Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved significant growth in both revenue and net profit in the first half of 2024, with revenue reaching 11.472 billion yuan, a year-on-year increase of 24.54%, and net profit of 1.878 billion yuan, up 29.04% [3][4]. - The company is benefiting from the recovery of orders and the expansion of production capacity, with new factories in Vietnam and Indonesia contributing to increased output [2][6]. Summary by Sections Financial Performance - In 2024H1, the company reported revenue of 11.472 billion yuan, a 24.54% increase year-on-year, and a net profit of 1.878 billion yuan, reflecting a 29.04% growth [3][4]. - The gross profit margin improved to 28.2%, up 3.6 percentage points year-on-year, with a net profit margin of 16.4%, an increase of 0.6 percentage points [5]. Production Capacity - The company's total production capacity reached 10.876 million pairs, a 4.7% increase year-on-year, with a production volume of 10.585 million pairs, up 18.4% [2]. - The capacity utilization rate improved to 97.32%, an increase of 11.33 percentage points year-on-year, driven by the recovery of orders and new customer collaborations [2]. Market Performance - The company experienced strong sales in the U.S., with revenue growth exceeding 30%, while European sales faced some pressure [4]. - The sales of sports leisure shoes, outdoor boots, and sandals accounted for 89.2%, 5.3%, and 5.3% of total revenue, respectively [4]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 3.30, 3.85, and 4.43 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 19.6, 16.8, and 14.6 [6].
华利集团：2024H1盈利水平表现优异，新品牌客户合作持续推进