Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 96.57 CNY based on a 29x PE valuation for 2024 [2][3][6] Core Insights - The company reported a revenue of 17.51 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 2.84 billion CNY, up 24.3% year-on-year [1][2] - In Q3 2024, the company achieved a revenue growth of 18.5% and a net profit growth of 16.1% year-on-year [1] - The sales volume in Q3 2024 was 5.5 million pairs, a 22.2% increase year-on-year, while the average selling price decreased by 3% to 109.8 CNY, attributed to factors such as exchange rate fluctuations and adjustments in customer and product mix [1] - The gross margin in Q3 2024 increased by 0.5 percentage points year-on-year, although it decreased by 1.1 percentage points quarter-on-quarter due to factors like factory capacity ramp-up and the appreciation of the Vietnamese Dong [1] - The report anticipates continued capacity expansion over the next 2-3 years to meet strong mid-term order demand, with closer cooperation with existing clients and accelerating progress with new clients [1] Financial Summary - The company’s revenue for 2024 is projected to be 24.09 billion CNY, with a year-on-year growth of 19.8% [2][6] - The net profit attributable to the parent company is expected to reach 3.89 billion CNY in 2025, reflecting a growth of 16.9% [2][6] - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 3.33 CNY, 3.89 CNY, and 4.48 CNY respectively [2][6] - The gross margin is expected to improve to 27.6% in 2024 and further to 28.0% by 2026 [2][6]

华利集团（300979.SZ） 纺织制造 证券研究报告/公司点评报告 2024 年 10 月 30 日 业绩靓丽符合预期，期待新客户放量 ——华利集团 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Huali Group (300979 SZ) [4] Core Views - Huali Group achieved revenue of RMB 6 039 billion in Q3 2024 a YoY increase of 18 5% with net profit attributable to shareholders of RMB 965 million a YoY increase of 16 1% [1] - The company sold 55 million pairs of sports shoes in Q3 2024 a YoY increase of 22 2% with ASP decreasing by 3 1% to RMB 109 8 due to product mix adjustments [2] - Gross margin in Q3 2024 was 27 01% slightly higher than 26 47% in Q3 2023 and net profit margin remained stable at 16 0% [2] - Operating cash flow for the first three quarters of 2024 increased by 31 55% YoY to RMB 4 251 billion driven by sales growth [2] - The new factory in Indonesia is in its initial production phase with capacity expected to ramp up over 1 5 to 2 years supporting future growth [2] - Huali Group's revenue growth outperformed peers such as Feng Tay (+10 5%) and Yue Yuen (+1 6%) in Q3 2024 [2] Financial Projections - Revenue is projected to grow from RMB 23 847 billion in 2024 to RMB 31 190 billion in 2026 with a CAGR of 13% [6] - Net profit attributable to shareholders is expected to increase from RMB 3 861 billion in 2024 to RMB 5 072 billion in 2026 with a CAGR of 14% [6] - EPS is forecasted to grow from RMB 3 31 in 2024 to RMB 4 35 in 2026 [6] - The company's P/E ratio is expected to decline from 20 4x in 2024 to 15 6x in 2026 reflecting strong earnings growth [6] Industry and Competitive Position - Huali Group is a leading footwear OEM with deep partnerships with international brands such as Nike and Puma [2] - The company's revenue growth in Q3 2024 outperformed its Taiwanese peers highlighting its competitive advantage in capacity and customer relationships [2] - The new factory in Indonesia is expected to further enhance the company's capacity and support its growth trajectory [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][14]. Core Views - The company reported a revenue of 17.5 billion with a year-on-year growth of 22% and a net profit of 2.8 billion, also reflecting a 24% increase year-on-year for the first three quarters of 2024 [1]. - The gross margin improved to 27.8%, up by 2.5 percentage points, while the net margin increased to 16.2%, showing a slight rise of approximately 0.2 percentage points [1]. - The company is expanding its production capacity in Indonesia, with plans for two factories expected to produce 50-60 million pairs of shoes annually, which will gradually commence operations [1]. - The company is optimistic about its collaboration with Adidas, which is anticipated to enhance business scale and profitability [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6 billion, marking a 19% increase, and a net profit of 960 million, which is a 16.1% year-on-year growth [4]. - The company has adjusted its FY25 revenue growth guidance to 12%, up from the previous estimate of 10%, and operating profit margin guidance to 20-20.5% from 19.5-20% [2]. - The company expects EPS for 2024, 2025, and 2026 to be 3.33, 3.80, and 4.24 respectively, with corresponding P/E ratios of 20.77, 18.21, and 16.31 [5][6]. Production and Capacity Expansion - The company is focusing on building a significant production base in Indonesia, with plans to establish several factories in the next 3-5 years, while currently relying on its main production base in Vietnam [1]. - The choice of factory locations considers factors such as labor availability, shipping logistics, and the local business environment [1]. Market Position and Client Relationships - The company is actively expanding its client base and has made progress in its partnership with Adidas, which is expected to validate the company's manufacturing capabilities and enhance its market position [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's overall performance is