freebonusgaminator| Nike suppliers: 24Q1 net profit doubled, raised profit forecast to 290 million yuan

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The company's annual report showsFreebonusgaminatorIn 2023, revenue increased by 13%, net profit increased by 146%, and brand business grew by 22%. Raise the profit forecast and maintain the "buy" rating, but pay attention to risks such as customer concentration.

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[the company's annual report and quarterly report are eye-catching, and the contract manufacturing and brand business have both achieved growth]

The company's annual report for 2023 and quarterly report for 2024 are strong. In the first quarter of 2024, the company's revenue reached 900 million yuan, an increase of 23% over the same period last year, and the net profit attributed to the parent company was 0.Freebonusgaminator.70 billion yuan, an increase of 103% over the same period last year. Net profit after deducting non-recurring profits and losses was 80 million yuan, an increase of 121% over the same period last year. For the whole of 2023, the company achieved operating income of 3.1 billion yuan, an increase of 13% over the same period last year. The net profit belonging to the parent company was 120 million yuan, an increase of 146% over the same period last year. Net profit after deducting non-recurring profits and losses was 140 million yuan, an increase of 587% over the same period last year.

In 2023, although the company's contract manufacturing customers are facing global economic and consumer pressure, the company still relies on global advantages and advanced manufacturing capabilities to actively expand clothing OEM, accelerate the increase in the share of new and old customers, and achieve counter-trend growth.

The company's brand business focuses on "Xiaomi" and "90 points" brands, and its main products include travel categories such as drawbar boxes and bags. benefiting from the rapid release of terminal travel demand in the domestic market, the company actively launches new products and forms a differentiated product matrix for various channels. Performance has been significantly improved.

In 2023, the company's contract manufacturing income was 2.4 billion yuan, an increase of 11% over the same period last year, and the gross profit margin reached 24%, an increase of 2 percentage points over the same period last year. Of this total, the income from luggage contract manufacturing was 2 billion yuan, an increase of 2.59% over the same period last year, and that of clothing contract manufacturing was 470 million yuan, up 71% from the same period last year.

The company's contract manufacturing business adheres to the customer strategy of high-quality brands, continues to promote lean management and digital information construction, maintains good cooperation with global well-known sports and leisure brands such as Nike, Adidas, Decathlon and VF Group, and continues to increase the order share of new and old customers.

Relying on the global capacity layout advantages of Indonesia, Chuzhou and India, the company continues to improve product design, R & D and manufacturing capacity, increase automation and digital investment, SAP and other systems are launched in overseas factories to create a high standard of order delivery level and delivery quality.

In 2023, the company's brand operating income was 630 million yuan, an increase of 22% over the same period last year, and a gross profit margin of 27%, an increase of 6 percentage points over the same period last year. Of this total, the online income was 210 million yuan, down 6% from the same period last year, and the gross profit margin was 34%, up 12% from the same period last year; the distribution revenue was 400 million yuan, up 44% from the same period last year, and the gross profit margin was 23%, up 2% from the same period last year.

The company's brand management seizes the opportunity of the warming of the domestic travel consumer market, focuses on travel drawbar boxes and backpacks, rebuilds the brand promotion system, and quickly grabs market share by relying on brand strength and product strength.

The company fully combines the user portraits and attribute characteristics of various sales channels to form a differentiated product matrix and channel fine operation model, focusing on operational results.

The company's manufacturing demand and supply are mainly from the world, not restricted by a single country or region, focusing on luggage and clothing categories, anchoring the "big customer" strategy, relying on differentiated global production capacity layout to continuously increase the order share of new and old customers.

In 2024, the company's own brand will continue to consolidate and enhance the competitive advantage of the core battlefield of the drawbar box, deepen innovation in new functions and new materials, increase investment in the bag market, launch popular styles with multiple scenes, and enhance the contribution of backpack sales.

The company will explore its own brand to go out to sea and extend its tentacles to the vast overseas market. with the continuous development and growth of the brand itself, the company will continue to focus on promoting technological innovation and the coordination of the industrial chain. help Chinese luggage brands and luggage industry move to a higher level and stand on the world stage.

Based on the landing of the key actions of long-term strategic deployment, the company achieved corner overtaking and rapidly grew into a leader in the luggage industry as a latecomer to the industry. The company's 24Q1 performance exceeded expectations, the net profit reached an all-time high, and the net interest rate increased significantly by about 3.4%.

Risk hints: the risk of high customer concentration; the risk of fluctuation of raw material prices and rising labor costs; the risk of management and control brought about by the expansion of business scale; the risk of exchange rate fluctuation.

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