Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [1]. Core Insights - The company achieved rapid growth in H1 2024, with revenue reaching 11.472 billion yuan, a year-on-year increase of 24.54%, and net profit attributable to shareholders of 1.878 billion yuan, up 29.04% year-on-year [1][2]. - The gross margin improved to 28.23%, an increase of 3.63 percentage points year-on-year, while the net margin rose to 16.37%, up 0.57 percentage points year-on-year [2]. - The company continues to optimize processes and enhance operational capabilities, leading to improved profitability metrics [2]. Financial Performance Summary - Revenue (in million yuan): - 2022A: 20,569 - 2023A: 20,114 - 2024E: 23,683 - 2025E: 27,483 - 2026E: 31,205 - Year-on-year growth rates: - 2022: 17.7% - 2023: -2.2% - 2024E: 17.7% - 2025E: 16.0% - 2026E: 13.5% [1][6]. - Net profit (in million yuan): - 2022A: 3,228 - 2023A: 3,200 - 2024E: 3,873 - 2025E: 4,495 - 2026E: 5,138 [1][6]. - EPS (latest diluted): - 2022A: 2.77 - 2023A: 2.74 - 2024E: 3.32 - 2025E: 3.85 - 2026E: 4.40 [1][6]. Product and Market Performance - The company reported significant growth across various product lines, with revenue from sports casual shoes, outdoor boots, and sandals increasing by 24.00%, 27.16%, and 31.21% respectively [2]. - The U.S. market showed remarkable growth, achieving revenue of 9.930 billion yuan, a year-on-year increase of 30.79% [2]. - The company anticipates continued revenue growth across all product categories due to a stable consumer market for sports shoes and improved inventory levels among sports brands [2]. Future Outlook - The company is positioned as a leading global manufacturer of sports shoes, with expectations for further expansion and cost reduction through increased production capacity and growing customer orders [2]. - EPS forecasts for 2024-2026 are 3.32 yuan, 3.85 yuan, and 4.40 yuan respectively, with corresponding P/E ratios of 19.4X, 16.8X, and 14.7X [2].
华利集团：24H1业绩实现快速增长，盈利能力进一步提升