Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a net profit of 960 million yuan in Q3 2024, representing a year-on-year increase of 16.1% and a quarter-on-quarter acceleration [5] - Revenue for Q3 2024 reached 6.04 billion yuan, up 18.5% year-on-year, with a gross margin of 27.0%, reflecting a 0.5 percentage point increase year-on-year [5] - The company achieved a sales volume of 55 million pairs of sports shoes in Q3 2024, a year-on-year growth of 22.2% [6] Financial Performance Summary - Q3 2024 revenue was 6.04 billion yuan, with a year-on-year growth of 18.5% [5] - The gross margin for Q3 2024 was 27.0%, showing a year-on-year increase of 0.5 percentage points [5] - The net profit margin for Q3 2024 was 16.0%, a slight decrease of 0.3 percentage points year-on-year [5] - The company expects revenues of 23.47 billion, 27.16 billion, and 30.88 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.84 billion, 4.46 billion, and 5.08 billion yuan [7][10] Valuation and Forecast - The company is assigned a PE valuation range of 20-23 times for 2024, corresponding to a fair value range of 65.74 to 75.60 yuan per share [7] - The projected earnings per share (EPS) for 2024 is 3.29 yuan, increasing to 4.36 yuan by 2026 [10] - The net asset return rate is expected to be 22.0% in 2024 and 22.2% in 2025 [10]
华利集团：公司季报点评：24Q3出货量同比+22.2%维持高增