Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Views - The company has reported strong earnings with a significant increase in manufacturing revenue in October, continuing a high growth trend [1]. - The company is the largest manufacturer of sports, leisure, and outdoor footwear globally, with a diverse client portfolio and production bases [1]. - The report indicates an upward adjustment in profit forecasts due to continued growth in manufacturing revenue and a positive turnaround in retail business [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.1 billion USD, a year-on-year increase of 1.5%, with an operating profit margin (OPM) of 6.6%, up by 2.7 percentage points [1]. - The net profit attributable to shareholders reached 330 million USD, a substantial increase of 141% [1]. - Manufacturing revenue for the same period was 4.1 billion USD, reflecting a 9% year-on-year growth, with a gross margin of 19.6%, up by 1.6 percentage points [1]. Production and Sales - The company shipped 187 million pairs of footwear in the first three quarters of 2024, marking a 16.2% increase year-on-year [1]. - The production capacity utilization rate was reported at 92%, an increase of 16 percentage points [1]. - In October 2024, manufacturing revenue grew by 21.3% year-on-year, contributing to a cumulative increase of 10.2% for the year [1]. Future Projections - The company expects revenues for FY24-26 to be 8.65 billion USD, 9.65 billion USD, and 10.94 billion USD respectively, with net profits projected at 460 million USD, 540 million USD, and 620 million USD [1]. - The earnings per share (EPS) are forecasted to be 0.28 USD, 0.33 USD, and 0.38 USD for the respective years [1].
裕元集团：盈利靓丽，10月制造延续高增