Investment Rating - The investment rating for the company is "Buy" [5] - The target price is set at 74.33 CNY, up from the previous forecast of 72.35 CNY [5] Core Insights - The company reported H1 2024 revenue of 11.472 billion CNY, a year-on-year increase of 24.54%, with net profit attributable to shareholders at 1.878 billion CNY, up 29.04% [10] - The company is experiencing strong order growth, with new clients rapidly increasing and a potential partnership with Adidas expected to enhance its market position [10] - The company plans to expand production capacity significantly in 2025 and 2026, reflecting optimistic order forecasts [10] Summary by Sections Financial Performance - H1 2024 revenue was 11.472 billion CNY, with a net profit margin of 16.37%, an increase of 0.57 percentage points year-on-year [10] - Q2 2024 revenue was 6.707 billion CNY, showing a 20.83% year-on-year growth [10] - The company’s EPS forecasts for 2024, 2025, and 2026 are 3.38 CNY, 3.95 CNY, and 4.60 CNY respectively [10][11] Client and Order Dynamics - The top five clients showed significant growth, with the largest client expected to continue stable growth [10] - Revenue from non-top five clients grew over 40% year-on-year, increasing their contribution to 20% of total revenue [10] - The anticipated collaboration with Adidas is expected to bring additional orders and enhance the company's standing in the footwear manufacturing sector [10] Production Capacity and Expansion Plans - The company has launched two new shoe factories in H1 2024, with a capacity utilization rate of 97.3% [10] - Plans for a new factory in Vietnam are set for H2 2024, with continued high capacity utilization expected [10] - The company is entering a capital expenditure phase in 2025/26, with plans to open more than five new factories, indicating strong confidence in future order growth [10]
华利集团2024H1业绩点评：订单景气度较高，扩产计划积极