Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][4] Core Views - The company is expected to achieve a revenue of 24 billion in 2024, representing a 19% year-on-year growth, with a net profit of 3.8 billion, also reflecting a 20% increase [1] - The company has established a strong customer base, including major global sports brands such as Nike and Adidas, which supports its stable growth [2] - The company is expanding its production capacity with new factories in Vietnam and Indonesia, enhancing its competitive edge in the market [1][3] Financial Performance - In Q4 2024, the company reported revenues of 6.5 billion, a 12% increase year-on-year, and a net profit of 1 billion, up 9% [1] - The gross margin for 2024 is projected to be 26.8%, an increase of 1.2 percentage points, while the net margin is expected to be 16%, up 0.1 percentage points [1] - The company’s earnings per share (EPS) for 2024 is estimated at 3.29, with projections of 3.76, 4.44, and 5.17 for 2025 to 2027 respectively [4][9] Production and Cost Advantages - The company benefits from a complete manufacturing chain, which helps in maintaining product quality and reducing overall production costs [3] - Automation in production processes is being implemented to enhance efficiency and lower manufacturing costs [3] - The company’s scale of operations allows for significant cost savings in raw material procurement and production expenses [3] Customer Base and Market Position - The company has begun collaboration with Adidas, starting mass production in September 2024, further solidifying its position as a key supplier for major brands [2] - The top five customers account for a significant portion of the company's revenue, with the largest customer contributing 33% of sales [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 24.01 billion yuan in 2024, representing a year-on-year growth of 19.4%, and a net profit attributable to shareholders of 3.84 billion yuan, up 20.0% year-on-year. The proposed cash dividend is 2.3 yuan per share, with a dividend payout ratio of approximately 70%, exceeding expectations and marking the highest ratio since 2022 [5][11] - The company continues to expand production capacity actively, with new factories in Vietnam and Indonesia contributing to its growth. The production capacity in 2024 reached 230 million pairs of shoes, with a utilization rate of 96.7%, an increase of 10.1 percentage points year-on-year [11][12] Summary by Sections Financial Performance - In 2024, the company's gross profit margin improved by 1.2 percentage points to 26.8%. The gross profit margins for different product categories were 27.2% for sports casual shoes, 21.6% for outdoor boots, and 24.4% for sports sandals/slippers [9] - The company reported a significant increase in operating cash flow, amounting to 4.62 billion yuan, a 25.0% increase year-on-year [10] Sales and Market Position - The company sold 223 million pairs of sports shoes in 2024, with a year-on-year increase in sales volume of 17.5% and a slight increase in average selling price by 1.7% [7] - The top five customers accounted for 79.1% of total revenue, with a year-on-year revenue growth of 14.7%. Notably, new customers like On Running showed significant growth [8] Production and Capacity Expansion - The company has initiated production in three new factories in Vietnam and one in Indonesia, with plans for further expansion in China and Indonesia [11] - The company has invested in automation, with over 500 intelligent cutting machines deployed and four automated molding lines introduced in 2024 [11] Future Outlook - The company is expected to continue leveraging its leading position in the market, with forecasts for net profit attributable to shareholders of 4.36 billion yuan, 5.00 billion yuan, and 5.70 billion yuan for 2025, 2026, and 2027 respectively [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company reported a revenue of 24.01 billion yuan for the year, reflecting a year-on-year growth of 19.35%, and a net profit attributable to shareholders of 3.84 billion yuan, up 20% [2]. - The company experienced a robust sales growth of 17.5% year-on-year, reaching 220 million pairs sold, with an average selling price (ASP) increase of 1.6% to 107 yuan [3]. - The company’s gross margin for the year was 26.8%, an increase of 1.3 percentage points year-on-year, although the fourth quarter gross margin was impacted by new factory ramp-up [4]. - The company’s production capacity utilization rate improved significantly to 96.72%, up 10.06 percentage points year-on-year, due to order recovery and new customer collaborations [4]. - The company is expected to achieve net profits of 4.39 billion yuan in 2025, 5.07 billion yuan in 2026, and 5.89 billion yuan in 2027, with respective growth rates of 14%, 15%, and 16% [5]. Financial Summary - The company’s total revenue is projected to grow from 24.01 billion yuan in 2024 to 36.82 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16% [6]. - The net profit is expected to increase from 3.84 billion yuan in 2024 to 5.89 billion yuan in 2027, maintaining a steady growth trajectory [6]. - The earnings per share (EPS) is forecasted to rise from 3.29 yuan in 2024 to 5.05 yuan in 2027, reflecting the company's strong profitability outlook [6].

