Investment Rating - The report maintains an "Outperform" rating for the company, expecting a total return exceeding the relevant market benchmark over the next 12-18 months [3][8]. Core Insights - The company achieved a 66% increase in net profit, with a 7.5% year-on-year revenue growth to USD 770 million in the first half of 2024. Gross profit margin improved by 2.7 percentage points to 25.8% [2][8]. - The company plans to return an additional USD 180 million in cash to shareholders over three years through special dividends or buybacks, with a total return rate of 13.7% [3][8]. - The company will be included in the Hang Seng Composite Index and Hong Kong Stock Connect, effective September 9, which is expected to enhance stock liquidity and attention [3][8]. Financial Performance - In the first half of 2024, the company reported a net profit of USD 91.5 million, with a net profit margin of 11.9%, up 4.2 percentage points year-on-year [2][8]. - Shipment volume reached 26.5 million pairs, a 12.3% increase year-on-year, while the average selling price (ASP) decreased by 4.4% to USD 28.3 [2][8]. - The company anticipates net profits of USD 166 million, USD 186 million, and USD 205 million for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 17.4%, 12.1%, and 10.2% [3][8]. Product and Market Strategy - The company is focusing on optimizing its product mix and increasing capacity utilization, particularly in sports and fashion segments, which saw revenue growth of 13% and 10%, respectively [2][8]. - New customer acquisitions in the fashion and luxury segments, including Stuart Weitzman and Miu Miu, contributed to revenue growth [2][8]. - The company plans to expand its manufacturing capacity in Bangladesh and Indonesia, targeting a non-China and non-Vietnam capacity of 25% by 2024 [2][8].
九兴控股：公司半年报点评：发布3年回购和特别股息方案，9月入港股通在即