Group 1 - The core viewpoint of the report highlights that new customers are driving growth, with improvements in gross margin from new factories in Q2 compared to Q1, while emphasizing the need to monitor subsequent terminal sales and the ramp-up progress of new factories [1][3] Group 2 - Investment recommendations maintain EPS forecasts for 2025-2027 at 3.02, 3.57, and 4.27 yuan, respectively, with a target price set at 66.5 yuan based on a PE of 22, which is above the industry average, and a rating of "Buy" is upheld [2] - In Q2 2025, the company reported revenue of 7.308 billion yuan, a year-on-year increase of 9.0%, while net profit attributable to shareholders was 902 million yuan, a year-on-year decrease of 17.3%, with a gross margin of 21.08%, down 7.05 percentage points year-on-year [2] - New customers are identified as the main growth driver, with revenue from North America, Europe, and other regions showing year-on-year changes of -0.43%, +88.94%, and +45.87%, respectively, while product categories such as sports leisure shoes and outdoor boots showed varied performance [2] Group 3 - The new factories in Vietnam, Indonesia, and China shipped 3.73 million, 1.99 million, and 670,000 pairs, respectively, in H1, with overall ramp-up progress aligning with company expectations, although gross margins have declined due to many new factories still in ramp-up stages [3] - The overall gross margin for new factories improved in Q2 compared to Q1, indicating a positive trend as operational maturity increases, but caution is advised due to customer hesitance in placing orders amid economic uncertainties in the U.S. [3]
华利集团(300979)：Q2新工厂盈利环比改善 新客户引领增长