2024Q4 公司收入同比增长 12%/归母净利润同比增长 9%。2024Q4 公司收入为 65 亿 元，同比+12%；归母净利润为 10 亿元，同比+9%；扣非归母净利润为 9.8 亿元，同比+5%。 1）量价拆分：2024Q4 销售运动鞋 0.60 亿双（同增+12%），销售单价同比持平。2）盈利 质量：2024Q4 公司毛利率同比-2.3pct 至 24.1%（（我们判断毛利率降主要系公公司在较多 新工 厂仍较爬 坡状态 ）， 销 售/ 管理 / 财务费用 率同比分 别持平 /-0.9pct/-0.2pct 至 0.2%/2.3%/-0.3%，净利率同比-0.5pct 至 15.3%。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 11 年 月 日 华利集团（300979.SZ） 基本面持续高质量增长，2024 年分红超出预期 2024 年公司收入同比增长 19%/归母净利润同比增长 20%，分红超出此前预期。2024 年 公司收入为 240.1 亿元，同比+19%；归母净利润为 38.4 亿元，同比+20%；扣非归母净利 润为 37.8 亿元，同比+19%，与此前业绩快报数 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company is expected to achieve a revenue growth of 19% year-on-year in 2024, reaching 24.01 billion yuan, and a net profit growth of 20%, amounting to 3.84 billion yuan. The dividend distribution is anticipated to exceed previous expectations, with a total proposed payout of 2.684 billion yuan, translating to a dividend per share of 2.3 yuan and a payout ratio of approximately 70% [1][5]. Summary by Sections Financial Performance - In 2024, the company is projected to have a revenue of 24.01 billion yuan, a 19% increase year-on-year, and a net profit of 3.84 billion yuan, reflecting a 20% growth. The gross profit margin is expected to rise by 1.2 percentage points to 26.8% [1]. - For Q4 2024, the company reported a revenue of 6.5 billion yuan, a 12% increase year-on-year, and a net profit of 1 billion yuan, up 9% from the previous year [2]. Orders and Client Relationships - The company is deepening cooperation with core clients and anticipates rapid order growth from new clients like Adidas in 2025. Revenue from different product categories shows significant growth, particularly in outdoor footwear and sandals, with total revenue from core clients reaching 204.1 billion yuan from the US, 30.6 billion yuan from Europe, and 4.9 billion yuan from other regions [3]. Production Capacity - The company is expected to expand its production capacity significantly, with total capacity reaching 22.9 million pairs and total output at 22.1 million pairs in 2024. The capacity utilization rate is projected to be 97%, indicating a near-saturation state [4]. Operational Management - The company has shown healthy inventory management with a year-end inventory increase of 13.8% to 3.12 billion yuan. The operating cash flow for 2024 is estimated at 4.62 billion yuan, approximately 1.2 times the net profit for the same period, indicating strong cash flow management [5]. Investment Outlook - The company is positioned as a leading global sports shoe manufacturer, with expectations for a 15% growth in revenue and performance in 2025, driven by new customer collaborations and accelerated capacity expansion. The projected net profits for 2025 to 2027 are estimated at 4.387 billion yuan, 5.062 billion yuan, and 5.832 billion yuan, respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 24.006 billion yuan for 2024, representing a year-on-year increase of 19.35%, and a net profit of 3.840 billion yuan, up 20.00% year-on-year. The proposed cash dividend of 2.684 billion yuan reflects a dividend payout ratio of 70%, significantly higher than the 43%/44% in 2022/2023 [1] - The growth in sales volume is primarily driven by an increase in new customers and the end of inventory destocking by existing clients. The company expects to sell 223 million pairs of sports shoes in 2024, a 17.53% increase year-on-year, with an average selling price of approximately 107.4 yuan per pair, up 1.6% year-on-year [2] - The company is experiencing temporary fluctuations in gross margin due to the ramp-up of production efficiency in newly established factories. The gross margin for 2024 is projected at 26.8%, a 1.2 percentage point increase year-on-year, while the net profit margin is expected to be 16.0% [3] - The company is expanding its production capacity with multiple new factories in Vietnam and Indonesia, which will enhance its ability to meet customer demand while also reducing procurement costs through local sourcing [4] - The company is expected to achieve revenues of 27.629 billion yuan, 31.723 billion yuan, and 36.366 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.340 billion yuan, 4.988 billion yuan, and 5.724 billion yuan, indicating a stable growth trajectory [5]

