Core Viewpoint - The company reported a revenue of 5.35 billion yuan for Q1 2025, reflecting a year-on-year increase of 12%, while net profit attributable to shareholders decreased by 3% to 760 million yuan [1][2]. Revenue Analysis - The company's revenue growth is attributed to an increase in sales volume and a rise in average selling price due to product mix adjustments, with Q1 sales volume reaching 49 million pairs, up 8.2% year-on-year, and an average selling price of approximately 108.4 yuan per pair, up 3.8% year-on-year [2]. - The net profit margin decreased by 2.3 percentage points year-on-year to 14.2%, influenced by a decline in gross margin, which fell to 22.9%, down 5.5 percentage points year-on-year [2]. Cost and Profitability - The decline in gross margin is primarily due to the ramp-up of a new factory, while the company maintained strong cost control, with total expense ratio decreasing by 2 percentage points year-on-year [2]. - The effective tax rate benefited from weaker profitability in some Vietnamese factories, resulting in a year-on-year decrease in tax expenses by 32.21 million yuan, positively impacting profits [2]. Future Outlook - The company expects to stabilize its fundamentals in 2025, with anticipated profit growth of 5%, 16%, and 17% for the years 2025, 2026, and 2027, respectively, projecting net profits of 4.03 billion, 4.67 billion, and 5.48 billion yuan [3]. - The current price corresponds to a price-to-earnings ratio of 16, 14, and 12 for the years 2025 to 2027, with a projected dividend yield of 4.3% for 2025 based on a 70% payout ratio [3].
华利集团(300979)：新客拉动收入较优 新厂爬坡拖累毛利率