港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|----------------------------------------------------| | 裕元集团（ 00551 ） | | 证券研究报告 2024 年 10 月 27 日 | | | 投资评级 | | | 业绩超预期，上调盈利预测 | | 行业 非必需性消费 / 纺织及 服饰 | | | | | | 公司发布盈喜 | 6 个月评级 | 买入（维持评级） | | 公司预计 24Q1-3 净利同增 140-145% 至 3.3-3.4 ...

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港股公司报告 | 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|-------------------- ...

Financial Performance - Total footwear shipments reached 120.7 million pairs, a 9.9% increase from 109.8 million pairs in the same period last year[6] - Revenue for the period was $4,015.4 million, a 3.4% decrease compared to $4,155.0 million in the previous year[6] - Gross profit was $975.1 million, with a gross margin of 24.3%, up from 23.5% in the prior year[6] - Operating profit increased significantly to $259.3 million, a 67.9% rise from $154.4 million in 2023[6] - Net profit attributable to shareholders was $184.4 million, more than double the $83.6 million reported in the previous year[6] - Basic earnings per share rose to 11.44 cents, up from 5.19 cents in 2023[6] - Revenue for the six months ended June 30, 2024, was $4,015.407 million, a decrease of 3.4% compared to $4,154.968 million in the same period in 2023[12] - Gross profit for the six months ended June 30, 2024, was $975.087 million, slightly down from $977.710 million in 2023[12] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was $184.401 million, a significant increase from $83.601 million in 2023[12] - Basic earnings per share for the six months ended June 30, 2024, were 11.44 cents, up from 5.19 cents in 2023[12] - Total comprehensive income for the six months ended June 30, 2024, was $170.546 million, compared to $29.330 million in 2023[13] - Revenue for the period decreased by 3.4% to $4,015.4 million, while net profit attributable to shareholders increased by 120.6% to $184.4 million[57] - Manufacturing business net profit attributable to shareholders surged by 177.5% to $155.4 million[57] - Footwear shipment volume increased by 9.9% to 120.7 million pairs, with average selling price decreasing by 7.8% to $19.98 per pair[58] - Total operating revenue decreased by 3.4% to $4,015.4 million, with sports/outdoor footwear contributing 51.7% of revenue at $2,074.6 million[59] - The company's manufacturing business shipped 120.7 million pairs of shoes, a 9.9% increase YoY, with an average selling price of $19.98 per pair, down 7.8% YoY[61] - Gross profit for the manufacturing business increased by 12.1% to $502.6 million, with a gross margin improvement of 1.7 percentage points to 19.1%[62] - The company's attributable recurring profit surged by 123.8% to $178.9 million, driven by operational improvements and cost efficiencies[65] - Product development expenses decreased to $68.8 million, focusing on digital prototyping, process reengineering, and sustainable materials[66] - Net cash from operating activities decreased to $173.7 million, with free cash flow at $79.9 million, while cash and equivalents decreased by $223.9 million[67] - The company's bank balance and cash stood at $922.8 million as of June 30, 2024, compared to $1,142.1 million on December 31, 2023[68] - The company's net cash decreased to $65.8 million as of June 30, 2024, from $169.4 million on December 31, 2023[68] - The company's leverage ratio improved to 18.1% as of June 30, 2024, down from 20.7% on December 31, 2023[68] - The company's total capital expenditure reached $93.8 million in the first half of 2024, up from $84.5 million in the same period of 2023[70] - Manufacturing business capital expenditure was $67.4 million in the first half of 2024, compared to $59.9 million in the same period of 2023[70] - Retail business capital expenditure increased to $26.4 million in the first half of 2024, up from $24.6 million in the same period of 2023[70] - The company's share of profits from associates and joint ventures totaled $32.9 million in the first half of 2024, up from $29.1 million in the same period of 2023[74] - The company's current ratio improved to 2.2 as of June 30, 2024, compared to 1.9 on December 31, 2023[68] - The company declared an interim dividend of HKD 0.40 per share, doubling from HKD 0.20 in 2023[78] Assets and Liabilities - Non-current assets as of June 30, 2024, were $3,510.754 million, a slight decrease from $3,574.374 million as of December 31, 2023[14] - Current assets as of June 30, 2024, were $3,694.760 million, down from $3,783.858 million as of December 31, 2023[14] - Cash and cash equivalents as of June 30, 2024, were $699.313 million, a decrease from $923.217 million as of December 31, 2023[14] - Current liabilities decreased from $1,984,674 thousand to $1,657,874 thousand, a reduction of 16.5%[15] - Net current assets increased from $1,799,184 thousand to $2,036,886 thousand, a growth of 13.2%[15] - Total assets minus current liabilities rose from $5,373,558 thousand to $5,547,640 thousand, an increase of 3.2%[15] - Non-current liabilities grew from $663,530 thousand to $814,359 thousand, up 22.7%[15] - Bank borrowings under current liabilities decreased from $643,159 thousand to $357,391 thousand, a drop of 44.4%[15] - Contract liabilities increased from $45,021 thousand to $68,291 thousand, up 51.7%[15] - Equity attributable to the company's owners rose slightly from $4,240,268 thousand to $4,258,443 thousand, a 0.4% increase[15] - Non-controlling interests increased from $469,760 thousand to $474,838 thousand, up 1.1%[15] - Total equity grew marginally from $4,710,028 thousand to $4,733,281 thousand, a 0.5% increase[15] - Deferred tax liabilities increased from $54,604 thousand to $56,579 thousand, up 3.6%[15] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company has shown significant profit growth in Q2 2024, with net profit increasing by 157.8% to $80 million, despite a slight revenue decline of 1.7% to $2.01 billion [4] - The manufacturing capacity utilization rate has improved to 92%, indicating operational efficiency and potential for continued profit growth in the second half of 2024 [4] - The retail segment has experienced a revenue decline of 10.5% to $4.58 billion, but effective cost control measures have led to a gross margin increase of 2 percentage points to 35.4% [5] - The expected dividend yield for 2024 is projected to reach 9.6%, reflecting a strong return for shareholders [5] - The company’s net profit forecasts for 2024-2026 are $367 million, $406 million, and $449 million respectively, with a price-to-earnings (PE) valuation of 10-12 times for 2024 [5] Summary by Sections Financial Performance - Q2 2024 revenue decreased by 1.7% to $2.01 billion, while gross margin slightly increased to 23.5% [4] - The net profit margin improved by 2.6 percentage points to 4.2% [4] - Manufacturing revenue increased by 4.7% to $1.38 billion, with a net profit margin of 5.1% [4] - Retail revenue decreased by 10.5% to $4.58 billion, with a net profit margin of 3.5% [5] Profitability and Forecasts - The company expects net profits of $367 million in 2024, with a growth rate of 34% year-over-year [6] - The gross margin is projected to improve to 25.19% in 2024, indicating better cost management [6] - The expected earnings per share (EPS) for 2024 is $0.23, with a projected dividend of 0.90 HKD [8] Valuation - The estimated fair value range for the stock is between 17.82 and 21.38 HKD per share based on a PE ratio of 10-12 times for 2024 [5] - The average PE ratio for comparable companies is around 20.04 for 2023 [7] Market Comparison - The company's stock has shown a relative performance of -8.8% over the past month compared to the Hang Seng Index [2] - The stock's price has fluctuated between 6.98 and 16.18 HKD over the past year [1]

