公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 华利实行多客户模式，使得能够掌握市场动态，满足客户多元化需求 公司拥有业界最为全面的制鞋工艺技术和流程，开发能力和量产能力有明 显优势。在品质、交期、技术能力、成本控制、劳工及社会责任等客户对 供应商的例行评价上，公司的表现都很好，在行业口碑也很好，吸引新客 户主动找公司合作。最近几年，公司销售收入保持高于行业的增长，因此 公司市场份额也在不断提升。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+1 ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+10%至 50 亿欧元。 公司预计 FY25 收入增长高单，其中北美和大中华区双位数增长；预计 OP 将进一步增长至 17~18 亿欧元。 On FY2025 收入指引同比+27%，快速成长 FY24Q4 收入 6 亿瑞士法郎，同比+41%；分品类，鞋/服收入分别 6/0.3 亿 瑞士法郎，同比+39%/+83%。本季净利 8950 万瑞士法郎，同比+4 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with an estimated annual revenue and net profit growth of around 20%, driven by a production volume of approximately 220 million pairs, representing a year-on-year increase of 10% to 20% [1][2] - In 2025, the company anticipates a 15% year-on-year growth in revenue and performance, supported by successful new customer collaborations and accelerated capacity expansion [1][2] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are expected to contribute significantly to revenue growth in the coming years [2][8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 24,004 million yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27,567 million yuan, reflecting a growth rate of 14.8% [10][11] - The net profit for 2024 is estimated at 3,902 million yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4,525 million yuan, indicating a growth rate of 16.0% [10][11] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia, which will enhance its international presence and meet customer demand [7][10] - The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026, aligning with the anticipated increase in orders [10][11] Market Position - The company is recognized as a leading global manufacturer of sports shoes, with a strong growth trajectory and increasing market share over the past few years [8] - The company’s gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [10][11]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to maintain a solid performance in 2025, with revenue and net profit projected to grow by approximately 20% year-on-year in 2024, and around 15% in 2025 due to successful new customer collaborations and accelerated capacity expansion [1][2][8] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are anticipated to drive significant order growth in the coming years [2][8] Summary by Sections Financial Performance - Estimated revenue for 2024 is projected at 24.0 billion yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27.6 billion yuan, reflecting a growth rate of 14.8% [10] - The net profit for 2024 is estimated at 3.9 billion yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4.5 billion yuan, indicating a growth rate of 16.0% [10] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia. The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026 [7][10] - The production capacity utilization rate has improved significantly, reaching 97.3% in the first half of 2024, indicating strong demand recovery in the apparel manufacturing sector [10] Customer Collaboration - The company has successfully onboarded new clients, including Adidas, which is expected to contribute to a robust revenue growth trajectory. The estimated compound annual growth rate (CAGR) for revenue from 2025 to 2026 is projected to be around 15% [2][8] - Orders from key clients such as Adidas, On, and New Balance are expected to see strong growth, while Nike's orders are anticipated to remain stable [2][8] Market Position - The company is recognized as a leading global manufacturer of athletic footwear, with a strong market presence and continuous growth in market share over the past few years [8]

Group 1: Company Performance and Outlook - The company has a diverse customer base, primarily consisting of listed companies, with most clients showing growth in performance indicators for 2025 [2] - The company is confident about its 2025 performance due to strong order growth from high-revenue clients and ongoing expansion into new clients [2] - The company’s production facilities are mainly located in Vietnam, with plans to increase capacity in Indonesia, allowing for global market exports [2] Group 2: Impact of External Factors - Changes in U.S. tariffs on Southeast Asian countries could influence the company's supply chain decisions, as import tariffs are borne by clients [2] - The company adjusts its production capacity based on client requirements and trade policies between importing countries and production locations [2] Group 3: Financial Metrics and Dividends - In 2021, the company distributed cash dividends amounting to approximately 89% of its net profit; in 2022 and 2023, the ratios were 43% and 44%, respectively [5] - The company aims to balance shareholder returns with developmental needs, expecting to gradually increase dividend payouts as capital expenditures decrease [5] Group 4: Production and Management - The company operates under a headquarters + business unit model, allowing for scalable management as order volumes increase [4] - New factories typically take 1.5 to 2 years to reach full production capacity, which may temporarily affect gross margins [2][4] - The management structure is designed to accommodate significant increases in production capacity without hitting a personnel management ceiling [4] Group 5: Pricing and Profitability - Average selling prices are influenced by customer and product mix, with fluctuations in brand representation directly affecting pricing [3] - The correlation between average selling price changes and gross margin or revenue changes is relatively low [3]

证券代码：300979 证券简称：华利集团 公告编号：2025-005 中山华利实业集团股份有限公司 一、本次部分闲置募集资金进行委托理财（仅限现金管理）产品到期赎回 1 基本情况 公司近期赎回闲置募集资金购买的已到期理财产品，赎回本金共计人民币 7,000 万元，获得收益合计人民币 96.85 万元。前述本金及收益已全部归还至募 集资金专户，具体赎回情况如下： 二、本次使用部分闲置募集资金进行委托理财（仅限现金管理）的情况 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 ...

