证券研究报告 | 公司总评 | 纺织制造 华利集团(300979) 24H1 预告业绩符合预期,利润率保持平稳 -华利集团点评报告 梭资卖点 口 24H1 收入稳使增长,符合预期 公司发布 24 中期业绩预告:预计 24H1 实现妆入 110.5~119.8 亿元,同比增长 20%~30%;预计 24Q2 实现收入 62.9~72.1 亿元,同比增长 13%~30%。 随着运动品牌库存越千正常,公司订单于 23Q4 起逐步恢复增长,24H1 随着新客 户各作推进以及主委客户份领稳健提升,收入网比增长符合预期。 口 利润单保持平稳,半 Q2 增速 回落系基数原因 预计 24H1 实现归寻净利润 17.5~18.9 亿元,同比增长 20%~30%,标非后归寻净 利润 17.2~18.7 亿元,网比增长 20%~30%;预计 2402 实现归寻净利润 9.6~11.1 亿元,阿比-2%~+13%,标非后归苹净利润 9.5~10.9 亿元,阿比-2%~+13%。 整体 24H1 利润增速区间与收入一致,利润率保持手稳,共中半 Q2 利润增速环 比回落,我们预计主委系去年 Q2 綠效薪酬减少及汇兑收益增厚予致利润基数較 ...

Financial Performance Expectations - The company expects a net profit of approximately 174,680.22 to 189,236.90 million RMB for the first half of 2024, representing a growth of 20% to 30% compared to the same period last year[3] - The estimated operating revenue for the first half of 2024 is projected to increase by 20% to 30% year-on-year, driven by the recovery of orders and the expansion of customer base[4] - The net profit after deducting non-recurring gains and losses is expected to be between 172,372.48 and 186,736.86 million RMB, also reflecting a growth of 20% to 30% compared to the previous year[3] Operational Improvements - The company has been improving operational capabilities while expanding production capacity and enhancing customer development efforts[4] Financial Reporting - The financial data provided is preliminary and has not yet been audited by the accounting firm, with detailed financial results to be disclosed in the 2024 semi-annual report[5]

公司报告 | 公司点评 印尼工厂投产,Q2 行业订单整体恢复 印尼工厂投产,保持积极产能扩张,招工顺利 2024H1 投产的印尼新工厂已开始出货,目前印尼工厂运营管控指标尚未出 台;待印尼运营一段时间后,将会对同一型体的鞋款在越南和印尼生产进 行比较,看看差距是否过大,探讨改善方案。 考虑到市场需求,未来几年公司仍会保持积极的产能扩张。未来 3-5 年公 司将在印尼及越南新建数个工厂。公司产能除通过新建工厂、设备更新提 升产能外,还可通过员工人数和加班时间的控制保持弹性,每年具体产能 配置将根据当年订单情况进行调整。 2023 年由于客户去库存,订单有一定减少,公司对员工招聘有控制。23Q4, 根据新工厂(越南工厂、印尼工厂)投产安排和订单恢复情况,已经在开 始新招员工,2024 年,随着新工厂的逐渐投产,集团员工招聘力度会加强。 6 月全球制鞋营收延续成长,24Q2 增速环比 23Q1 有所改善 丰泰 6 月收入同增 1%,(5 月同增 17%,4 月同增 4%,3 月同增 11%, 2 月同增-8%,1 月同增 16%,23 全年累计-11%);裕元(制造)6 月同增 3%, (5 月同增 8%,4 月同 ...

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：2024-019 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（券商策略会） 国泰君安证券-刘佳昆、曹冬青，泰康资产-镇婕、郭晓燕、卢日欣、周雨桐，闻天投资- 梁悦芹，悟空投资-杨蕊菁，方圆基金-赖少萍，新同方投资-陈作佳，磐泽资产-孙海梦， 融通基金-马春玄，凯丰投资-季忆，Polymer Capital-陈徵因，中信里昂证券-Summer Fang，恒生前海基金-邢程，华泰证券-陶纯慧，南方基金-邵尉，海南宽行私募基金-邱权 参与单位名称 尧，红猫资产-钟小兵，华宝基金-刘娇，融捷集团-冼胜滔，建信理财-徐鹏展，和谐汇一- 及人员姓名 钟卫玮，精砚私募基金-莫启杰，新余善思投资-李莹，中信资管-李有为，富达基金-杨扬 阳，静远资本-沈士竣，信达澳亚基金-马绮雯，高盛资管-温淑涵，中信证券自营-刘宇 昕，信璞投资-林华强，玄甲基金-符雅婷，TX Capital-翁振兴，鹏华基金-罗政，东方基金 -陈诚，旌安投资-李牧恒，宝盈基金-吕 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-036 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 ...

