Investment Rating - The investment rating for the company is maintained as "Buy" [1][2]. Core Views - In Q3 2024, the company's sales volume accelerated slightly beyond expectations, with revenue reaching 6.039 billion yuan, a year-on-year increase of 18.5%. The net profit attributable to the parent company was 956 million yuan, up 16.1% year-on-year [2]. - The company is expected to experience a peak in capital expenditure during 2025-2026 to support order growth, with a forecasted net profit of 3.901 billion yuan for 2024, 4.556 billion yuan for 2025, and 5.301 billion yuan for 2026 [2]. - The sales volume for Q1-Q3 2024 was 163 million pairs, reflecting a growth of 20.36%, with an average selling price of 107 yuan, an increase of 1.68% [2]. - The company is actively expanding its production capacity in Vietnam and Indonesia, with new factories expected to significantly increase output [2]. Financial Summary - Revenue (in million yuan): 2022A: 20,569, 2023A: 20,114, 2024E: 24,027, 2025E: 28,142, 2026E: 32,598 [4]. - Net profit (in million yuan): 2022A: 3,228, 2023A: 3,200, 2024E: 3,901, 2025E: 4,556, 2026E: 5,301 [4]. - Gross margin: 2024E: 27.6%, 2025E: 27.3%, 2026E: 27.0% [4]. - Net margin: 2024E: 16.2%, 2025E: 16.2%, 2026E: 16.3% [4]. - P/E ratio: 2024E: 20.7, 2025E: 17.8, 2026E: 15.3 [4]. Operational Insights - The company has seen a steady increase in the proportion of revenue from new and high-potential customers, with non-top five customers accounting for nearly 20% of revenue in H1 2024, up from approximately 15% in H1 2023 [2]. - The inventory level as of Q3 2024 was 3.204 billion yuan, with a turnover period of 63 days, a decrease of 5 days [2]. - The operating cash flow for Q1-Q3 2024 was 4.25 billion yuan, reflecting a growth of 31.55% [2].
华利集团：公司信息更新报告：Q3销量提速略超预期，新客户及高潜力客户顺利推进