026, the company plans to increase collaborations in areas like trendy toys, indicating promising brand growth potential [3] - **Market Outlook**: The company has established a bottom line in operations in 2025, with expectations for a positive upward trend in both OEM and brand growth in 2026. Active monitoring of the company is recommended [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a stock incentive and employee shareholding plan, targeting revenue and net profit for 2026 at 4.45 billion and 360 million respectively, with growth expected to continue through 2028 [1][2] - The company is experiencing a clear increase in customer orders, driven by overseas expansion and brand development, leading to significant revenue growth [1][2] - The brand strategy is evolving, with collaborations with well-known IPs and a focus on enhancing brand value, which is expected to accelerate growth [3] Financial Summary - Total revenue is projected to grow from 3.28 billion in 2025 to 5.08 billion in 2027, with a year-on-year growth rate of 23.3% [4] - The net profit attributable to the parent company is expected to recover from 71 million in 2025 to 417 million in 2027, reflecting a significant increase [4] - The company's gross margin is projected to stabilize around 28.1% by 2027, with a return on equity (ROE) expected to reach 19.2% [4][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a stock incentive and employee shareholding plan, targeting revenue and net profit for 2026-2028 that exceeds expectations. The revenue targets are set at 4.45 billion, 5.17 billion, and 6.03 billion yuan, with net profits of 360 million, 450 million, and 520 million yuan respectively [1] - The company is experiencing a significant increase in revenue driven by customer order growth, expansion of overseas bases, and accelerated growth of its own brand [1][2] - The company is focusing on enhancing brand power through collaborations with well-known IPs and strategic partnerships, aiming for a substantial increase in OBM (Own Brand Manufacturing) business [3] Financial Summary - The total revenue for 2023 is reported at 2.407 billion yuan, with projections of 3.332 billion yuan for 2024, 3.278 billion yuan for 2025, 4.123 billion yuan for 2026, and 5.084 billion yuan for 2027, reflecting a YoY growth rate of -0.9%, 38.4%, -1.6%, 25.8%, and 23.3% respectively [4] - The net profit attributable to the parent company is expected to be 250 million yuan in 2023, 287 million yuan in 2024, 71 million yuan in 2025, 299 million yuan in 2026, and 417 million yuan in 2027, with YoY growth rates of 21.3%, 14.7%, -75.3%, 322.4%, and 39.6% respectively [4] - The projected EPS (Earnings Per Share) for 2025, 2026, and 2027 are 0.15 yuan, 0.64 yuan, and 0.90 yuan respectively, with corresponding P/E ratios of 58.68, 13.89, and 9.95 [4][3]

Core Viewpoint - The company Hars (002615.SZ) is progressing according to plan in ramping up its production capacity in Thailand, with expectations to achieve its planned capacity goals by the end of 2026 [1] Group 1 - The production capacity in Thailand is being ramped up in an orderly manner as per the company's schedule [1] - The transfer of orders from key customers to the U.S. is proceeding smoothly, indicating a strong demand and operational efficiency [1] - The capabilities of the Thai base are continuously improving, which supports the company in responding to changes in the international trade environment and ensures supply chain security [1]

Core Viewpoint - The company, Hars (002615.SZ), is implementing an omnichannel strategy for its proprietary brand, focusing on both online and offline sales channels [1] Online Strategy - The company has fully covered major e-commerce platforms such as Tmall, JD.com, and Douyin, creating a multi-platform collaborative digital sales network [1] Offline Strategy - The KA (Key Account) channel is transitioning from traditional supermarkets to membership-based supermarkets, while also actively expanding into instant retail formats [1] - The company is significantly developing gift channels to establish a comprehensive channel system that covers daily consumption, immediate needs, and scenario-based gifting [1]

格隆汇2月12日丨哈尔斯(002615.SZ)披露投资者关系活动记录表显示，公司OEM业务与头部客户保持长 期稳定的战略合作关系，核心客户合作年限均超10年。前期受国际形势波动及海外产能受限等因素影 响，客户下单节奏有所调整，对公司整体订单造成阶段性压力。当前，随着客户库存水平回落至较低水 平、海外产能逐步释放，客户补库需求显著回升，OEM业务订单呈现明显向好态势。与此同时，公司 积极拓展业务版图：一方面配合核心客户深耕北美其他地区、欧洲、日本等非美市场；另一方面加速布 局中东、东南亚等差异化区域，挖掘增量需求，为OEM业务持续增长注入新动能。 ...