Weixing Industrial Development (002003.SZ): Agility and global reach underpin long-term growth

We initiate coverage of Weixing Industrial Development (002003.SZ) at Buy with a target price of CNY15.13, implying 33.3% upside. Weixing is a leading garment-accessories supplier in China. We see long-term competitive advantages in its flexible manufacturing, fast response, one-stop product & service offerings and a global production footprint. As demand growth moderates and brands pursue leaner inventories and more flexible sourcing, we believe Weixing's integrated service and global delivery capabilities should support deeper existing-customer penetration and new-customer wins, while overseas capacity ramp-up should further improve local delivery and scale economies. We forecast steady order and earnings growth and c.10% revenue CAGR in 2026-28F, with revenue of CNY5,366mn/5,855mn/6,319mn and net profit of CNY719mn/822mn/924mn;