Summary of Key Points Company Overview - The company has significant potential for ASP (Average Selling Price) improvement, indicating a strong growth trajectory ahead [1] - The customer base is described as high-quality, which supports the company's sustainable growth [1] Competitive Advantages - The company exhibits high production efficiency, strategically located production bases, and excellent management capabilities [1] - These advantages collectively contribute to the company's robust profitability [1]

Summary of the Conference Call for 华利集团 Company Overview - 华利集团 was established in 1990 and is a leading global manufacturer of sports shoes, involved in the development, design, production, and sales of sports footwear. [2] - The company has a complete supply chain, including sole factories, mold factories, and flyknit upper factories. [2] - Major clients include well-known brands such as Nike, Converse, Vans, Puma, UGG, and UA. [2] - Headquarters are located in Zhongshan, Guangdong, with production facilities in Vietnam, the Dominican Republic, Myanmar, and Indonesia. [2] Industry Insights - The global sports shoe retail market was valued at approximately $164.7 billion in 2023, with a compound annual growth rate (CAGR) of 4.3% over the past five years. [12] - The penetration rate of sports shoes in the global footwear market has increased from 27.4% in 2009 to 42.9% in 2023. [12] - The U.S. and China sports shoe retail markets were valued at $47.27 billion and ¥224 billion respectively in 2023, with CAGRs of 5% and 8%. [13] Financial Performance - From 2017 to 2023, the company's revenue CAGR was 12%, while profit CAGR was 19%. [4] - In 2021, the company achieved significant growth due to the recovery of overseas consumption, with an 18% revenue growth in 2022 despite a high base effect. [5] - Revenue slightly declined by 2% in 2023, but the company was among the first to recover positive growth in Q4 2023, achieving a 12% year-on-year increase. [5] Product and Market Dynamics - The primary revenue source is from sports casual shoes, which accounted for 88.5% of revenue in 2023, with a CAGR of 14% from 2018 to 2023. [6] - The company’s customer base is predominantly in North America, with over 85% of revenue coming from U.S. brands. [6] - The average selling price (ASP) has been increasing, with a range of $11.5 to $15 from 2018 to 2023, indicating potential for further price increases. [8] Competitive Advantages - The company has a stable and high profitability, with gross margins consistently above 23% and net margins above 11%. [10] - The management team has extensive industry experience, with the founder having over 50 years in the footwear industry. [11] - The company has a strong focus on R&D, with 3,751 R&D personnel and over 100 patents, maintaining R&D expenses at around 1.5% of revenue. [32] Supply Chain and Production Efficiency - The company’s production capacity reached 240 million pairs by the end of 2022, with a focus on expanding capacity in Vietnam. [2][31] - The cost structure is optimized, with over 60% of costs attributed to direct materials, and the company benefits from large-scale procurement advantages. [9] - The company’s production efficiency is highlighted by its high output per employee and fixed asset turnover rates, which are significantly above industry averages. [53] Market Position and Future Outlook - The company is well-positioned in the sports shoe manufacturing sector, with a high concentration of major clients but low dependency on any single client. [30] - The competitive landscape shows a trend towards higher concentration among manufacturers, with significant barriers to entry due to the complexity of production processes. [24] - The forecast for profits from 2024 to 2026 is projected at ¥38.2 billion, ¥43.6 billion, and ¥49.1 billion, respectively, indicating strong growth potential. [58] Conclusion - 华利集团 demonstrates strong growth potential driven by a robust client structure, increasing ASP, and efficient production capabilities. The company is rated as a "Buy" for future investment. [58]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Zhongtai Securities, focusing on a private communication event for signed clients [1] Core Points and Arguments - The content of the meeting is strictly confidential and should not be disseminated without authorization from Zhongtai Securities [1] Other Important but Possibly Overlooked Content - The meeting emphasizes the importance of confidentiality regarding the information shared during the call [1]

证券代码：300979 证券简称：华利集团 公告编号：2024-035 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 ...

全球运动鞋履制造龙头优势高筑 ——华利集团( 300979.SZ)首次覆盖报告 纺织服装/纺织制造 投资摘要: 全球领先的运动鞋专业制造商。华利集团深耕运动鞋履制造二十余年,积极发 展 合 作 客 户 , 主 要 为 Nike、Converse、Vans、Puma、UGG、Columbia、 Under Armour、HOKA ONE ONE 等全球知名运动品牌提供开发设计与制造服 务,主做运动休闲鞋、户外靴鞋、运动凉鞋/拖鞋类。公司实际控制人为张聪渊 家族,创始人家族持股 87.48%,股权结构集中,管理高效。 运动鞋行业机遇挑战并存,空间仍很大。运动鞋产业链分明,经营模式特点突 出,生产工艺繁杂,品牌客户选择供应商的门槛高,供应商数量逐步下降,利 于头部企业。全球鞋履消费市场规模稳定增长,运动鞋类板块增长迅速,中国 市场发展迅速且潜力大。中国鞋履代工行业竞争激烈,市场潜力大,行业渗透 率稳步提升,制鞋产业正向东南亚和南亚国家转移。 核心竞争力:低成本+强研发+高产能 优质客户深度绑定 客户端:公司销售客户主要为全球知名运动品牌运营商,客户资源优质。公 司与 Nike 等前五大客户通过签订销售框架合同及销售 ...