Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company has demonstrated high-quality growth in Q3 2024, with a focus on expanding new customer relationships [1][3] - The company reported a revenue of 175.1 billion yuan and a net profit of 28.4 billion yuan for the first three quarters of 2024, representing year-on-year increases of 22.39% and 24.32% respectively [3][4] - The Q3 2024 revenue and net profit were 60.4 billion yuan and 9.6 billion yuan, showing year-on-year growth of 18.5% and 16.07% respectively [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 27.81%, up 2.5 percentage points year-on-year, and a net margin of 16.2%, up 0.3 percentage points year-on-year [3][4] - The operating cash flow for the first three quarters of 2024 was 42.51 billion yuan, an increase of 31.6% year-on-year [3][4] Sales and Market Demand - The company sold 163 million pairs of sports shoes from January to September 2024, a year-on-year increase of 20.36%, with Q3 sales reaching 55 million pairs, up 22.2% year-on-year [4] - The average selling price of sports shoes for the first three quarters of 2024 was approximately 107.4 yuan per pair, a year-on-year increase of 2.1% [4] Future Projections - Revenue projections for 2024-2026 are 239.4 billion yuan, 275.5 billion yuan, and 312.7 billion yuan, with year-on-year growth rates of 19%, 15%, and 13% respectively [3][7] - Net profit forecasts for the same period are 38.8 billion yuan, 44.8 billion yuan, and 51.1 billion yuan, with year-on-year growth rates of 21%, 15%, and 14% respectively [3][7]
华利集团：2024Q3业绩点评：Q3业绩高质量增长，看好新客户拓展