Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 17.511 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.39%, with a net profit attributable to shareholders of 2.843 billion yuan, up 24.32% year-on-year [2] - In Q3 2024, revenue growth slightly slowed down compared to previous quarters, attributed to a decrease in replenishment orders from downstream customers and a slight appreciation of the RMB affecting net profit growth [2][3] - The company is a leading global manufacturer of sports shoes, with ongoing growth driven by replenishment orders and new customer orders [4] Financial Performance - For the first three quarters of 2024, the company sold 163 million pairs of shoes, a year-on-year increase of 20.36%, with an average selling price (ASP) of approximately 107 yuan per pair, up 1.7% year-on-year [3] - The gross profit margin for Q3 was 27.01%, a historical high for the period, despite a slight decrease from previous quarters due to currency fluctuations and new factory operations [4] - The company has built two new finished shoe factories in Vietnam and one in Indonesia, with plans for additional capacity to meet order demands [4] Earnings Forecast and Valuation - The company forecasts net profits of 3.88 billion yuan, 4.51 billion yuan, and 5.11 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 21, 18, and 16 times [4]
华利集团：2024年三季报点评：业绩增长符合预期，供需双旺，看好增长持续性