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 编号：2025-021 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 广发基金-陈樱子、杨松霖，国信证券-丁诗洁，中银基金-张响东、杨庆运、郑宁、苗 | | 及人员姓名 | 婷、池文丽，浙商证券-詹陆雨 | | 时间 | 2025年8月28日 | | 地点 | 腾讯会议 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 投资者与公司的交流情况： | | | 问：美国新的关税政策下，客户是否要求制造商分担关税成本？目前有什么新的进展？ | | | 对公司的经营情况有何影响？ | | | 答：美国是运动鞋重要的消费市场，预估美国市场约占公司销售收入的 成左右。美国 4 | | | 进口关税税率上调，会增加客户销往美国市场的关税成本，但是客户销往非美国地区的 | | | 关税不会有影响。以往关税都是由品牌客户（进口商）承担，关税成本最终会传导至消 | | | ...

证券代码：300979 证券简称：华利集团 公告编号：2025-052 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 28,000 万元，获得收益合计人民币 179.02 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： 单位：人民币万元 | 序 | 购买 | 发行 | 产品名称 | 产品 | 购买 | 起始日期 | 到期日期 | 年化 | 收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 主体 | 主体 | | 类型 | 金额 | | | 收益率 | 金额 | | | | | 广发银行"薪加薪 号" 16 期定制 | | | | | | | | | | 广发银 | W 款 2025 年第 66 | 保本浮 | | | | | | | | 华利 | 行股份 | 版人民币结构性存款（挂 | | | | | | | | 1 | 集团 | 有限公 | 钩欧元兑美元区间累计） | 动收益 | 4,000 | 2025-2-11 | 2025-8-19 | 0.9212% | 19.08 ...

Market Overview - The textile manufacturing sector experienced a decline of 2.53% on August 27, with Huasheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Nanshan Zhishang (300918) saw a price increase of 4.20%, closing at 22.84, with a trading volume of 432,500 shares and a turnover of 979 million yuan [1] - Other notable declines included Hu'an Fashion (002042) down 1.08% to 5.47, and Jinchun Co. (300877) down 1.24% to 26.25 [1] - The largest decline was seen in Runtong Co. (600156), which fell by 7.94% to 8.69, with a trading volume of 453,900 shares and a turnover of 40.9 million yuan [2] Capital Flow Analysis - The textile manufacturing sector experienced a net outflow of 47.22 million yuan from institutional investors, while retail investors saw a net outflow of 6.17 million yuan [2] - Conversely, speculative funds recorded a net inflow of 53.39 million yuan [2] Detailed Capital Flow for Selected Stocks - Nanshan Zhishang (300918) had a net inflow of 89.63 million yuan from institutional investors, while retail investors faced a net outflow of 80.94 million yuan [3] - Jinchun Co. (300877) saw a net inflow of 35.31 million yuan from institutional investors, with retail investors experiencing a net outflow of 42.45 million yuan [3] - Xinye Technology (002674) had a net inflow of 26.44 million yuan from institutional investors, while retail investors faced a net outflow of 17.70 million yuan [3]

