| 市场数据： | 2025 年 03 月 12 日 | | --- | --- | | 收盘价（元） | 64.61 | | 一年内最高/最低（元） | 85.00/55.31 | | 市净率 | 4.6 | | 股息率%（分红/股价） | 1.86 | | 流通 A 股市值（百万元） | 75,399 | | 上证指数/深证成指 | 3,371.92/10,843.23 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.02 | | 资产负债率% | 24.78 | | 总股本/流通 A 股（百万） | 1,167/1,167 | | 流通 B 股/H 股（百万） | -/- | 上 市 公 司 纺织服饰 2025 年 03 月 13 日 华利集团 (300979) ——24 年归母净利润同比增长 20%，现金分红大幅提升 报告原因：有业绩公布需要点评 买入（维持） 一年内股价与大盘对比走势： 03-12 04-12 05-12 06-12 07-12 08-12 09-12 10- ...

证券研究报告 | 公司点评 | 纺织制造 华利集团(300979) 报告日期：2025 年 03 月 12 日 新厂投产助力新客放量，盈利能力逐步释放 ——华利集团点评报告 投资要点 ❑ 公司发布 2024 年业绩快报及分红预案： 2024 年实现营业收入 240.06 亿元（同比+19.35%），归母净利润 38.41 亿元（同 比+20.01%），扣非后归母净利润 37.82 亿元（同比+18.87%）。 24Q4 单季度实现营业收入 64.95 亿元（同比+11.9%），归母净利润 9.97 亿元（同 比+9.2%），扣非后归母净利润 9.79 亿元（同比+5.3%）。 2024 年公司运动鞋销量 2.23 亿双（同比+17.53%），单 Q4 销量约 0.60 亿双（同 比+10.5%），Q4 由于基数上升，较前三季度有所降速，全年增长符合预期。 根据测算，2024 年人民币 ASP 约 107 元/双（同比+2%左右），单 Q4 人民币 ASP 约 108 元/双（同比+1%左右），全年各季度 ASP 均较稳定。 2024 年净利率 16.0%（同比+0.1pp），单 Q4 净利率 15.4%（同比 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company expects a revenue of 24 billion and a net profit of 3.84 billion for 2024, representing a year-on-year growth of 19.35% and 20.0% respectively, primarily driven by the new factory's production and improving worker efficiency [2] - The company plans to distribute a dividend of 20 yuan per 10 shares, with a dividend payout ratio of 61%, which is an increase of 17 percentage points year-on-year [2] - The company has initiated cooperation with Adidas, with mass production expected to start in September 2024, and has opened three new factories in Vietnam and another in Indonesia [3] Summary by Sections Financial Performance - The company reported a Q4 revenue of 6.495 billion and a net profit of 999 million, with year-on-year growth of 11.9% and 9.2% respectively [2] - The sales volume for 2024 is projected to be 223 million pairs, with an average selling price (ASP) of 107 yuan, reflecting a year-on-year increase of 18% in volume and 2% in price [3] - The capacity utilization rate for Q4 was approximately 100%, an increase of 2 percentage points year-on-year [3] Investment Recommendations - Concerns in the market include high inventory levels, slowing growth from DECKERS, and the impact of new factory production on profit margins. However, there is still potential for market share growth with brands like Adidas, ON, NB, and REEBOK contributing additional revenue [4] - The company is expected to experience a capital expenditure peak in 2025 and 2026 due to new factory openings, which may temporarily affect profit margins but is anticipated to enhance long-term revenue and profit elasticity [4] Adjustments to Forecasts - The revenue forecast for 2024 has been adjusted from 23.5 billion to 24 billion, while the net profit forecast has been revised from 3.893 billion to 3.841 billion [5] - The earnings per share (EPS) forecast for 2024 has been adjusted from 3.34 to 3.29 yuan, with 2025 and 2026 EPS forecasts maintained at 3.89 and 4.48 yuan respectively [5] - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 20, 17, and 14 respectively, indicating a favorable valuation given the potential for market share growth and rapid expansion [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][4][12] Core Views - The company achieved a revenue of 24.006 billion RMB in 2024, representing a year-on-year growth of 19.35%. The net profit attributable to shareholders was 3.841 billion RMB, up 20.01% year-on-year [1] - The company is expanding its production capacity with new factories in Vietnam and Indonesia, which is expected to meet customer demand and diversify order options [2] - The company has established new partnerships with clients like Adidas, which is anticipated to contribute positively to future orders [3] Performance Summary - In Q4 2024, the company reported a revenue of 6.495 billion RMB, a year-on-year increase of 11.87%, and