Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15 HKD, indicating a positive outlook for the stock [1]. Core Insights - The company reported a revenue of 660 million USD in September 2024, representing a year-on-year increase of 9.7%, with cumulative revenue reaching 6.1 billion USD, up 1.5% year-on-year [1]. - The manufacturing segment showed significant growth, with monthly revenue increasing by 26.7% year-on-year and cumulative revenue up by 9% [1]. - The report highlights a strong operational signal from the monthly data, suggesting positive order performance and an optimistic view for Q4 2024, as the company recovers from previous pandemic impacts and inventory adjustments [1]. - Adidas has raised its full-year revenue guidance to 10% growth, which is expected to positively impact the company's order expectations as a key supplier [1]. - The company is projected to achieve revenues of 8.65 billion USD, 9.645 billion USD, and 10.935 billion USD for FY24-26, with net profits of 380 million USD, 420 million USD, and 460 million USD respectively [1]. Summary by Sections Revenue Performance - In September 2024, the company achieved a revenue of 660 million USD, a 9.7% increase year-on-year, while cumulative revenue for the first nine months of 2024 was 6.1 billion USD, reflecting a 1.5% increase [1]. - The manufacturing business saw a monthly revenue increase of 26.7% year-on-year and a cumulative increase of 9% [1]. Operational Outlook - The report indicates that the monthly data shows strong operational signals, with expectations for positive order performance and a favorable outlook for Q4 2024 [1]. - The company is expected to benefit from Adidas's raised revenue guidance, which is anticipated to enhance order expectations [1]. Financial Projections - The company is projected to generate revenues of 8.65 billion USD, 9.645 billion USD, and 10.935 billion USD for FY24-26, with corresponding net profits of 380 million USD, 420 million USD, and 460 million USD [1]. - Earnings per share (EPS) are expected to be 0.24 USD, 0.26 USD, and 0.29 USD for the respective years, with price-to-earnings (PE) ratios of 8X, 7X, and 6X [1].
裕元集团：9月制造加速，有望受益Adidas上调指引