港股公司报告 | 公司点评 7 月制造营收增长提速，股息具备吸引力 公司发布 2024 年中期业绩公告 24H1 公司收入 40.2 亿美元，同减 3.4%；归母净利 1.8 亿美元，同增 120.6%； 归母经常性净利 1.8 亿美元，同增 123.8%；毛利率 24.3%，同增 0.8pct； 归母净利率 4.6%，同增 2.6pct。中期股息 0.8 亿美元，平均 0.4 港元/股， 配息率达 45%。 24H1 员工总人数 27.7 万，同增 0.1%；其中制造业 25.6 万，同增 1.3%；零 售业 2.1 万，同减 12.7%。24H1 鞋履出货量 1.207 亿双，同增 9.9%，印尼 占比 53%，越南占比 31%，中国大陆占比 12%。 同时，公司公告 7 月数据，24 年 1-7 月公司收入 47 亿美金，同减 1.5%， 其中制造业务 7 月营收同增 22%，增速环比显著提升；或系基数效应及订 单增长所致；24 年 1-7 月制造业营收同增 5%； 零售业务 7 月营收同减 11%，24 年 1-7 月营收同减 9%。 制造业产能利用率 90%，鞋履平均售价降低 24H1 制造业收入2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth and valuation metrics [3]. Core Insights - The company reported a revenue of $4.015 billion for the first half of 2024, a year-on-year decrease of 3.4%, while the net profit attributable to shareholders increased by 120.6% to $184 million [1]. - The manufacturing segment showed resilience with a revenue increase of 2.4% to $2.634 billion, driven by strong demand for footwear and effective cost management [2]. - The retail segment faced challenges, with revenue declining by 12.7% to $1.381 billion, but improvements in gross margin and cost control strategies were noted [2]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2024, 2025, and 2026 are projected at $8.262 billion, $8.720 billion, and $9.169 billion, representing year-on-year growth rates of 4.7%, 5.5%, and 5.2% respectively [3]. - **Net Profit Forecast**: Projected net profits for the same years are $375 million, $410 million, and $443 million, with growth rates of 36.6%, 9.2%, and 8.0% respectively [3]. - **Earnings Per Share (EPS)**: EPS is expected to increase from $0.17 in 2023 to $0.23 in 2024, $0.25 in 2025, and $0.27 in 2026 [3]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 10 in 2023 to 7 in 2024 and further to 6 in 2026, indicating an attractive valuation [3]. Manufacturing Business Overview - The manufacturing segment achieved a capacity utilization rate of 90% in the first half of 2024, with a gross margin of 19.1%, reflecting a year-on-year increase of 1.7 percentage points [2]. - The average selling price of footwear decreased by 7.8% to $19.98 per pair, but the volume of footwear shipped increased by 9.9% to 12.1 million pairs [2]. Retail Business Overview - The retail segment's revenue declined by 8.9% year-on-year, but gross margin improved to 34.2% in the first half of 2024 [2]. - The company is focusing on digital transformation and optimizing store networks to enhance operational efficiency [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED 裕元工業（ 集 團 ）有限公司 * （於百慕達註冊成立之有限公司） （股份代號：00551） 截至二零二四年六月三十日止六個月 未經審核中期業績 | --- | --- | --- | --- | |----------------------------------------------|----------------|------------|---------------| | | | | | | 本集團財務摘要 | 截至六月三十日 | | | | | 止六個月 | | 增加╱（減少） | | | 二零二四年 | 二零二三年 | 百分比 | | 營業收入 （千美元） 本公司擁有人應佔經常性 | 4,015,407 | 4,154,968 | (3.4)% | | 溢利 （千美元） 本公司擁有人應佔非經常性 | 178 ...

