Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's overall performance is stable, with a 24% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024. Revenue reached 17.511 billion yuan, up 22.39% year-on-year, and net profit was 2.843 billion yuan, up 24.32% year-on-year. In Q3 2024, revenue was 6.039 billion yuan, an 18.50% increase year-on-year, and net profit was 0.965 billion yuan, a 16.07% increase year-on-year [2][3] - The sales volume of sports shoes reached 163 million pairs in the first three quarters of 2024, a 20.36% increase year-on-year, indicating a strong sales momentum that drives revenue and profit growth [2][3] - The company is expected to benefit from industry recovery, expansion, and structural changes in customer demand, leading to an increase in average selling price (ASP) and overall performance growth [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 16.24%, which is a 0.33 percentage point increase from the end of 2023, although it decreased by 0.13 percentage points compared to the first half of 2024 due to increased management expenses [2] - The company forecasts revenue growth from 20.114 billion yuan in 2023 to 23.884 billion yuan in 2024, representing an 18.74% year-on-year increase. Net profit is expected to grow from 3.200 billion yuan in 2023 to 3.891 billion yuan in 2024, a 21.58% increase [4][6] - The projected earnings per share (EPS) for 2024 is 3.33 yuan, with a price-to-earnings (P/E) ratio of 20.75 [4][6] Order Growth and Client Structure - Future order growth is anticipated to come from the end of the destocking cycle in the industry, increased demand from strong brands, and the expansion of new clients. The company has already announced the production of two new footwear manufacturing plants in Q1 2024, which will help meet the demand from new clients [3] - The structural adjustment of the customer base is expected to drive an increase in ASP for the company's OEM footwear products, contributing to performance growth [3]
华利集团：24Q3业绩整体平稳，销量维持高增长