Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 81.40 CNY, up from the previous 74.33 CNY [6][5]. Core Insights - Q3 revenue met expectations, with a year-on-year growth of 18.5%, reaching 6.04 billion CNY, while net profit attributable to shareholders grew by 16.1% to 960 million CNY [5][6]. - The company is positioned as a global leader in athletic shoe manufacturing, with strong growth potential and certainty in performance, supported by optimistic order outlooks and active expansion plans [5][6]. Summary by Sections Financial Performance - Q3 gross margin was 27.0%, a slight increase of 0.5 percentage points year-on-year, while net profit margin was 16.0%, down 0.3 percentage points year-on-year [5]. - The company adjusted its EPS forecasts for 2024-2026 to 3.28, 3.88, and 4.54 CNY respectively, down from previous estimates [5]. Demand Side - Most clients showed strong performance, with Adidas expected to have significant potential, confirming revenue in Q3, although the amount was still small [5]. - The company anticipates becoming a top-tier supplier for Adidas, given the competitive landscape among suppliers [5]. Supply Side - The next two years are projected to be significant for production, with a new factory in Vietnam set to commence operations by the end of September 2024 [5]. - The company plans to launch over five new factories in 2025-2026, primarily in Indonesia, indicating a strong willingness to increase production capacity [5].
华利集团：2024年三季报点评：Q3收入符合预期，客户多点发力引领行业