Investment Rating - The investment rating for the company is "Buy" with a maintained rating over the next six months [1]. Core Views - The company has shown a positive growth trend in its manufacturing business, with a year-on-year revenue increase of 17% in November 2024 and a cumulative increase of 10.9% [1]. - The overall revenue for the listed companies in November 2024 reached 680 million USD, reflecting a year-on-year growth of 7.5% and a cumulative growth of 3.4% [1]. - The company is optimistic about the long-term prospects of the sports industry and aims to diversify its manufacturing capacity [1]. - The company maintains a strong focus on shareholder returns, with a dividend payout ratio of approximately 70% in 2023 and a mid-year dividend of 0.40 HKD in 2024 [1]. Summary by Sections Financial Performance - Projected revenues for FY24-26 are 8.65 billion USD, 9.65 billion USD, and 10.94 billion USD respectively, with corresponding net profits of 460 million USD, 540 million USD, and 620 million USD [2]. - Earnings per share (EPS) are expected to be 0.28 USD, 0.33 USD, and 0.38 USD for FY24, FY25, and FY26 respectively, with price-to-earnings (PE) ratios of 8x, 7x, and 6x [2]. Market Position - The company is positioned to capture excess growth opportunities in a relatively stable market, benefiting from a strong customer base and improved supply chain capabilities [1]. - The company’s strategy includes targeting labor supply and infrastructure in Indonesia and India to support sustainable growth [1].
裕元集团：11月制造延续积极增长