Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.08 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [4][11]. Core Views - The company announced its 2024 semi-annual performance report, showing a revenue of 11.472 billion CNY for the first half of 2024, a year-on-year increase of 24.54%. The net profit attributable to the parent company was 1.878 billion CNY, up 29.04% year-on-year [2][3]. - The second quarter of 2024 saw a single-quarter revenue of 6.707 billion CNY, a 20.83% increase year-on-year, and a net profit of 1.091 billion CNY, reflecting an 11.94% year-on-year growth [2][3]. - The company sold 108 million pairs of sports shoes in the first half of 2024, marking an 18.25% increase year-on-year, with 62 million pairs sold in the second quarter, a 19.23% increase year-on-year [2][3]. - The performance in the second quarter of 2024 exceeded expectations, attributed to the recovery of orders since Q4 2023 and improved operational capabilities, leading to enhanced gross and net profit margins [2][3]. - The report expresses optimism for Q3 2024, citing a low base from the previous year and stable downstream demand, alongside the commencement of shipments from a new factory in Indonesia [2][3]. Financial Summary - The company's revenue for 2022 was 20.569 billion CNY, which decreased to 20.114 billion CNY in 2023, with an expected recovery to 23.889 billion CNY in 2024, reflecting an 18.8% growth rate [3][9]. - The net profit attributable to the parent company was 3.228 billion CNY in 2022, slightly decreasing to 3.200 billion CNY in 2023, with projections of 3.876 billion CNY for 2024, indicating a growth rate of 21.1% [3][9]. - The earnings per share (EPS) are projected to be 3.32 CNY in 2024, 3.83 CNY in 2025, and 4.38 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 18.36, 15.92, and 13.92 respectively [3][9].
华利集团：24Q2业绩超预期，看好24Q3业绩环比加速