港股公司报告 | 公司点评 业绩盈喜上半年高增 公司发布正面盈利预告 公司预计 24H1 归母净利同增 115%-120%至 1.80-1.84 亿美元；其中 24Q2 归母净利为 0.80-0.84 亿美元，同增 143%-156%。 盈利增加主要系全球鞋履行业逐渐回暖，公司制造业务的鞋履产能需求畅 旺，叠加低基期效应。 此外，公司 24H1 并无产能调整的相关费用，去年同期因产能调整产生一 次性费用约 0.2 亿美元； 同时，公司 24H1 出售联营公司部分股权产生一次性收益约 0.24 亿美元， 带来正面贡献。 灵活调度产能带动复苏，降本增效持续推动利润增长 公司透过灵活调度产能以及有序加班计划，带动制造业务产能利用率及鞋 履出货量的良好复苏。但由于部分厂区配合加班赶工推高利用率，叠加新 增产能爬坡，导致产能负载未达均衡。 此外，公司致力于推行降本增效计划，叠加低基期效应，从而带动利润的 稳健增长。公司将增强其经营韧性，打造高度敏捷而灵活的营运模式，辅 以综观全局的人力与产能提升计划，以平衡需求、订单排程及劳动力供应， 进而提升产效。 大客户 Adidas 库存压力大幅缓解，利好核心供应链 公司大客户 ...

港股公司报告 | 公司点评 裕元集团(00551) 6 月制造继续恢复,期待半年盈利表现 公司披露 6 月运营散据 集团单月营收 6.5 亿美元,同比-4.3%;累计营收 40 亿美元,同比-3.4%; 其中制造业务营收单月同比 2.9%,累计同比 2.4%;宝胜单月营收同比-14%, 累计同比-8.9%; 集团对创造业务前景保持乐观,魔着产业逐步复苏以及订单愈趋常态化, 我们预计有望推动官收持续增长、提高生产效率及稳健盈利能力。 集团将积极监测情势发展,灵活配置其产能,以平衡需求、订单排程及劳 动力供应,推动综观全局的人力与产能提升计划 。集团将会继续增强其经 营韧性,打造高度敏捷而灵活的营运模式以提升产效,同时善用其核心强 项、调节能力和竞争优势,辅以成本与费用管控以稳固其盈利能力,亦将 专注于维持现金流的健康度以至财务状况的稳健度 。 继续致力于其中长期产能布局策略,包括瞄准劳动力供应及基础设施能支 持永续增长的印度尼西亚及印度,为其制造产能进行多元化配置。集团亦 将继续秉持以价值增长为优先之策略,善用运动休闲潮流以及自身结合自 动化科技及研发实力的整合型产品开发实践能力,寻求更多高附加价值订 单,巩固 ...