公司接單年內累計仍保持增長趨勢，
主要系：一、行業自身處於緩慢復甦的態勢；二、得益公司核心競爭力提升，獲得越來越多客戶的認可。2023年行業處於去庫存週期，展望2024（各品牌去庫進度不一，但總體說已進入尾聲）我們樂觀預期公司訂單表現，逐步走出產業低谷，有望加速成長。分品類看，近幾年，公司加大了拉鍊業務的市場拓展力度，因此其增速高於公司平均增速。
Cumulative orders maintaining the growth trend in 2024 to date
Industry survivor:
Weixing Industrial Development’s total orders in the year to date have continued to track a growth trend, mainly because within an industry on a slow recovery trend, Weixing’s core competencies are getting recognized by more and more customers.
Zippers outperform:
with the 2023 industry destocking cycle generally coming to an end (albeit with varied progress at different brands), we are bullish about Weixing’s order book as the industry emerges from the trough and growth kicks in. Among its business divisions, zippers have grown better than average due to the company’s push to expand its zipper market in recent years.
公司2021年以來持續驗證成長能力，反映細分織造競爭格局變化及自身競爭優勢，具備較強持續性及稀缺性。
面對複雜宏觀環境，公司緊扣“轉型升級”和“投入產出”兩條主線，持續加大客戶開拓和智能製造推進力度，強化產品領先與組織保障，加速全球佈局，縱深推進戰略轉化與執行落實，提升綜合競爭力，在行業不景氣形勢下穩健經營，其中包括：
（1）全面提升與品牌客戶合作深度和廣度；研產銷聯動，多形式、多途徑地提升客戶的滿意度，爲客戶提供“一站（全程）”採購便利。
（2）加速推進國際市場佈局和轉化；以源頭品牌和成衣加工區域爲重點，公司越南工業園將於24Q2投產，公司大力幫扶其正常投產及後續運行。我們認爲，越南工業園簡稱投產具備積極意義，不但在於擴充產能保障供給及交期，更在於全球產能分散佈局可以更好滿足客戶需求以及開發新增客戶，有效分散生產風險，實現持續穩定增長。
（3）聚焦產品價值創造，深化產品領先戰略。
（4）提速高端智能製造轉型，不斷提升生產管理水平，實現人均效率和效益雙提升。
Twin strategies for a complex world: transform and upgrade; invest to produce
Weixing has been able to grow its business since 2021 by using competitive advantages such as sustainability and scarcity to navigate a textile industry that is undergoing structural changes. Twin sets of strategic guidelines help the company steer a complex macro-environment: transform and upgrade; and invest to produce. Thus, it increased customer development, pushed smart manufacturing processes, strengthened product leadership and workmanship guarantees, and stepped up efforts on its global network buildout. The rigorous implementation of Its strategic revamp honed the company’s all-round competitiveness. To achieve stable operations amid an industry downturn, Weixing implemented the following measures:
•Deepened and broadened ties with brand customers:
the synergy of research, production and sales enhanced customer satisfaction in myriad ways and forms, providing the convenience of a one-stop-shop.
•Accelerated global network buildout:
fleshing out Weixing’s focus on source brand companies and garment processing market segments will be its phase 1 Vietnam production facility which is slated to commence operation in 24Q2E, which the company plans to help out both in the start-up as well as subsequent operations. The Vietnam industrial park project is significant not only for production capacity expansion to ensure supply and deliveries, but also because having decentralized global production capacities helps Weixing better meet customer needs and develop new customers, in our view. It also spreads production risk and enables sustainable and stable growth.
•Focused on product value creation and deepen product leadership.
•Accelerated the transformation into high-end smart manufacturing,
raised production management levels and achieve both per-capita efficiency and greater effectiveness.
公司服務意識及快放能力是核心競爭力之一
面對下游“小批量、多批次”的下單模式，公司除了提升服務意識之外，還通過智能製造戰略的實施和柔性製造體系的打造來提升生產效率，多方面的舉措形成了公司較強的快反能力。公司拉鍊在產品品類的多樣性、時尚性、創新能力以及產品的配套能力等方面都形成了較強競爭優勢。
我們認爲，中國織造供應鏈普遍具備較強生產交付及服務能力，在參與全球競爭過程中，優勢將逐步被放大，市場份額有望逐步提升。
Core competencies include service awareness and fast responses
Nimble fulfillments:
to align with the small-batch and multi-order business model in the downstream market, Weixing not only increased service awareness but also raised production efficiency by implementing smart manufacturing strategies and creating flexible manufacturing systems. These and various other measures sharpened the company’s rapid response capability. Its highly competitive zippers score on several fronts: a diverse product mix, trendiness, innovativeness and strong product support.
Chinese producers:
we believe China’s garment supply chain is generally equipped with strong production deliveries and service capabilities. As the country participates increasingly in global competition, its advantages would increase and market share gradually expand, in our view.
