業務多方位佈局，職業裝品牌效應顯現
公司成立於1995年，系一家集商務職業裝、校服、休閒服等系列服裝的研發、設計、生產、銷售爲一體的服飾公司，幾十年深耕服裝定製領域，以B2B定製模式爲主，公司已經形成了以商務職業裝爲主，零售爲輔，戰略進軍校服的業務格局。在保持和發展現有職業裝市場和營收規模的同時，發揮公司在量體定製業務方面的核心競爭力，進一步發揮“中高端職業裝領導者”的品牌效應，穩步做大做強職業裝業務。
Chinese leader in customized apparel: businesswear and school uniforms
Higher-end businesswear focus: founded in 1995, clothing producer Giuseppe Garment covers R&D, design, production and sales of businesswear, school uniforms, casual wear and other categories. It has plowed the customized uniform market for decades under a mostly B2B model and a mix of mostly business attire supplemented by retail. To raise revenue scale, Giuseppe drove up core competitiveness in customized apparel and optimizing its brand by focusing on higher-end businesswear; it aims to expand the business attire business. Thus, in 2023, Giuseppe focused on higher-end businesswear, supplemented by retail, on top of a strategic foray into school uniforms. This helped the company meet challenges proactively as it strove to expand the market, optimize its business mix and raise revenue and sales growth.
市場開拓穩步前行，業績有望持續增長
2023年公司沿着“以中高端商務職業裝爲主，零售爲輔，戰略進軍校服”的方向，積極迎接挑戰，努力開拓市場，優化業務結構，隨着銷售增長帶動收入提升。2023年公司營收和淨利潤雙增長，營收14.92億元，同比增長16.63%；歸母淨利2.03億元，同比增長67.21%。2024年Q1實現公司營收2.5億，同比增長1.68%；實現歸母淨利0.23億，同比下降22.60%。覆盤公司最近五年業績，一季度爲銷售淡季，營收均偏低。公司財務狀況穩定，資產質量良好，現金流充裕。2023年公司職業裝營收達14.26億元，佔總營收95.56%，較上年增長1.8億元，同比增長14.4%，毛利率恢復至50.61%，較上年增長3.09pct；24年Q1延續修復趨勢。改善顯著，帶動業績復甦。
Financials:
revenue and net profit both increased in 2023 with revenue arriving at RMB1.49bn, up 16.63%, and net profit at RMB203m, up 67.21%. Subsequently in 24Q1, the company drew revenue of RMB250m, up 1.68% yoy, with net profit at RMB23m, down 22.60% yoy. A look at historical performance over the past five years shows that Q1 is typically off season, which explains the low revenue. Giuseppe has a stable financial position, good asset quality and abundant cash flows. Its revenue stream last year had business attire contributing RMB1.43bn, which accounted for 95.56% of total revenue, up RMB180m yoy or 14.4%, while gross margin recovered to 50.61%, up 3.09ppt yoy. The recovery trend continued in 24Q1. We believe significant improvements by the company have been driving its profit recovery.
職業裝市場規模持續擴大，校服規範化帶動品牌效應
隨着現代經濟的不斷髮展，都市化進程的加快，職業裝也越來越爲人們所重視，推動我國職業裝市場規模不斷擴大的主要動力，一是每年數量不斷增加的就業人口，二是部分國家機關和行業對統一着裝的規範，三是第三產業的發展帶動。校服市場近年來發展十分迅速，小初高的在校生數量直接決定了校服市場現有需求規模，據教育部發布的數據統計，2023年我國小學、初中、高中階段在校生人數分別爲10803.97、5243.69、4102.09萬人。2020年中國校服市場規模從2016年的319.36億元增長至346.23億元，2022年達到371.43億元，而國家規範校服市場對優化市場環境、帶動品牌化發展意義重大。
Brand profile rises with expanding business attire and school uniform businesses
Business attire:
people are increasingly prioritizing business attire as the economy develops along with rising urbanization. We believe the following catalysts are driving the expansion of China’s business attire market:
•the rising number of employed people every year
•regulations increasingly require national institutions and industries to use uniforms
•the development of the tertiary industry, ie services.
School uniforms:
this market segment has grown quickly in recent years with demand directly determined by student numbers in primary schools, junior high schools and high schools. Recently published data by the Ministry of Education shows student numbers in China’s primary schools/junior high schools/high schools at 108.04m/52.44m/41.02m in 2023. The Chinese school uniform market grew from RMB31.94bn in 2016 to RMB34.62bn in 2020 and RMB37.14bn in 2022. The impact of national regulations on the school uniform market is a key factor in optimizing market factors and driving brand building, in our view.
智能化改造賦能生產，全流程服務精準對接終端需求
公司具備設計研發、採購、生產、倉儲、銷售和服務的高附加值的縱向一體化業務模式、支持該一體化模式的強大數據庫及智能化的生產、倉儲、物流體系，覆蓋全國核心區域的高效營銷體驗中心、集售前信息諮詢、產品展示及體驗、商務洽談、量體、交貨和售後一條龍服務，具備對終端的掌控能力和對客戶需求的快速反應能力。公司採取以公司自主生產爲主、委託加工爲輔的生產模式，以訂單驅動的方式進行生產。公司擁有完善的生產基地，分別位於浙江溫州、河南商丘和雲南曲靖，擁有智能化的西服和襯衫生產流水線，產品工序均全面實現智能化和數字化控制，三大廠區均已完成生產、物流、倉儲的智能化改造，確保了一人一版一衣的個性化需求與工業化大生產的高效結合。
Smart production, full-suite services capture end-market demand more precisely
Giuseppe’s business model provides high-value-added vertically-integrated coverage of design, R&D, procurements, production, warehousing, sales and services:
•Data system:
a comprehensive database supports the company’s integrated business system for smart production, warehousing and logistics.
•Experience centers:
market experience centers spanning China’s core areas handle pre-sale consultations, product displays and experiences, business negotiations, measurements, delivery and one-stop after-sales services. This setup maximizes management of end-market factors and enables speedy responses to customer requirements.
•Production
is driven by orders and the company mostly manufactures its own goods, supplemented by the commissioning of certain processes. Giuseppe’s comprehensive production facilities are located in Wenzhou (Zhejiang), Shangqiu (Henan) and Qujing (Yunnan). Smart production lines for suits and shirts enable full intelligentization of processes with digitalized control. Its three main factories have completed the intelligentization of production, logistics and warehousing. They provide customizations by person, template and garment in efficient combinations for industrial mass production.
