纺织服装业：从来亿招股书看华利集团竞争优势

Industry Investment Rating - The report maintains an "Overweight" rating for the footwear manufacturing industry, specifically highlighting Huili Group as a key player with superior growth potential [2] Core Views - The footwear manufacturing industry is highly competitive, with Huili Group and Laiyi Group leading in performance in 2024 [2] - Short-term growth is driven by the recovery of downstream inventory, with leading manufacturers like Huili and Laiyi showing strong order recovery trends [3] - Long-term, Huili Group is expected to outperform due to its superior management capabilities and growth potential, despite competition from Laiyi [3] Footwear Manufacturing Industry Overview - The global footwear manufacturing industry is dominated by key players such as Yue Yuen, Huili Group, Fengtai Enterprise, and Laiyi Group [6] - From 2018 to 2023, Huili Group achieved a revenue CAGR of 10%, while Laiyi Group achieved a CAGR of 6% from 2019 to 2023 [3] - In 2024, Laiyi Group reported a 35% revenue growth from January to August, while Huili Group reported a 24.5% revenue growth in the first half of the year [3] Laiyi Group Analysis - Laiyi Group is a global footwear manufacturing newcomer, with strong partnerships with international brands such as Adidas, Converse, and Hoka [3] - Adidas accounts for nearly 60% of Laiyi's revenue, with the company producing popular shoe models like Adidas Samba and Hoka Bondi 7 [3] - Laiyi's production capacity is primarily located in Vietnam, China, Indonesia, and Myanmar, with a total capacity of 100 million pairs and sales of 70 million pairs in 2023 [3] Huili Group vs Laiyi Group - Short-term: Laiyi's revenue growth is leading the industry, driven by strong sales performance from Adidas and Hoka [3] - Long-term: Huili Group has more room for growth with existing clients like Nike and potential new clients such as Adidas, On, and Asics [3] - Huili Group demonstrates superior management capabilities, with higher profit margins and per capita output compared to Laiyi [32][34] Huili Group's Competitive Advantages - Huili Group's management capabilities are a key competitive advantage, reflected in its higher profit margins and per capita output [32][34] - Huili Group has significant growth potential with Nike, where it currently holds a single-digit market share, and is expanding its client base with brands like Adidas, On, and Asics [35][37] Investment Recommendation - The report recommends Huili Group for its strong management capabilities and growth potential, despite competition from Laiyi Group [38]