Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a year-on-year revenue increase of 22.39% to 175.11 billion yuan and a net profit increase of 24.32% to 28.43 billion yuan [1] - The growth in sales volume is attributed to the recovery of orders from sports brands and the ongoing progress in new customer collaborations [1] - The company is expected to maintain its previous profit forecasts, with anticipated net profits for 2024-2026 at 38.6 billion, 44.5 billion, and 50.3 billion yuan respectively [1] Financial Performance Summary - Revenue (in million yuan): - 2022: 20,569 - 2023: 20,114 - 2024E: 24,016 - 2025E: 27,234 - 2026E: 30,638 - Year-on-year growth rates: - 2022: 18% - 2023: -2% - 2024E: 19% - 2025E: 13% - 2026E: 13% [1] - Net profit (in million yuan): - 2022: 3,228 - 2023: 3,200 - 2024E: 3,859 - 2025E: 4,446 - 2026E: 5,032 - Year-on-year growth rates: - 2022: 17% - 2023: -1% - 2024E: 21% - 2025E: 15% - 2026E: 13% [1] - Earnings per share (in yuan): - 2022: 2.77 - 2023: 2.74 - 2024E: 3.31 - 2025E: 3.81 - 2026E: 4.31 [1] Operational Efficiency - The company achieved a gross margin of 27.81% and a net profit margin of 16.24% in Q3 2024, with a year-on-year increase in gross margin of 2.54 percentage points [1] - The operating cash flow for the first three quarters was 42.51 billion yuan, with a significant year-on-year increase [2]
华利集团24Q3点评：业绩靓丽符合预期，期待新客户放量