stable, with a 24% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024. Revenue reached 17.511 billion yuan, up 22.39% year-on-year, and net profit was 2.843 billion yuan, up 24.32% year-on-year. In Q3 2024, revenue was 6.039 billion yuan, an 18.50% increase year-on-year, and net profit was 0.965 billion yuan, a 16.07% increase year-on-year [2][3] - The sales volume of sports shoes reached 163 million pairs in the first three quarters of 2024, a 20.36% increase year-on-year, indicating a strong sales momentum that drives revenue and profit growth [2][3] - The company is expected to benefit from industry recovery, expansion, and structural changes in customer demand, leading to an increase in average selling price (ASP) and overall performance growth [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 16.24%, which is a 0.33 percentage point increase from the end of 2023, although it decreased by 0.13 percentage points compared to the first half of 2024 due to increased management expenses [2] - The company forecasts revenue growth from 20.114 billion yuan in 2023 to 23.884 billion yuan in 2024, representing an 18.74% year-on-year increase. Net profit is expected to grow from 3.200 billion yuan in 2023 to 3.891 billion yuan in 2024, a 21.58% increase [4][6] - The projected earnings per share (EPS) for 2024 is 3.33 yuan, with a price-to-earnings (P/E) ratio of 20.75 [4][6] Order Growth and Client Structure - Future order growth is anticipated to come from the end of the destocking cycle in the industry, increased demand from strong brands, and the expansion of new clients. The company has already announced the production of two new footwear manufacturing plants in Q1 2024, which will help meet the demand from new clients [3] - The structural adjustment of the customer base is expected to drive an increase in ASP for the company's OEM footwear products, contributing to performance growth [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported strong revenue and profit growth in Q3 2024, with revenue reaching 17.5 billion RMB, a year-on-year increase of 22.4%, and net profit of 2.84 billion RMB, up 24.3% year-on-year [4][6]. - The company is experiencing robust order recovery and high production capacity utilization, with a gross margin of 27.8%, reflecting a 2.5 percentage point increase year-on-year [6][7]. - The company has initiated capacity expansion with new factories in Vietnam and Indonesia, which is expected to accelerate production capabilities [6][7]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 17.5 billion RMB, a 22.4% increase year-on-year, and a net profit of 2.84 billion RMB, reflecting a 24.3% growth [4][6]. - The gross margin for Q1-Q3 2024 was 27.8%, up 2.5 percentage points from the previous year, with a net profit margin of 16.0% [6][7]. Sales and Production - The company sold 163 million pairs of shoes in Q1-Q3 2024, a 20.36% increase year-on-year, with Q3 sales showing a 23.9% growth compared to the same period last year [5][6]. - The average selling price (ASP) for Q1-Q3 2024 was approximately 107 RMB, a slight increase of 1.7% year-on-year [5][6]. Capacity Expansion - New factories in Vietnam and Indonesia have commenced operations, contributing to the company's capacity expansion plans [6][7]. - The company is expected to continue expanding its production capabilities, with plans for additional factories in the near future [6][7]. Future Outlook - The company is projected to achieve net profits of 3.91 billion RMB, 4.52 billion RMB, and 5.26 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 21, 18, and 15 [7].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 175.11 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 28.43 billion yuan, up 24.32% year-on-year [2]. - The company is recognized as a leading global manufacturer of sports shoes, with long-term growth prospects driven by strong customer resources, outstanding R&D capabilities, and continuous capacity expansion [2][3]. - The company is expected to achieve revenues of 238.85 billion yuan, 275.33 billion yuan, and 314.35 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 38.85 billion yuan, 45.20 billion yuan, and 52.11 billion yuan [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 60.39 billion yuan, a year-on-year increase of 18.50%, and a net profit of 9.65 billion yuan, up 16.07% year-on-year [2]. - The gross margin for Q1-Q3 2024 was 27.81%, an increase of 2.54 percentage points year-on-year, while the net profit margin remained stable at 16.24% [2]. - The company sold 163 million pairs of sports shoes in the first nine months of 2024, reflecting a year-on-year increase of 20.36% [2]. Financial Forecasts - The projected revenues for the company are as follows: 23,885 million yuan in 2024, 27,533 million yuan in 2025, and 31,435 million yuan in 2026, with growth rates of 18.8%, 15.3%, and 14.2%, respectively [3][5]. - The net profit attributable to shareholders is forecasted to be 3,885 million yuan in 2024, 4,520 million yuan in 2025, and 5,211 million yuan in 2026, with growth rates of 21.4%, 16.3%, and 15.3%, respectively [3][5]. Capacity Expansion and Management - The company is actively expanding its production capacity, with plans to build new factories in Indonesia and expand existing facilities in Vietnam [2]. - The company has established a robust internal management system, leading to improved operational efficiency and factory productivity [2].

