Group 1 - The core viewpoint of the article highlights that Gao Yi Asset recently conducted research on a listed company, Huali Group, focusing on its operations and market conditions amid changing U.S. tariffs on Vietnam and Indonesia [1] - Huali Group is closely monitoring the U.S. tariff policies and maintaining communication with clients, with second-quarter orders fully booked and most clients not adjusting shipment plans [1] - The company sources over 50% of its raw materials for its Vietnam factory locally, with approximately 30% coming from mainland China, and the U.S. market accounts for about 40% of its sales revenue [1] Group 2 - The company expects its gross margin to be impacted in the first quarter of 2025 due to the initial phase of new factory operations, but operational efficiency is anticipated to improve as employee proficiency increases [1] - Huali Group employs a multi-client model and possesses strong shoe manufacturing technology and production capabilities, indicating a robust overall performance [1] - The company plans to maintain an active capacity expansion strategy with annual capital expenditures of approximately 1.1 to 1.7 billion RMB, while also emphasizing shareholder returns through dividends after meeting capital and operational funding needs [1]
【私募调研记录】高毅资产调研华利集团