a net profit of 999 million RMB, up 9.20% year-on-year [1] - The company sold 223 million pairs of athletic shoes in 2024, marking a 17.53% increase year-on-year [2] - The net profit margin for Q4 2024 was 15.36%, a slight decrease of 0.38 percentage points compared to the previous year [2] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 3.841 billion RMB, 4.423 billion RMB, and 5.074 billion RMB, respectively, with corresponding P/E ratios of 24, 21, and 18 [4] - The company is expected to maintain a stable growth trajectory due to its strong client base and cost control capabilities [4] Client Trends - Adidas reported a revenue of 5.965 billion euros in Q4 2024, reflecting a year-on-year growth of 23.99%, indicating a positive trend in the company's client base [3] - The company is expected to benefit from the strong performance of its new clients, including On, which achieved a 36% revenue growth in Q4 2024 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue growth of 19% year-on-year in 2024, with total revenue reaching 24.01 billion yuan and a net profit of 3.84 billion yuan, reflecting a 20% increase [1]. - The company is expected to see significant order growth in 2025, driven by new customer acquisitions and increased market share from existing clients, with an estimated sales growth of around 15% [2]. - The company is expanding its production capacity with new factories in Vietnam and Indonesia, which is anticipated to support a compound annual growth rate (CAGR) of 15% in production from 2025 to 2026 [3]. Summary by Sections Financial Performance - In 2024, the company sold 223 million pairs of sports shoes, marking an 18% increase year-on-year, with a slight increase in average selling price [1]. - The fourth quarter of 2024 saw a revenue of 6.5 billion yuan, a 12% increase year-on-year, and a net profit of 1 billion yuan, up 9% [1]. - The company plans to distribute 2.0 yuan per share in dividends, resulting in a payout ratio of 61% and an estimated dividend yield of approximately 3.1% based on the closing price on March 12, 2025 [1]. Customer and Market Outlook - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, with the top five customers accounting for 83% of sales [2]. - The collaboration with Adidas is expected to ramp up production starting September 2024, contributing to significant order growth in 2025 [2]. Production Capacity and Quality - The company is currently operating at full capacity, with plans to open four new factories in 2024 and additional factories in early 2025, enhancing its international production footprint [3]. - The gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [3]. Earnings Forecast - The adjusted profit forecasts for 2025 and 2026 are 4.38 billion yuan and 5.05 billion yuan, respectively, with a price-to-earnings (P/E) ratio of 17 times for 2025 [4].

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 华利集团（300979.SZ） 2024 年业绩符合预期，2025 年期待新客户加速放量 2024 年公司收入同比增长 19%/归母净利润同比增长 20%。1）公司发布业绩 快报：2024 年实现营业总收入 240.1 亿元，同比+19%；归母净利润 38.4 亿元， 同比+20%，我们判断符合此前预期；2024 全年销售运动鞋 2.23 亿双（同增 18%）， 销售单价同比略有增长。2）由全年数据计算得：2024Q4 公司营业总收入 65.0 亿 元，同比+12%；归母净利润 10.0 亿，同比+9%；2024Q4 销售运动鞋 0.60 亿双 （同增+12%），销售单价同比持平。3）据公司公告的 2024 年度利润分配预案， 全年累计拟派发 23.34 亿元（每股 2.0 元），股利支付率为 61%，以 2025/3/12 收 盘价计算的股息率约 3.1%。 新客户 Adidas 预计快速放量，On、New Balance 等核心客户继续成长。公司 与 Nike、Deckers、VF、On、New Balance、Pum ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 03 月 12 日 [Table_Title] 24Q4 及 25Q1 受新工厂效率爬坡影响 [Table_Title2] 华利集团(300979) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300979 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 85.0/55.31 | | 目标价格： | | 总市值(亿) | 754.00 | | 最新收盘价： | 64.61 | 自由流通市值(亿) | 753.99 | | | | 自由流通股数(百万) | 1,166.99 | 事件概述 Q4 销量增速 12%，ASP 持平。从量价来看，24 年量/价为 2.23 亿双/107 元，同比增长 18%/2%，剔除汇率 影响价格增加 0.6%；拆分来看，根据我们测算，24Q4 单季销量/价格增长 12%/0%，剔除汇率影响价格持平， Q4 产能利用率约为 100%、同比提升 2pct。 公司与 Adidas 开始合作，并于 2024 年 9 月开始量 ...

