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 [10][11]. Core Views - The company's 2024 performance report shows revenue of 24 billion yuan, a year-on-year increase of 19.35%, and a net profit of 3.84 billion yuan, up 20% [4]. - The company has successfully expanded its customer base, including a new partnership with Adidas, which is expected to contribute significantly to revenue growth in 2025 [6]. - The report highlights that the company is experiencing a temporary impact on profit margins due to the launch of new factories, but this is expected to stabilize as production ramps up [5]. Summary by Sections Financial Performance - The company reported a total revenue of 24 billion yuan for 2024, with a net profit of 3.84 billion yuan, resulting in a net profit margin of 16.0% [4]. - The fourth quarter revenue was 6.5 billion yuan, reflecting an 11.9% increase, while the net profit for the same period was 1 billion yuan, up 9.3% [5]. Customer and Production Expansion - The company has established stable partnerships with major international sports brands, including Nike and Converse, and has begun collaboration with Adidas, which is expected to ramp up production in September 2024 [6]. - Four new factories were launched in 2024, with additional facilities planned for 2025, aimed at meeting increasing order volumes and diversifying production locations to mitigate international trade risks [6]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.84 billion yuan in 2024, 4.43 billion yuan in 2025, and 5.17 billion yuan in 2026, with corresponding price-to-earnings ratios of 20, 17, and 15 [7][8]. - The report emphasizes the company's strong growth potential driven by a combination of stable existing customers and rapid growth from new clients, alongside orderly capacity expansion [7].

2025 年 03 月 13 日 公司点评 买入/维持 华利集团(300979) 目标价: 昨收盘:64.61 24 年业绩快报点评：业绩符合预期，期待 Adidas 订单新增量 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/13 24/5/24 24/8/4 24/10/15 24/12/26 25/3/8 华利集团 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 11.67/11.67 | | --- | --- | | 总市值/流通(亿元) | 754/753.99 | | 12 个月内最高/最低价 | 85/55.31 | | (元) | | 相关研究报告 <<24Q3 财报点评：量增驱动稳健增 长，积极扩产、期待新客放量>>-- 2024-11-03 <<华利集团 24H1 财报点评：业绩表 现亮眼，订单饱满扩产提速>>-- 2024-08-26 <<华利集团 24Q1 财报点评：表现超 预期，看好全年弹性释放>>--2024- 04-28 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券分析师 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][7]. Core Insights - The company reported a 20% year-on-year growth in net profit for 2024, with a significant increase in cash dividends, reflecting a robust cash flow business model [7]. - The company achieved a record high revenue of 240.1 billion yuan in 2024, representing a 19.35% increase year-on-year, and a net profit of 38.4 billion yuan, also a 20% increase year-on-year [7]. - The company is expanding its production capacity, with new factories in Vietnam and Indonesia, and is set to begin operations in a new facility in mainland China [7]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 240.32 billion yuan, with a year-on-year growth rate of 19.5% [6]. - The net profit for 2024 is estimated at 38.4 billion yuan, reflecting a 20% increase compared to the previous year [6]. - The company anticipates a gradual increase in earnings per share, with projections of 3.29 yuan for 2024 and 3.73 yuan for 2025 [6]. Sales and Profitability - The company reported a net profit margin of 16% for 2024, maintaining a high level of profitability despite slight fluctuations due to new factory investments [7]. - The average selling price (ASP) for 2024 is estimated at approximately 107 yuan, showing a 1.6% increase year-on-year [7]. - The company’s sales volume reached 223 million pairs in 2024, marking a 17.5% increase year-on-year [7]. Market Position and Growth Potential - The company is recognized as a leading manufacturer of sports shoes, with significant growth potential from new client partnerships, particularly with Adidas [7]. - The company is positioned to benefit from increased orders from major clients, with expectations of substantial order volume growth in the coming years [7]. - The expansion into new production bases is aimed at diversifying supply chains and meeting customer demands for varied production locations [7].

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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a revenue of 24 billion CNY and a net profit of 3.84 billion CNY in 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][4] - The company plans to distribute a dividend of 20 CNY per 10 shares, with a dividend payout ratio of 61%, which is an increase of 17 percentage points year-on-year, resulting in a dividend yield of 3% [2] - The company has initiated a partnership with Adidas, with mass production expected to start in September 2024, and has opened three new factories in Vietnam and one in Indonesia [3][4] Financial Summary - The company’s revenue for 2024 is adjusted from 23.5 billion CNY to 24 billion CNY, while the net profit forecast is adjusted from 3.893 billion CNY to 3.841 billion CNY [5] - The earnings per share (EPS) for 2024 is adjusted from 3.34 CNY to 3.29 CNY, with forecasts for 2025 and 2026 remaining at 3.89 CNY and 4.48 CNY 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 outlook [5][8] Sales and Production Insights - In Q4 2024, the company achieved a sales volume of 22.3 million pairs and an average selling price (ASP) of 107 CNY, reflecting a year-on-year growth of 18% in volume and 2% in price [3] - The production capacity utilization rate in Q4 was approximately 100%, an increase of 2 percentage points year-on-year [3] Market Position and Competitiveness - Despite concerns regarding inventory replenishment and profit margin impacts from new factory production, the company has opportunities for market share growth with major clients like Nike and Adidas, as well as additional contributions from brands like ON, NB, and REEBOK [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 potential [4]

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]