华西证券：裕元集团零售业务有望逐步改善

Group 1 - The core viewpoint of the article highlights that Yue Yuen Industrial Holdings Limited is a leading global manufacturer of athletic footwear, benefiting from its significant market share among top sports brands and its vertical integration strategy that enhances control over the supply chain, ensuring high quality and fast delivery [1] Group 2 - It is projected that in Q4 2024, the shipment volume is expected to maintain a high double-digit growth, with capacity utilization remaining above 90%, and prices anticipated to stabilize or turn positive [1] - For 2025, shipment volume is expected to grow at a high single-digit rate, with capacity utilization also expected to stay above 90%, and prices likely to see a slight increase [1] - The company is expected to benefit from its early mover advantage in overseas capacity layout and scale advantages, while refocusing on manufacturing to further increase market share among existing customers [1] - With the implementation of fiscal stimulus policies, the retail business is expected to gradually improve [1]