Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance and dividend yield [4][5]. Core Views - The company reported a revenue increase of 1.5% year-on-year to $6.08 billion for the first nine months of 2024, with a significant net profit increase of 140.9% to $330 million [4][5]. - The manufacturing segment showed strong performance with a 23.1% year-on-year revenue growth in Q3, reaching $1.5 billion, and a net profit increase of 171.2% to $150 million [4][5]. - The company has raised its full-year shipment guidance to a mid-to-high double-digit growth, reflecting strong order fulfillment and production capacity utilization [5]. Financial Summary - Key Financial Metrics: - Total revenue for 2023 is projected at $7.89 billion, with a forecasted growth of 2.4% in 2024, 5.0% in 2025, and 5.1% in 2026 [5][8]. - Net profit for 2023 is estimated at $275 million, with significant growth expected in the following years: $441 million in 2024, $493 million in 2025, and $547 million in 2026 [5][8]. - Gross margin is expected to improve gradually from 24.4% in 2023 to 24.9% by 2026 [5][8]. - Operational Performance: - Q3 saw a 29.5% increase in shipment volume, totaling approximately 66 million pairs, with a capacity utilization rate improving to 95% [4][5]. - The company has effectively managed costs, with SG&A expenses decreasing by 1.4 percentage points to 10.1% in Q3 [4][5]. - Future Outlook: - The company anticipates continued strong performance into Q4, with expectations for further improvements in capacity utilization and profit margins [5]. - Projected earnings per share (EPS) are expected to rise from $0.17 in 2023 to $0.34 by 2026 [5][8].
裕元集团：淡季不淡，2025年展望乐观