Key Points Company Overview 1. Company Name and Background: Jingyuan International, established in 1970, has over 50 years of experience in garment manufacturing. It was listed in Hong Kong in 2017. The company's revenue in 2022 was 160 million. Jingyuan is the second-largest player in the global garment manufacturing industry, with a revenue volume second only to Shenzhen. [1] 2. Product Categories: Jingyuan offers a diverse range of products, including sweaters, leisurewear, denim, intimate wear, and sports and outdoor wear. [1] 3. Customer Base: Jingyuan serves a wide range of global fashion brands, including Uniqlo, Levi's, Gap, H&M, Adidas, Nike, LULU, UA, and Puma. [1] 4. Global Manufacturing Presence: Jingyuan has 23 factories in China, Vietnam, Bangladesh, Cambodia, and Sri Lanka, with a total workforce of 70,000, of which over 80% are overseas employees. [2] Financial Performance 1. 2023 H1 Revenue and Profit Growth: Jingyuan's revenue and net profit for the first half of 2023 increased by 8.4% and 14.1%, respectively. This growth was driven by the recovery of orders from European and American brand customers and additional orders received on top of the original expectations. [3] 2. Employee Expansion: Jingyuan hired 5,000 employees in the first half of 2023 and plans to continue hiring in the second half. The total workforce is expected to reach 65,000 by the end of 2025. [3] 3. Historical Performance: Jingyuan's historical data shows a strong correlation between employee numbers and revenue scale. The company's gross margin has remained stable at 19-20% over the years, indicating strong operational control capabilities. [4] Future Outlook 1. Order Growth: Jingyuan's order growth is expected to be driven by two main factors: the continued growth of its largest customer, Uniqlo, and the rapid growth of the sports and outdoor wear category. [5] 2. Uniqlo Collaboration: Uniqlo, Jingyuan's largest customer, accounts for about one-third of its revenue. The two companies have a long-standing partnership, with a history of creating best-selling products together. [5] 3. Sports and Outdoor Wear: Jingyuan entered the sports and outdoor wear category in 2016 through acquisitions and has since entered into partnerships with major brands like Adidas, Nike, LULU, and UA. This category has seen a load growth of 14% from 2017 to 2023, becoming the second-largest category after leisurewear. [6] 4. Other Categories: Jingyuan's other categories, such as sweaters and denim, are also experiencing upward trends. [6] 5. Revenue and Profit Projections: Jingyuan is expected to achieve revenue of 2.81, and 198 million, 267 million. [8]
晶苑国际20241119