随着客户拓展、产能扩张顺利，华利集团（300979）业绩恢复高增。4月10日晚，华利集团披露2024年 年报，公司2024年实现营业收入240.06亿元，同比增长19.35%；实现归母净利润38.4亿元，同比增长 20%；基本每股收益3.29元。 此前，公司控股股东香港俊耀提议的利润分配方案为，拟向全体股东每10股派发现金红利20元(含税)， 不送红股，不以公积金转增股本。在结合公司盈利情况、现金流情况以及未来资本开支等情况后，华利 集团拟进一步提高现金分红金额，回报投资者。 值得注意的是，公司拟每10股派发现金红利23元(含税)。除本次利润分配预案外，2024年度公司不存在 其他现金分红事项，未实施股份回购，公司预计现金分红总额为人民币26.8亿元(含税)，占公司2024年 度归母净利润比例约为70%。 此前在互动平台回复投资者问询时，华利集团表示，目前客户没有取消和减少订单，以往关税都由品牌 客户承担。年报披露的销售收入，是按客户总部所在地进行划分，比如公司来自Nike的收入全部统计在 美国地区，来自Puma的收入全部统计在欧洲地区。 华利集团透露，这次关税如果大幅提升，品牌客户若全部或大部分转嫁给消费者 ...

中山华利实业集团股份有限公司 容诚审字[2025] 519Z0009 号 内部控制审计报告 容诚会计师事务所(特殊普通合伙) 中国·北京 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025] 519Z0009 号 中山华利实业集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了中山华利实业集团股份有限公司（以下简称"中山华利公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》 ...

兴业证券股份有限公司 关于中山华利实业集团股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为中 山华利实业集团股份有限公司（以下简称"华利集团"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关法律法规的规定，对华利集团 2024 年度募集资金存放和使用情况进行了专项核查。 一、募集资金基本情况 (一)实际募集资金金额、资金到账时间 截至 2023 年 12 月 31 日，募集资金投资项目累计使用募集资金人民币 144,741.58 万元（包括使用募集资金置换预先投入募投项目的自筹资金）；节余 募集资金永久补充流动资金人民币 20,652.69 万元；使用闲置募集资金进行现金 管理的未到期余额为人民币 216,300.00 万元；累计收到的银行存款利息、现金 管理收益扣除银行手续费等的净额为人民币 18,649.14 万元；因汇率变动及境内 1 专户转账到境外实施主体账户造 ...

审计报告 审 计 报 告 容诚审字[2025]519Z0008 号 中山华利实业集团股份有限公司全体股东： 一、审计意见 中山华利实业集团股份有限公司 容诚审字[2025]519Z0008 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 我们审计了中山华利实业集团股份有限公司（以下简称中山华利公司）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公 司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了中山华利公司 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年 度的合并及母公司经营成果和现金流量 ...