Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant increase in sales volume and maintained a high net profit margin, with Q1-Q3 2024 revenue reaching 17.51 billion yuan, a year-on-year increase of 22.4%, and net profit attributable to shareholders at 2.84 billion yuan, up 24.3% year-on-year [1][2] - The company is actively expanding production capacity, planning to establish several factories in Vietnam and Indonesia to enhance output [3] Financial Performance Summary - For Q1-Q3 2024, the company sold 163 million pairs of athletic shoes, a 19.9% increase year-on-year, with an average selling price (ASP) of 107 yuan per pair, up 2.1% [2] - The gross margin for Q1-Q3 2024 was 27.8%, an increase of 2.5 percentage points year-on-year, while the net profit margin rose to 16.24% [2] - The company expects net profits for 2024, 2025, and 2026 to be 3.88 billion yuan, 4.46 billion yuan, and 5.13 billion yuan respectively, corresponding to P/E ratios of 21x, 18x, and 16x [3][4]
华利集团：Q3销量快速增长，净利率保持高位