Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][22]. Core Views - The company is experiencing a recovery in demand, coupled with strong competitive advantages, indicating good future business growth potential. Most international brands have seen rapid sales growth this year, and the company is actively expanding its customer base, resulting in a favorable order situation. On the supply side, the company is expanding production capacity and accelerating automation investments to enhance capacity upgrades [4][5][22]. - The company has a solid order reserve, with plans for capacity expansion and upgrades that enhance competitiveness. The company has already put into operation three finished shoe factories and one shoe material factory in 2024, with plans to establish several new factories in Indonesia and Vietnam over the next 3-5 years [4][19][20]. Summary by Relevant Sections Demand Side - The company is actively developing new customers, and the order situation is good. Most international brands have seen rapid sales growth this year, and the company has successfully started mass production for new customers. The performance guidance from various clients indicates that most are maintaining growth [4][22]. Supply Side - The company is actively expanding production capacity. In 2024, three finished shoe factories and one shoe material factory have been put into operation. The capacity growth plan is aligned with the growth plans of existing customers and the cooperation progress with new clients. The company has a training school and a comprehensive training system to meet recruitment needs [4][19][20]. Financial Forecast - The company is expected to achieve net profits of 3.904 billion, 4.428 billion, and 5.025 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 22.0%, 13.4%, and 13.5%. The reasonable valuation range is maintained at 73.1 to 79.5 yuan, corresponding to a PE ratio of 22-24x for 2024 [4][22][25].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 75.07 CNY [7]. Core Insights - The company is expected to maintain a positive capacity expansion in the coming years, with three finished shoe factories and one shoe material factory already in operation this year. Additional factories are planned in Indonesia and Vietnam over the next 3-5 years [1]. - The demand for sports shoes remains strong, driven by consumer preferences for comfort and health, indicating a stable market expansion opportunity. Most clients are reporting growth in their performance [2]. - The company emphasizes shareholder returns, with cash dividends accounting for approximately 89% of net profit in 2021 and around 44% in 2023. The company aims to balance shareholder interests with its development needs [3]. - The profit forecast for the company shows expected net profits of 3.89 billion CNY, 4.43 billion CNY, and 4.95 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 3.33 CNY, 3.80 CNY, and 4.24 CNY [4]. Financial Summary - The company's revenue for 2022 was approximately 20.57 billion CNY, with a projected increase to 24.01 billion CNY in 2024, reflecting a growth rate of 19.36% [6]. - The EBITDA for 2022 was about 5.35 billion CNY, expected to rise to 5.85 billion CNY in 2024 [6]. - The net profit attributable to the parent company for 2022 was around 3.23 billion CNY, with projections of 3.89 billion CNY for 2024 [6]. - The company’s P/E ratio is projected to decrease from 27.19 in 2022 to 22.58 in 2024, indicating a potentially more attractive valuation over time [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is expected to achieve steady growth in revenue and profit in Q4 2024, driven by new customer collaborations and accelerated capacity expansion [2] - The company is projected to have a revenue growth of approximately 20% year-on-year for the full year 2024, with an estimated production volume of 220 million pairs of shoes, reflecting a growth of 10% to 20% [2][5] - The company is expanding its production capacity with new factories in Vietnam and Indonesia, enhancing its international presence [2] - The company has established strong partnerships with major clients such as Nike, Adidas, and Deckers, which are expected to drive long-term demand growth [2][5] Summary by Sections Recent Updates - The company anticipates steady growth in Q4 2024, with revenue and profit expected to increase year-on-year, although the growth rate may slow compared to the first three quarters of 2024 due to high base effects [2] - The company reported a revenue of 17.51 billion yuan and a net profit of 2.84 billion yuan for the first three quarters of 2024, representing year-on-year increases of 22% and 24%, respectively [2] Capacity Expansion - The company is accelerating its capacity expansion, with three new factories expected to start production in the first half of 2024, and an estimated four factories to be operational by the end of 2024 [2] - The capacity utilization rate is projected to increase by 11.3 percentage points year-on-year to 97.3% in 2024 [2] Orders and Client Relationships - The company is successfully advancing collaborations with important new clients, which is expected to open up long-term demand growth opportunities [2] - The company has a well-structured client base, with major clients contributing significantly to sales, including Adidas, which is expected to see rapid order growth by 2025 [2][5] Financial Projections - The company is projected to achieve revenues of 24 billion yuan, 27.57 billion yuan, and 31.49 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 15%, and 14% [5] - The estimated net profits for the same years are 3.9 billion yuan, 4.53 billion yuan, and 5.22 billion yuan, corresponding to a P/E ratio of 21 times for 2024 [5]

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 证券代码：300979 证券简称：华利集团 公告编号：2024-061 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2023年10月26日召开了第二届董事会第五次会议，审议通过了《关 于2024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45亿元，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23 亿元。上述交易额度在2024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。公司独立董事、 监事会、保荐机构均发 ...