Core Viewpoint - Huali Group has shown mixed financial performance with a revenue increase but a decline in net profit, alongside significant trading activity in its stock [1][2]. Group 1: Financial Performance - For the first half of 2025, Huali Group achieved a revenue of 12.661 billion yuan, representing a year-on-year growth of 10.36% [2]. - The net profit attributable to shareholders for the same period was 1.671 billion yuan, which reflects a year-on-year decrease of 11.06% [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.936 billion yuan, with 5.485 billion yuan distributed over the past three years [2]. Group 2: Stock Trading Activity - On August 26, Huali Group's stock price increased by 0.65%, with a trading volume of 161 million yuan [1]. - The margin trading data for August 26 indicates a financing purchase of 14.8827 million yuan and a net financing purchase of 2.2955 million yuan, with a total margin balance of 109 million yuan [1]. - The short selling activity on the same day included 2,300 shares sold, with a total value of 124,100 yuan, and a short selling balance of 1.4027 million yuan, indicating high levels of short selling compared to the past year [1]. Group 3: Shareholder Structure - As of August 20, the number of shareholders in Huali Group reached 14,100, an increase of 8.46% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 7.80% to 82,765 shares [2]. - Notable changes in institutional holdings include a reduction in shares held by major shareholders, with Hong Kong Central Clearing Limited decreasing its holdings by 4.097 million shares [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for H1 2025 reached 12.66 billion yuan, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 1.67 billion yuan, a year-on-year decrease of 11.1% [4]. - The report anticipates a bottoming out of the fundamentals in 2025, with expectations for a rebound in 2026 and valuation improvement. Short-term factors such as old factory operating rates, order adjustments, and the launch of new factories in H2 are expected to continue to pressure net profit margins [2][4]. - The company is projected to achieve net profits of 3.51 billion, 4.16 billion, and 4.66 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 15, and 14 times [2]. Summary by Sections Revenue Performance - The company experienced a revenue increase driven by new customer acquisition, with Q2 sales volume rising by 6% to 66 million pairs and an average selling price increase of 3% to 111.3 yuan per pair [4][9]. Profitability Analysis - Q2 gross margin decreased by 7.1 percentage points year-on-year and 1.8 percentage points quarter-on-quarter to 21.1%, primarily due to the ramp-up of new factories and production line adjustments. The company maintained strong cost control, with a decrease in expense ratios [4][9]. Future Outlook - The report expects a recovery in net profit margins in Q3 due to stable tax rates and recent efficiency improvements. The combination of stabilizing old customer adjustments and the continued growth of new customers is anticipated to drive a new growth cycle [2][4].

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Group 1 - The core viewpoint of the article highlights the recent institutional research conducted by a well-known private equity firm, Hongchou Investment, on a listed company, Huali Group, focusing on its market performance and operational strategies [1] Group 2 - Huali Group reported that approximately 40% of its sales revenue comes from the U.S. market, and the increase in tariff costs has impacted products sold to the U.S., while non-U.S. regions remain unaffected [1] - The company anticipates that the new factory will achieve breakeven within 10-12 months, with expectations for gradual improvement in operational efficiency [1] - By the first half of 2025, around 56% of the raw materials for the Vietnam factory will be sourced locally, with additional materials procured from mainland China, Taiwan, and South Korea [1] - The back-to-school season is identified as a peak sales period for athletic shoes, with clients adjusting inventory plans based on sales performance [1] - Huali Group has begun collaboration with Adidas, resulting in a significant increase in revenue from new clients during the first half of the year [1] - The Vietnam factory is large in scale, with labor supply considerations influencing its location, and recruitment is currently proceeding normally [1] - Most tax incentives for the Vietnam factory have expired, but some new factories are still within the incentive period, limiting the impact of tax rate changes on the overall tax burden [1] - The company plans to maintain an aggressive capacity expansion strategy in the coming years, with annual capital expenditures estimated between 1.1 billion to 1.7 billion RMB [1] - Huali Group emphasizes shareholder returns and plans to maximize dividends despite being in a peak capital expenditure phase over the next few years [1]

Summary of Key Points Core Viewpoint - The recent performance disclosures of A-share listed companies have prompted brokerages to actively conduct research and provide updated ratings, aiming to offer valuable references for investors [1]. Rating Adjustments - As of August 25, brokerages have collectively raised ratings for 28 stocks and lowered ratings for 40 stocks, with 296 stocks receiving initial coverage [1]. - Among the stocks with upgraded ratings, 3 received a "strongly recommended" rating, including Wanhua Chemical, which was upgraded from "hold" to "strongly recommended" by China Merchants Securities [1]. - Other notable upgrades include the ratings for Sankeshu and Ninebot, both raised to "strongly recommended" by their respective brokerages [1]. - In total, 18 stocks had their ratings upgraded from "hold" to "buy," and several others saw similar upward adjustments [1]. Target Prices - Brokerages have set target prices for 8 of the 28 stocks with upgraded ratings, such as: - Fuchuang Precision: Target price of 74.23 CNY/share, latest closing price 68.69 CNY/share [2]. - Jiufeng Energy: Target price of 36.82 CNY/share, latest closing price 28.71 CNY/share [2]. - Lait Light: Target price of 36.07 CNY/share, latest closing price 26.75 CNY/share [2]. Downward Rating Adjustments - Brokerages have lowered ratings for 40 stocks, with 24 of these downgraded from "buy" to "hold" [2]. - Other downgrades include 5 stocks from "strongly recommended" to "recommended" and 4 from "strongly recommended" to "hold" [2]. Distribution of Ratings - A total of 924 stocks received a "buy" rating, with Kweichow Moutai leading at 31 ratings, followed by Huali Group with 29 ratings [3]. - The electronic industry has the highest number of stocks rated "buy" at 121, followed by the pharmaceutical and mechanical equipment industries [3]. Coverage Expansion - Brokerages are expanding their research coverage, with 296 stocks receiving initial ratings this month, including Aisxu Co., Beiqi Blue Valley, and others [3]. Importance of Brokerage Ratings - Brokerage ratings provide professional references for investors, helping them identify quality stocks and mitigate investment risks [4]. - The systematic analysis of stocks by brokerages aids in improving market information asymmetry and encourages listed companies to enhance governance and operational efficiency [4].