Group 1: Company Performance and Outlook - The company is optimistic about 2025 performance due to a diverse customer base, with most clients showing growth in their earnings guidance [1] - New customer acquisition and deepening cooperation with existing clients are crucial for stable growth [1] - The company plans to maintain an active capacity expansion strategy in response to market demand, with three finished shoe factories and one shoe material factory already operational in 2024 [1] Group 2: Production Capacity and Utilization - Current production capacity is primarily in Vietnam, with new factories in Indonesia still in the early stages of production [1] - Capacity utilization is flexible and will be adjusted based on annual order conditions [1] - New factories typically take 1.5 to 2 years to reach full production capacity, which may temporarily impact gross margins [2] Group 3: Profitability and Cost Structure - Profit margins vary between factories due to factors like investment intensity and labor costs, but the pricing model remains consistent across brands [3] - Average selling price fluctuations are influenced by customer and product mix, with less correlation to gross margin changes [4] - Labor costs in Indonesia and Vietnam are expected to be similar, with no significant differences in profit margins anticipated once the Indonesian factory matures [5] Group 4: Automation and Efficiency - Full automation in sneaker production is challenging due to the variety of styles and materials, but improvements in automation are ongoing [6][7] - The company is focusing on increasing automation in standardized processes to enhance production efficiency [7] Group 5: Market and Regulatory Impact - Changes in U.S. tariffs on Southeast Asian countries could affect the company's supply chain decisions, as production is primarily in Vietnam and will expand in Indonesia [9] - The company’s sales are based on customer directives, which will influence production location decisions based on tariff policies [9] Group 6: Shareholder Returns - The company has a strong commitment to shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 43% and 44% in 2022 and 2023 respectively [10] - Future dividend policies will balance shareholder interests with the company's growth needs, with expectations of increased dividends as capital expenditures decrease over time [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company is optimistic about its performance in 2025, with expectations of strong order growth and inventory replenishment needs, particularly for UGG products [1][3]. - The company has a diverse client base, primarily consisting of publicly listed companies, which supports stable revenue growth [3]. - The company is actively expanding its client base and production capacity, with new factories planned in Indonesia and Vietnam [4]. Financial Performance Summary - For FY25Q3, the company reported revenues of $1.8 billion, a year-on-year increase of 17%, with Hoka contributing $500 million (up 24%) and UGG contributing $1.2 billion (up 16%) [1]. - The operating profit for the same period was $570 million, reflecting a 16% increase year-on-year, and earnings per share (EPS) were $3, up 19% [1]. - The company has adjusted its FY25 revenue growth forecast to 15% (previously 12%), with Hoka expected to grow by 24% and UGG by 10% [1]. Financial Data and Valuation - The projected EPS for 2024, 2025, and 2026 are 3.3, 3.8, and 4.2 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20x, 18x, and 16x [5]. - The company's revenue is expected to grow from 24 billion yuan in 2024 to 31 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.3% [6][11]. - The gross profit margin is projected to be 27.20% in 2024, slightly decreasing to 26.75% in 2025 and remaining stable thereafter [12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company is optimistic about its performance in 2025, with a projected revenue growth of 15% year-on-year, up from a previous estimate of 12% [1]. - The company has a diverse client base, primarily consisting of publicly listed companies, which supports stable order growth [3]. - The company is actively expanding its client base and production capacity, with plans to establish several new factories in Indonesia and Vietnam over the next 3-5 years [4]. Financial Performance - For FY25Q3, the company reported revenues of $1.8 billion, a 17% increase year-on-year, with Hoka contributing $500 million (up 24%) and UGG contributing $1.2 billion (up 16%) [1]. - The operating profit for the same period was $570 million, reflecting a 16% increase year-on-year, and earnings per share (EPS) reached $3, up 19% [1]. - The company forecasts EPS of $5.75 to $5.80 for FY25, an increase from the previous estimate of $5.20 to $5.30 [1]. Revenue and Growth Projections - The company expects revenues for 2024 to be approximately 24 billion yuan, with a growth rate of 19.36%, and for 2025, revenues are projected to reach 27.6 billion yuan, with a growth rate of 15.10% [6][11]. - The net profit for 2025 is estimated at 4.43 billion yuan, with a growth rate of 14.07% [6][11]. Market Position and Strategy - The company benefits from a strong competitive position within its supply chain, ensuring order share even from clients experiencing temporary revenue declines [3]. - The company is focused on maintaining production flexibility through workforce management and overtime adjustments based on order demand [4].

Group 1: Company Performance and Outlook - The company is optimistic about 2025 performance due to a diverse customer base, with most clients showing growth in their performance guidance [1] - The company has maintained sales growth above the industry average in recent years, leading to an increase in market share [2] - The company plans to expand production capacity in response to market demand, with new factories in Indonesia and Vietnam expected to be operational in the next 3-5 years [3][4] Group 2: Competitive Advantages - The company employs a multi-client model, allowing it to adapt to market dynamics and meet diverse customer needs [1] - It possesses comprehensive shoe manufacturing technology and processes, with strong capabilities in development and mass production [1] - The company has established a good reputation in the industry, attracting new clients and maintaining strong relationships with existing ones [2] Group 3: Financial Management - The company emphasizes cash flow management, with average accounts receivable periods of approximately 55 days and accounts payable periods of about 42 days [12][13] - Capital expenditures from 2021 to 2023 ranged from 1.1 to 1.7 billion RMB annually, with expectations to maintain or slightly increase this level in the coming years [7][6] - The company has a history of significant cash dividends, with 2021 cash dividends accounting for about 89% of net profit, and 2022 and 2023 dividends at 43% and 44% respectively [15] Group 4: Production and Operational Insights - New factories typically take 1.5 to 2 years to reach full production capacity, which may temporarily impact gross margins [8] - The company’s pricing model is based on a cost-plus approach, resulting in similar gross and net margins across different order sizes [9] - The company has mechanisms in place to monitor order visibility and adjust production capacity accordingly [10] Group 5: Market and Regulatory Considerations - The company’s production facilities are primarily located in Vietnam, with plans to increase capacity in Indonesia, which may be affected by changes in trade policies and tariffs [11] - The company is aware of the challenges in automating production due to the complexity of shoe manufacturing, but is continuously working to improve automation in suitable processes [14]