证券代码：300979 证券简称：华利集团 编号：2024-033 中山华利实业集团股份有限公司投资者关系活动记录表 | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他（券商策略会） | | 参与单位名称 及人员姓名 | 详见附件一 | ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company is expected to see strong performance in 2024 due to a combination of low base effects and improved downstream inventory, with anticipated revenue growth driven by both existing and new customers [7]. - The forecasted net profit for the company from 2024 to 2026 is projected to be 39.4 billion, 45.3 billion, and 52.5 billion yuan, representing year-on-year growth of 23%, 15%, and 16% respectively [7]. - The current price-to-earnings (PE) ratios are estimated to be 20, 18, and 15 times for the years 2024, 2025, and 2026 [7]. Financial Performance Summary - In Q3 2024, the company reported revenues of 60.39 billion yuan, a year-on-year increase of 18.5%, and a net profit of 9.65 billion yuan, up 16.1% year-on-year [4][5]. - The gross profit margin remained stable year-on-year at 27.0%, despite a slight decrease from the previous quarter [6]. - The company achieved a net profit margin of 16.0% in Q3 2024, reflecting a decrease of 0.3 percentage points year-on-year, primarily due to increased management expenses and income tax [6].

证券代码：300979 证券简称：华利集团 公告编号：2024-060 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2023年10月26日召开了第二届董事会第五次会议，审议通过了《关 于2024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45亿元，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23 亿元。上述交易额度在2024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。公司独立董事、 监事会、保荐机构均发 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Insights - The company reported a revenue of 17.511 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.39%. The net profit attributable to shareholders was 2.843 billion yuan, up 24.32% year-on-year. In Q3 2024, revenue reached 6.04 billion yuan, with a year-on-year growth of 18.5%, and net profit was 960 million yuan, reflecting a 16.1% increase year-on-year [2]. - The growth in sales volume is driven by an increase in customer orders, with a total of 163 million pairs of athletic shoes sold in the first three quarters, marking a 20.36% year-on-year increase. The average selling price (ASP) for Q3 was 109.8 yuan, slightly down by 4.35% year-on-year due to order structure adjustments [2]. - The company is expanding its production capacity with three new factories (two in Vietnam and one in Indonesia) now operational, and plans to convert an existing material factory into a finished shoe factory by the end of the year. This expansion is expected to accelerate production capacity to meet strong demand from new brand clients [2]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 20.114 billion yuan, with a growth rate of -2.2%. For 2024, revenue is expected to reach 24.028 billion yuan, reflecting a growth rate of 19.5%. The net profit for 2024 is forecasted at 3.887 billion yuan, with a growth rate of 21.5% [3]. Profitability - The gross margin for Q3 2024 was 27.01%, a year-on-year increase of 0.54 percentage points. The net profit margin for Q3 was 15.98%, down 0.33 percentage points year-on-year, primarily due to increased tax expenses [2]. Future Outlook - The company is expected to maintain a high level of profitability in the short term, supported by inventory replenishment from existing clients and growth from new clients. Over the next 2-3 years, capital expenditures are anticipated to increase to support order growth, with a projected net profit of 3.89 billion yuan in 2024, 4.48 billion yuan in 2025, and 5.19 billion yuan in 2026 [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a net profit of 960 million yuan in Q3 2024, representing a year-on-year increase of 16.1% and a quarter-on-quarter acceleration [5] - Revenue for Q3 2024 reached 6.04 billion yuan, up 18.5% year-on-year, with a gross margin of 27.0%, reflecting a 0.5 percentage point increase year-on-year [5] - The company achieved a sales volume of 55 million pairs of sports shoes in Q3 2024, a year-on-year growth of 22.2% [6] Financial Performance Summary - Q3 2024 revenue was 6.04 billion yuan, with a year-on-year growth of 18.5% [5] - The gross margin for Q3 2024 was 27.0%, showing a year-on-year increase of 0.5 percentage points [5] - The net profit margin for Q3 2024 was 16.0%, a slight decrease of 0.3 percentage points year-on-year [5] - The company expects revenues of 23.47 billion, 27.16 billion, and 30.88 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.84 billion, 4.46 billion, and 5.08 billion yuan [7][10] Valuation and Forecast - The company is assigned a PE valuation range of 20-23 times for 2024, corresponding to a fair value range of 65.74 to 75.60 yuan per share [7] - The projected earnings per share (EPS) for 2024 is 3.29 yuan, increasing to 4.36 yuan by 2026 [10] - The net asset return rate is expected to be 22.0% in 2024 and 22.2% in 2025 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company has demonstrated high-quality growth in Q3 2024, with a focus on expanding new customer relationships [1][3] - The company reported a revenue of 175.1 billion yuan and a net profit of 28.4 billion yuan for the first three quarters of 2024, representing year-on-year increases of 22.39% and 24.32% respectively [3][4] - The Q3 2024 revenue and net profit were 60.4 billion yuan and 9.6 billion yuan, showing year-on-year growth of 18.5% and 16.07% respectively [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 27.81%, up 2.5 percentage points year-on-year, and a net margin of 16.2%, up 0.3 percentage points year-on-year [3][4] - The operating cash flow for the first three quarters of 2024 was 42.51 billion yuan, an increase of 31.6% year-on-year [3][4] Sales and Market Demand - The company sold 163 million pairs of sports shoes from January to September 2024, a year-on-year increase of 20.36%, with Q3 sales reaching 55 million pairs, up 22.2% year-on-year [4] - The average selling price of sports shoes for the first three quarters of 2024 was approximately 107.4 yuan per pair, a year-on-year increase of 2.1% [4] Future Projections - Revenue projections for 2024-2026 are 239.4 billion yuan, 275.5 billion yuan, and 312.7 billion yuan, with year-on-year growth rates of 19%, 15%, and 13% respectively [3][7] - Net profit forecasts for the same period are 38.8 billion yuan, 44.8 billion yuan, and 51.1 billion yuan, with year-on-year growth rates of 21%, 15%, and 14% respectively [3][7]