申洲国际：2024H2销量驱动增长期待2025订单良好表现

国盛证券12-18 00:00

我们综合估计公司2024H2 收入有望同增10%~20%中段，延续稳健增长表现。1）量价拆分来看：①量：根据过去业务趋势我们判断近期公司订单依然同比稳步增长，估计2024H2 出货量同比增长15%+（（我们判断出出前预期期）②价价：虑公公司户结构变化，我们估计2024H2 销售单价同比或仍有下降、但降幅较H1 收窄（2024H1 为同比下滑高单位数）。2）从盈利质量层面来看：2024H1 公司...

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年收入期计稳健增长，盈利质量修复带动净利润期计快速增长。1）2024 年：合2024H2 情况，我们判断2024 全年公司收入有望稳健增长10%+，毛利率期计同比持续修复、主营业务利润（剔除汇率等因素影响）有望同比快速增长。2）2025 年：虑公订单及产能扩张情况，我们估计公司2025 年收入及净利润均有望稳健增长10%以上。投资建议。公司是全球最大纵向一体化成衣制造商，前预订单改善趋势清晰，长期产能扩张、效率提升、竞争力增强。我们期计2024~2026 年公司归母净利润分别为58.0/65.5/73.9 亿元，同比分别增长27%/13%/13%，现价对应2025 年PE 为12 倍，维持“买入”评级。风险提示：下游需求波动风险②产能扩张不及期期风险②大户结订单波动风险外汇波动风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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申洲国际：2024H2销量驱动增长 期待2025订单良好表现

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申洲国际：2024H2销量驱动增长期待2025订单良好表现