Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 175.11 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.39%. The net profit attributable to shareholders was 28.43 billion yuan, up 24.32% year-on-year [2]. - The company is recognized as a leading global manufacturer of sports shoes, with long-term growth prospects driven by strong customer resources, outstanding R&D capabilities, and continuous capacity expansion [2][3]. - The company is expected to achieve revenues of 238.85 billion yuan, 275.33 billion yuan, and 314.35 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 38.85 billion yuan, 45.20 billion yuan, and 52.11 billion yuan [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 60.39 billion yuan, a year-on-year increase of 18.50%, and a net profit of 9.65 billion yuan, up 16.07% year-on-year [2]. - The gross margin for Q1-Q3 2024 was 27.81%, an increase of 2.54 percentage points year-on-year, while the net profit margin remained stable at 16.24% [2]. - The company sold 163 million pairs of sports shoes in the first nine months of 2024, reflecting a year-on-year increase of 20.36% [2]. Financial Forecasts - The projected revenues for the company are as follows: 23,885 million yuan in 2024, 27,533 million yuan in 2025, and 31,435 million yuan in 2026, with growth rates of 18.8%, 15.3%, and 14.2%, respectively [3][5]. - The net profit attributable to shareholders is forecasted to be 3,885 million yuan in 2024, 4,520 million yuan in 2025, and 5,211 million yuan in 2026, with growth rates of 21.4%, 16.3%, and 15.3%, respectively [3][5]. Capacity Expansion and Management - The company is actively expanding its production capacity, with plans to build new factories in Indonesia and expand existing facilities in Vietnam [2]. - The company has established a robust internal management system, leading to improved operational efficiency and factory productivity [2].
华利集团：2024年三季报点评：24Q3收入同比+19%，产能扩张&订单成长值得期待