Core Viewpoint - Securities firms have given "buy" ratings to nearly 100 A-share listed companies on August 25, focusing on various industries such as textiles, food and beverage, construction materials, agriculture, jewelry, pharmaceuticals, telecommunications, electricity, and transportation equipment [1] Group 1: Company Ratings and Reports - Huayi Group received significant attention from securities firms, with 10 reports in the past month, ranking first among stocks promoted by brokers on August 25 [2] - Salted Fish Company was also highlighted, receiving 10 reports from various securities firms, with a focus on maintaining high growth in its core product, konjac [3] - Beixin Building Materials was noted for its strategic development and received 9 reports, with a revised profit forecast for 2025-2027 [3] - Other companies such as Muyuan Foods, Chaohongji, Hengrui Medicine, Huadong Medicine, China Unicom, Guodian Power, and Aima Technology also garnered attention from multiple securities firms in the past month [4] Group 2: Industry Focus - The industries attracting broker attention include textiles and apparel, food and beverage, construction materials, agriculture, jewelry, pharmaceuticals, telecommunications, electricity, and transportation equipment [1] - The reports indicate a trend of focusing on companies with strong growth potential and innovative strategies within these industries [3]

Investment Rating - The report maintains a strong buy rating for the company, with a target valuation not specified [3][7]. Core Views - The company's revenue and net profit for H1 2025 showed a year-on-year increase of 9% and a decrease of 17%, respectively, due to pressure from old customer orders and capacity mismatch [1][7]. - The company is expected to experience a decline in net profit for 2025, followed by growth in 2026 and 2027, with projected net profits of 3.51 billion, 4.18 billion, and 4.95 billion yuan, respectively [1][7]. - The company is expanding its production capacity in Southeast Asia, with new factories in Vietnam and Indonesia expected to come online in the second half of the year [6][7]. Financial Performance - In H1 2025, the company's revenue reached 12.66 billion yuan, a year-on-year increase of 10.4%, while net profit was 1.67 billion yuan, a decrease of 11.1% [1][7]. - The gross profit margin decreased by 6.38 percentage points to 21.85% in H1 2025, with a net profit margin of 13.2% [6][7]. - The company’s cash flow from operating activities was 1.564 billion yuan, a decrease of 9.18% year-on-year [6][7]. Business Segmentation - Revenue from the sports shoe segment increased by 10.8% to 11.34 billion yuan, while outdoor footwear revenue decreased by 57.3% to 261 million yuan [1][2]. - Revenue from North America decreased by 0.4% to 9.89 billion yuan, while European revenue increased by 88.94% to 2.397 billion yuan [2][6]. Capacity and Efficiency - The company's capacity utilization rate was 95.78% in H1 2025, with domestic utilization at 98.7% [6][7]. - New factories in Vietnam and Indonesia are expected to enhance production efficiency, although current efficiency is lower than that of older factories [6][7]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenue of 26.49 billion, 30.02 billion, and 33.96 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 10%, 13%, and 13% [7]. - The current market capitalization corresponds to a PE ratio of 18x for 2025 and 15x for 2026 [1][7].