Investment Rating - The report maintains a "Buy-A" rating for the company [5] Core Views - The company has shown stable revenue growth due to the recovery of orders from sports brands, continuous progress in new customer collaborations, and a steady increase in market share with major clients [3][4] - For the first three quarters of 2024, the company achieved a revenue of 17.511 billion yuan, representing a year-on-year growth of 22.39%, and a net profit attributable to the parent company of 2.843 billion yuan, up 24.32% year-on-year [3][4] Financial Performance Summary - Revenue for Q1-Q3 2024 was 17.511 billion yuan, with quarterly revenues of 4.765 billion, 6.707 billion, and 6.039 billion yuan, showing year-on-year growth rates of 30.15%, 20.83%, and 18.50% respectively [1][3] - The company sold 163 million pairs of shoes in the same period, a year-on-year increase of 20.36%, with an average selling price of approximately 107 yuan per pair, up 2.1% year-on-year [1] - The gross profit margin for Q1-Q3 2024 increased by 2.5 percentage points to 27.8%, with quarterly margins of 28.4%, 28.1%, and 27.0% [2] - The net profit margin for Q1-Q3 2024 was 16.2%, an increase of 0.3 percentage points year-on-year, although Q3 saw a slight decline of 0.3 percentage points [2] - The company’s operating cash flow for Q1-Q3 2024 was 4.251 billion yuan, reflecting a year-on-year growth of 31.55% [2] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 3.34, 3.91, and 4.50 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20.7, 17.7, and 15.4 based on the closing price of 69.33 yuan on October 28 [3][4]
华利集团：2024Q3营收业绩延续良好增长，新品牌客户合作持续推进