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]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a year-on-year revenue increase of 22.39% to 175.11 billion yuan and a net profit increase of 24.32% to 28.43 billion yuan [1] - The growth in sales volume is attributed to the recovery of orders from sports brands and the ongoing progress in new customer collaborations [1] - The company is expected to maintain its previous profit forecasts, with anticipated net profits for 2024-2026 at 38.6 billion, 44.5 billion, and 50.3 billion yuan respectively [1] Financial Performance Summary - Revenue (in million yuan): - 2022: 20,569 - 2023: 20,114 - 2024E: 24,016 - 2025E: 27,234 - 2026E: 30,638 - Year-on-year growth rates: - 2022: 18% - 2023: -2% - 2024E: 19% - 2025E: 13% - 2026E: 13% [1] - Net profit (in million yuan): - 2022: 3,228 - 2023: 3,200 - 2024E: 3,859 - 2025E: 4,446 - 2026E: 5,032 - Year-on-year growth rates: - 2022: 17% - 2023: -1% - 2024E: 21% - 2025E: 15% - 2026E: 13% [1] - Earnings per share (in yuan): - 2022: 2.77 - 2023: 2.74 - 2024E: 3.31 - 2025E: 3.81 - 2026E: 4.31 [1] Operational Efficiency - The company achieved a gross margin of 27.81% and a net profit margin of 16.24% in Q3 2024, with a year-on-year increase in gross margin of 2.54 percentage points [1] - The operating cash flow for the first three quarters was 42.51 billion yuan, with a significant year-on-year increase [2]

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].