Financial Performance - Total revenue for 2024 reached RMB 2,400.62 million, an increase of 19.35% compared to RMB 2,011.37 million in the previous year[4] - Net profit attributable to shareholders was RMB 384.05 million, reflecting a growth of 20.01% from RMB 320.02 million year-on-year[4] - Basic earnings per share increased to RMB 3.29, up 20.07% from RMB 2.74 in the previous year[4] - Net profit after deducting non-recurring gains and losses was RMB 378.22 million, an 18.87% increase from RMB 318.17 million year-on-year[4] - The weighted average return on equity increased to 23.77%, up from 22.80% in the previous year[4] - Shareholders' equity attributable to the company increased to RMB 1,743.21 million, a rise of 15.38% from RMB 1,510.90 million at the beginning of the period[4] Sales and Production - The company sold 223 million pairs of sports shoes in 2024, representing a year-on-year increase of 17.53%[6] - Three new factories in Vietnam commenced production in 2024, with additional expansion in Indonesia and China planned for 2025[6] Partnerships and Collaborations - The company began cooperation with Adidas, starting mass production in September 2024[6]

证券代码：300979 证券简称：华利集团 公告编号：2025-008 中山华利实业集团股份有限公司 关于收到控股股东 2024 年度利润分配预案提议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中山华利实业集团股份有限公司（以下简称"华利集团""公司"）于 2025 年 3 月 11 日收到公司控股股东俊耀集团有限公司（以下简称"香港俊耀"）出具的 《关于中山华利实业集团股份有限公司 2024 年度利润分配预案的提议》，现将有 关情况公告如下： 一、利润分配预案提议的内容 香港俊耀承诺在公司股东大会审议上述 2024 年度利润分配预案时投同意票。 二、其他说明 公司收到上述提议后，结合《公司章程》规定以及公司实际经营情况、经营 发展规划等进行了初步分析，认为上述提议符合法律法规和《公司章程》的有关 1 规定，不会影响公司正常经营和长远发展，不会对公司的经营现金流产生重大影 响，与公司业绩成长性相匹配，符合全体股东利益，具备合理性。公司将在 2024 年度审计工作结束后制定合理可行的利润分配预案，按照相关法律、法规及规范 性文件的规定履行审议程序和信 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-006 中山华利实业集团股份有限公司 关于部分闲置募集资金现金管理到期赎回并继续进行 现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为提高资金使用效率、增加股东回报，在保证日常经营运作资金需求、有效 控制投资风险的情况下，中山华利实业集团股份有限公司（以下简称"公司""华 利集团"）于2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025年度委托理财及现金管理额度预计的议案》，同意公司（含子公司）使用 自有资金、闲置募集资金进行委托理财及现金管理，预计交易金额合计不超过人 民币55亿元，其中使用闲置募集资金仅用于现金管理且交易金额不超过人民币20 亿元。上述交易额度在2025年度内有效，在上述期限内，额度可循环滚动使用， 但在期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额）不 应超过交易额度。在额度有效期和额度范围内，授权公司管理层行使相关投资决 策权并签署相关文件，具体由公司总财务部负责组织实施和管理。公司监事会、 保荐机构均发表了明确同 ...