Equity Analyst

Xin Yu, CFA

An equity research analyst with over 5 years of experience in multiple sectors. Previously worked for a global asset manager, covering China equities in multiple markets including A-shares/H-shares/ADRs and multiple sectors including TMT, industrial, consumer, etc. I conduct fundamental research to invest in high quality companies at an attractive valuation.

Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

Equity Bottom-Up

Shenzhou Intl Group Holdings / Equity Bottom-Up

<ul>
<li>Gross margin is under pressure throughout 2022 but will recover in 2023</li>
<li>Brands have been focusing on destocking and the inventory levels trend down</li>
<li>Capacity is expected to grow by 10% to low teens y/y in 2023</li>
</ul>


Gross margin is under pressure throughout 2022 but will recover in 2023
Brands have been focusing on destocking and the inventory levels trend down
Capacity is expected to grow by 10% to low teens y/y in 2023


Shenzhou Intl Group Holdings

Buy Shenzhou on Margin Recovery