Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 96.57 CNY based on a 29x PE valuation for 2024 [2][3][6] Core Insights - The company reported a revenue of 17.51 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 2.84 billion CNY, up 24.3% year-on-year [1][2] - In Q3 2024, the company achieved a revenue growth of 18.5% and a net profit growth of 16.1% year-on-year [1] - The sales volume in Q3 2024 was 5.5 million pairs, a 22.2% increase year-on-year, while the average selling price decreased by 3% to 109.8 CNY, attributed to factors such as exchange rate fluctuations and adjustments in customer and product mix [1] - The gross margin in Q3 2024 increased by 0.5 percentage points year-on-year, although it decreased by 1.1 percentage points quarter-on-quarter due to factors like factory capacity ramp-up and the appreciation of the Vietnamese Dong [1] - The report anticipates continued capacity expansion over the next 2-3 years to meet strong mid-term order demand, with closer cooperation with existing clients and accelerating progress with new clients [1] Financial Summary - The company’s revenue for 2024 is projected to be 24.09 billion CNY, with a year-on-year growth of 19.8% [2][6] - The net profit attributable to the parent company is expected to reach 3.89 billion CNY in 2025, reflecting a growth of 16.9% [2][6] - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 3.33 CNY, 3.89 CNY, and 4.48 CNY respectively [2][6] - The gross margin is expected to improve to 27.6% in 2024 and further to 28.0% by 2026 [2][6]
华利集团：业绩保持较快成长，期待新客户持续放量