Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][22]. Core Views - The company is experiencing a recovery in demand, coupled with strong competitive advantages, indicating good future business growth potential. Most international brands have seen rapid sales growth this year, and the company is actively expanding its customer base, resulting in a favorable order situation. On the supply side, the company is expanding production capacity and accelerating automation investments to enhance capacity upgrades [4][5][22]. - The company has a solid order reserve, with plans for capacity expansion and upgrades that enhance competitiveness. The company has already put into operation three finished shoe factories and one shoe material factory in 2024, with plans to establish several new factories in Indonesia and Vietnam over the next 3-5 years [4][19][20]. Summary by Relevant Sections Demand Side - The company is actively developing new customers, and the order situation is good. Most international brands have seen rapid sales growth this year, and the company has successfully started mass production for new customers. The performance guidance from various clients indicates that most are maintaining growth [4][22]. Supply Side - The company is actively expanding production capacity. In 2024, three finished shoe factories and one shoe material factory have been put into operation. The capacity growth plan is aligned with the growth plans of existing customers and the cooperation progress with new clients. The company has a training school and a comprehensive training system to meet recruitment needs [4][19][20]. Financial Forecast - The company is expected to achieve net profits of 3.904 billion, 4.428 billion, and 5.025 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 22.0%, 13.4%, and 13.5%. The reasonable valuation range is maintained at 73.1 to 79.5 yuan, corresponding to a PE ratio of 22-24x for 2024 [4][22][25].
华利集团：客户订单储备充足，产能扩张与升级增强竞争力