股票 
板块 
用户 
资讯 独立不迁 横而不流
Independent and Unwavering,
Steadfast without Yielding.
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开润股份：
全球产能协同筑牢制造增长基石
Global Production Capacity Synergy Solidifies the Foundation for Manufacturing Growth
投资要点
Investment Thesis
公司发布半年报
26Q2公司营收13亿，同增8%；归母净利1.1亿，同增11%；扣非后归母净利1亿，同增3%；
26H1营收25亿，同增5%，归母净利2.1亿，同增13%；扣非后归母净利2.1亿，同增16%。
2026H1公司代工收入23亿，同增10%，其中公司箱包制造收入14.4亿，同增1.8%；服装制造收入8.6亿，同增27.2%。
26H1公司不断深化数字化与精益管理，持续提升全链条运营效率，箱包产能利用率94.55%，同增1.16pct；服装产能利用率60.6%，同增9.84 pct。
代工制造：全球产能协同筑牢增长基石，紧抓赛事机遇拓展服装增量
26H1公司代工业务坚持大客户核心战略，充分发挥中国、印尼、印度三地全球化产能布局的协同优势，实现稳健增长。
面对地缘政治冲突引发的全球原材料价格波动，公司一方面深化数字化与精益管理，持续提升全链条运营效率；另一方面加强与 Nike、adidas、优衣库、迪卡侬、VF 集团、MUJI、PUMA等核心客户的战略协同与动态沟通，有效保障订单交付稳定性。
同时，公司紧抓世界杯等国际体育赛事带来的市场机遇，积极拓展服装业务服务品类，围绕adidas等运动类客户需求进一步延伸服务范围，通过生产各类国家队足球相关服装，深化与核心客户的合作关系，增强客户黏性和综合服务深度，进一步拓展业务合作空间，推动服装业务收入结构持续优化和业务规模稳步提升。
品牌经营：外部环境扰动业绩暂遇挑战，研发与渠道协同蓄势新周期
2026年上半年，国内消费市场处于结构性调整下的温和复苏阶段，消费者行为更趋理性与审慎。
受此宏观环境影响，公司品牌经营业务营收阶段性承压。面对外部挑战，公司更加注重品牌经营质量和盈利能力，聚焦如海外分销、KA、商超等高营业利润率渠道进行资源配置和运营，对部分投入产出比较低的渠道保持审慎投入，有利于优化业务结构和提升经营质量。
同时，公司持续推进产品研发与新品上市，提升运营效率和品牌竞争力。随着经济内生动能逐步修复、新品陆续上市及重点渠道稳健运营，公司品牌经营业务有望迎来新一轮增长窗口期。
26H1品牌业务营收2.2亿同减27%，毛利率22.94%同减1.2pct。
The Company Releases Its Semi-Annual Report
In Q2 2026, the company's revenue was RMB 1.3 billion, up 8% year-on-year; net profit attributable to the parent company was RMB 110 million, up 11% year-on-year; net profit attributable to the parent company after non-recurring items was RMB 100 million, up 3% year-on-year.
In H1 2026, revenue was RMB 2.5 billion, up 5% year-on-year; net profit attributable to the parent company was RMB 210 million, up 13% year-on-year; net profit attributable to the parent company after non-recurring items was RMB 210 million, up 16% year-on-year.
In H1 2026, the company's contract manufacturing revenue was RMB 2.3 billion, up 10% year-on-year, of which luggage manufacturing revenue was RMB 1.44 billion, up 1.8% year-on-year, and apparel manufacturing revenue was RMB 860 million, up 27.2% year-on-year.
In H1 2026, the company continued to deepen digitalization and lean management, and persistently improved end-to-end operational efficiency; the luggage production capacity utilization rate was 94.55%, up 1.16 pct year-on-year; the apparel production capacity utilization rate was 60.6%, up 9.84 pct year-on-year.
Contract Manufacturing: Global Production Capacity Synergy Solidifies the Foundation for Growth, Seizing Sporting Event Opportunities to Expand Apparel Incremental Business
In H1 2026, the company's contract manufacturing business segment adhered to its core key-account strategy, fully leveraging the synergistic advantages of its globalized production capacity footprint across China, Indonesia, and India to achieve steady growth.
In the face of global raw materials price volatility triggered by geopolitical conflicts, the company on one hand deepened digitalization and lean management to continuously improve end-to-end operational efficiency, and on the other hand strengthened strategic coordination and dynamic communication with core clients including Nike, adidas, UNIQLO, Decathlon, VF Corporation, MUJI, and PUMA, effectively ensuring the stability of order fulfillment.
At the same time, the company seized market opportunities arising from international sporting events such as the FIFA World Cup, actively expanded the service categories of its apparel business segment, further extended its service scope around the needs of sportswear clients such as adidas, and deepened cooperation with core clients by producing various national team football-related apparel, thereby enhancing client stickiness and the depth of integrated services, further broadening the space for business collaboration, and driving the continuous optimization of the apparel business segment's revenue structure and the steady growth of its business scale.
Brand Operations: External Environmental Disruptions Temporarily Challenge Performance, While R&D and Channel Synergy Build Momentum for a New Cycle
In the first half of 2026, China's domestic consumer market was in a phase of moderate recovery amid structural adjustment, with consumer behavior becoming increasingly rational and cautious.
Affected by this macroeconomic environment, the company's brand operation business segment revenue came under phased pressure. Facing external challenges, the company placed greater emphasis on brand operation quality and profitability, focusing resource allocation and operations on channels with higher operating profit margins — such as overseas distribution, key accounts (KA), and supermarkets — while maintaining prudent investment in channels with relatively low return on investment, which is conducive to optimizing the business segment structure and improving operational quality.
Meanwhile, the company continued to advance product R&D and new product IPOs, enhancing operational efficiency and brand competitiveness. As the economy's endogenous growth momentum gradually recovers, new products are successively launched, and key channels operate steadily, the company's brand operation business segment is expected to enter a new window of growth opportunity.
In H1 2026, brand business segment revenue was RMB 220 million, down 27% year-on-year; gross profit margin was 22.94%, down 1.2 pct year-on-year.
投资建议
Investment Thesis
调整盈利预测，维持“买入”评级
基于26H1表现， 国内消费市场结构性调整导致品牌业务持续承压，原材料价格波动或影响短期毛利率，我们调整盈利预测，预计2026-2028年营收分别为53/59/67亿（前值为55/61/69亿元），归母净利分别为3.8/4.3/5.0亿（前值为4.0/4.9/5.9亿元），EPS分别为1.6/1.8/2.1元，对应PE分别为14/12/10x。
Revising earnings forecast, maintaining "Buy" rating
Based on H1 2026 performance, the structural adjustment of the domestic consumer market has kept the brand business segment under sustained pressure, and raw materials price fluctuations may affect short-term gross profit margin. We revise our earnings forecast and project revenues for 2026–2028 of RMB 5.3/5.9/6.7 billion respectively (previously RMB 5.5/6.1/6.9 billion), net profit attributable to the parent company of RMB 380/430/500 million respectively (previously RMB 400/490/590 million), EPS of RMB 1.6/1.8/2.1 per share respectively, and corresponding P/E of 14/12/10x respectively.
风险提示
行业竞争加剧、订单不及预期、产能投放不及预期等风险。
Risks Warnings
risks including intensified industry competition, orders falling short of expectations, and production capacity ramp-up falling short of expectations.
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