金吾财讯 | 浙商证券发研报指，晶苑国际(02232)作为多品类制衣龙头，交叉研发生产能力适配下游品牌需求，持续拓展新客户并提升在大客户中的份额，驱动收入增长超预期。该行认为：公司未来三年业绩复合增速预计双位数，并且保持60%左右的分红率。预测依据：1)拓展运动及户外服后，交叉品类研发能力进一步增强，适配当下“运动+时尚”流行趋势，有望持续拓展新客户且提升大客户份额；2)24年以来加快招工以提升产能，历史员工数量与订单趋势高度匹配；3)24年中期分红率提升至60%，目前账上现金充裕。该行预计2024-2026年公司收入24.7/28.1/31.8亿美元，同比增长13.5%/13.8%/13.0%；实现归母净利润1.98/2.31/2.67亿美元，同比增长21%/17%/16%，对应PE8.7/7.5/6.5倍，显着低于同行制衣龙头。考虑到公司稳健增长预期及分红率，给予25年10X目标PE，对应179.7亿港元目标市值，目标价6.31港元/股，当前对应上行空间34%。维持“买入”评级。
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