Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company has shown a steady growth in manufacturing revenue, with a year-on-year increase of 13.5% in December 2024 and an expected annual growth of 11.1% [1]. - The overall revenue for the listed company in December was USD 680 million, reflecting a 6.9% year-on-year increase, with an annual revenue of USD 8.182 billion, up 3.7% [1]. - The company is optimistic about the 2025 market performance, leveraging a multi-client strategy to mitigate retail and cyclical risks, benefiting from the industry’s "Matthew Effect" which favors leading supply chains [1][2]. - The company is focused on enhancing operational efficiency through cost and expense management, which is expected to support stable growth in overall profitability [2]. Summary by Sections Manufacturing Business - The manufacturing business is projected to see a significant increase in demand for footwear products in 2024, with steady growth in new production capacity [2]. - The company is committed to improving the efficiency of its operations and enhancing the sales conversion rate of its direct-operated stores [2]. Financial Projections - The revenue forecasts for FY24-26 are adjusted to USD 8.18 billion, USD 9.11 billion, and USD 10.33 billion respectively, with net profits projected at USD 430 million, USD 500 million, and USD 580 million [4]. - The earnings per share (EPS) estimates are revised to USD 0.27, USD 0.31, and USD 0.36 for FY24-26 [4]. Retail Strategy - The company is focusing on a multi-channel retail strategy and digital transformation to create a personalized and seamless shopping experience for customers [3]. - Collaboration with brand partners is emphasized to provide high-value products and innovative services [3].
裕元集团：12月成长延续稳健，25年表现可期