编号：2024-031 证券代码：300979 证券简称：华利集团 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 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][23] Core Views - The company's revenue in the third quarter increased by 18.5% year-on-year to 6.04 billion yuan, driven primarily by sales volume, while net profit attributable to shareholders rose by 16.1% to 960 million yuan [1][4][23] - The gross margin improved by 0.5 percentage points to 27.0%, and the overall expense ratio remained stable at 6.5% [1][4] - The company is actively expanding its production capacity, with capital expenditures increasing by 54.7% year-on-year to 360 million yuan, primarily for capacity construction [1][7][23] Summary by Sections Financial Performance - Revenue for 2023 is projected at 20.11 billion yuan, with a year-on-year decrease of 2.2%, followed by a recovery to 24.14 billion yuan in 2024, representing a 20.0% increase [2] - Net profit for 2023 is expected to be 3.20 billion yuan, slightly down by 0.9%, with a forecast of 3.90 billion yuan in 2024, reflecting a growth of 22.0% [2] - The company maintains a stable EBIT margin of 20.4% for 2023, with a projected increase to 21.1% in 2024 [2] Sales and Market Dynamics - The company sold 163 million pairs of sports shoes in the first three quarters, a year-on-year increase of 20.4%, with third-quarter sales up 22.2% to 55 million pairs [1][7] - The average selling price per pair decreased by 3.0% year-on-year to approximately 109.8 yuan, attributed to changes in brand structure [1][7] Capacity Expansion and Client Relationships - The company plans to establish 5-6 new factories in Vietnam and Indonesia over the next two years, with annual capital expenditures expected to remain between 1 billion to 1.5 billion yuan [1][7][23] - The company has successfully expanded its client base, including new partnerships with leading international brands like Adidas, while maintaining strong relationships with existing clients [1][23]

来源：公司年报、国金证券研究所 买入（维持评级） 业绩简评 24 年 10 月 28 日公司披露三季报，3Q24 单季度实现营收 60.39 亿 元，同比增长 18.50%；实现归母净利润 9.65 亿元，同比增长 16.07%。Q1-3 合计实现营收 175.11 亿元，同比增长 22.39%；实 现归母净利润 28.43 亿元，同比增长 24.32%%，符合此前预期。 经营分析 量增显著，景气度维持。根据公告（1-9 月公司销售运动鞋 1.63 亿双）测算，公司 3Q24 单季度销量约同比增长 22%以上，ASP 同 比下降小个位数，预计主要受到汇兑变动及产品结构变化影响。耐 克供应商丰泰 7-9 月收入分别同比变动+3.15%/-7.98%/+1.26%， 相较同业华利集团收入持续领跑。 高基数下毛、净利率均同比提升。24 年前三季度公司毛、净利率 同比分别提升 2.54pct 至 27.81%、提升 0.25pct 至 16.24%，均在 较高水平下实现进一步提升，主要受益于订单回升与稳定控费。其 中 3Q24 单季度净利率为 15.98%，环比同比均略有下降，预计主要 受到新工厂投产毛利率爬坡、公司 ...