晶苑国际(02232)涨超3%，截至发稿，涨2.3%，报5.77港元，成交额1404.02万港元。

国泰君安发布研报称，2025年2月晶苑国际纳入恒生系列指数，3月10日正式生效。对标九兴，短期估值提升空间较大，看好中长期发展。九兴控股2024年9月入通后股价上涨至2025年1月，涨幅约为20%，估值从8X提升至10X。九兴与晶苑均具备订单增长确定性较强、利润率改善，以及低估值、高股息特征，目前晶苑(8x)估值对标九兴(10x)仍存在较大提升的空间，看好入通后晶苑基本面及估值提升。

该行续指，从收入端上看，晶苑国际第一大客户优衣库经营高景气，2024年业绩表现多次超出市场预期，FY2025年展望乐观(预计收入+9.5%)，后续将发力女装业务，晶苑为核心女装供应商有望受益。运动客户中，Adidas等景气度高，晶苑份额低，提升空间较大；lululemon 2022年切入后订单持续高增；nike最新的重点发展供应商名单中晶苑为唯一一家成衣代工厂。牛仔、内衣等传统板块中基于品牌对多品类产品的综合需求，晶苑凭借全品类供应能力持续渗透订单。

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