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]

证券代码：300979 证券简称：华利集团 公告编号：2025-008 中山华利实业集团股份有限公司 关于收到控股股东 2024 年度利润分配预案提议的公告 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。 中山华利实业集团股份有限公司（以下简称"华利集团""公司"）于 2025 年 3 月 11 日收到公司控股股东俊耀集团有限公司（以下简称"香港俊耀"）出具的 《关于中山华利实业集团股份有限公司 2024 年度利润分配预案的提议》，现将有 关情况公告如下： 一、利润分配预案提议的内容 香港俊耀承诺在公司股东大会审议上述 2024 年度利润分配预案时投同意票。 二、其他说明 公司收到上述提议后，结合《公司章程》规定以及公司实际经营情况、经营 发展规划等进行了初步分析，认为上述提议符合法律法规和《公司章程》的有关 1 规定，不会影响公司正常经营和长远发展，不会对公司的经营现金流产生重大影 响，与公司业绩成长性相匹配，符合全体股东利益，具备合理性。公司将在 2024 年度审计工作结束后制定合理可行的利润分配预案，按照相关法律、法规及规范 性文件的规定履行审议程序和信 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-006 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2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025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55亿元，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20 亿元。上述交易额度在2025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。公司监事会、 保荐机构均发表了明确同 ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 华利实行多客户模式，使得能够掌握市场动态，满足客户多元化需求 公司拥有业界最为全面的制鞋工艺技术和流程，开发能力和量产能力有明 显优势。在品质、交期、技术能力、成本控制、劳工及社会责任等客户对 供应商的例行评价上，公司的表现都很好，在行业口碑也很好，吸引新客 户主动找公司合作。最近几年，公司销售收入保持高于行业的增长，因此 公司市场份额也在不断提升。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+1 ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+10%至 50 亿欧元。 公司预计 FY25 收入增长高单，其中北美和大中华区双位数增长；预计 OP 将进一步增长至 17~18 亿欧元。 On FY2025 收入指引同比+27%，快速成长 FY24Q4 收入 6 亿瑞士法郎，同比+41%；分品类，鞋/服收入分别 6/0.3 亿 瑞士法郎，同比+39%/+83%。本季净利 8950 万瑞士法郎，同比+4 ...

一个不起眼的赛道，正成为不少基金经理在AI浪潮中保持定力的象征和重要持仓对象。 在市场最热、最拥挤的状态下，基金经理应该放手冲入热门赛道还是远离喧嚣独辟蹊径？券商中国记者注意到，基 于风险对冲和策略均衡，许多基金经理选择了组合平衡，在重仓半导体与AI的同时，在组合仓位中突出了对冷门赛 道鞋服股的配置。 根据基金2024年第四季度报告显示，截至去年12月末，腾讯为上述基金经理的第一大重仓股，这体现了基金经理对 AI浪潮和变革性机会并不拒绝，不过基于对冲策略，他在鞋服赛道有更多的选择，除了第十大重仓股 滔搏 公司外， 他还持有港股另一个时尚鞋服龙头股江南布衣。 半导体频频牵手鞋服，科技基金经理配置策略反差大 基金经理将科技股与鞋服赛道组合起来的策略，看起来古怪但十分流行。 有不少A股基金产品在港股和A股的消费赛道均只买鞋服股，这种策略也延伸到部分公募QDII上，有多只QDII基金 的重仓股席位，反映在A股、港股、美股三大市场的消费赛道也几乎只配置鞋服股。甚至从行业仓位比例看，已成为 一些QDII的最大行业配置对象。 对此，有基金经理解释认为，类似许多投资者往往对平台特点的互联网概念充满着巨大成长的想象力，从全球行 ...

Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with an estimated annual revenue and net profit growth of around 20%, driven by a production volume of approximately 220 million pairs, representing a year-on-year increase of 10% to 20% [1][2] - In 2025, the company anticipates a 15% year-on-year growth in revenue and performance, supported by successful new customer collaborations and accelerated capacity expansion [1][2] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are expected to contribute significantly to revenue growth in the coming years [2][8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 24,004 million yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27,567 million yuan, reflecting a growth rate of 14.8% [10][11] - The net profit for 2024 is estimated at 3,902 million yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4,525 million yuan, indicating a growth rate of 16.0% [10][11] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia, which will enhance its international presence and meet customer demand [7][10] - The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026, aligning with the anticipated increase in orders [10][11] Market Position - The company is recognized as a leading global manufacturer of sports shoes, with a strong growth trajectory and increasing market share over the past few years [8] - The company’s gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [10][11]