Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Insights - The company reported a revenue of 17.511 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.39%. The net profit attributable to shareholders was 2.843 billion yuan, up 24.32% year-on-year. In Q3 2024, revenue reached 6.04 billion yuan, with a year-on-year growth of 18.5%, and net profit was 960 million yuan, reflecting a 16.1% increase year-on-year [2]. - The growth in sales volume is driven by an increase in customer orders, with a total of 163 million pairs of athletic shoes sold in the first three quarters, marking a 20.36% year-on-year increase. The average selling price (ASP) for Q3 was 109.8 yuan, slightly down by 4.35% year-on-year due to order structure adjustments [2]. - The company is expanding its production capacity with three new factories (two in Vietnam and one in Indonesia) now operational, and plans to convert an existing material factory into a finished shoe factory by the end of the year. This expansion is expected to accelerate production capacity to meet strong demand from new brand clients [2]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 20.114 billion yuan, with a growth rate of -2.2%. For 2024, revenue is expected to reach 24.028 billion yuan, reflecting a growth rate of 19.5%. The net profit for 2024 is forecasted at 3.887 billion yuan, with a growth rate of 21.5% [3]. Profitability - The gross margin for Q3 2024 was 27.01%, a year-on-year increase of 0.54 percentage points. The net profit margin for Q3 was 15.98%, down 0.33 percentage points year-on-year, primarily due to increased tax expenses [2]. Future Outlook - The company is expected to maintain a high level of profitability in the short term, supported by inventory replenishment from existing clients and growth from new clients. Over the next 2-3 years, capital expenditures are anticipated to increase to support order growth, with a projected net profit of 3.89 billion yuan in 2024, 4.48 billion yuan in 2025, and 5.19 billion yuan in 2026 [2][3].
华利集团：24Q3财报点评：量增驱动稳健增长，积极扩产、期待新客放量