Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company is optimistic about its performance in 2025, with a projected revenue growth of 15% year-on-year, up from a previous estimate of 12% [1]. - The company has a diverse client base, primarily consisting of publicly listed companies, which supports stable order growth [3]. - The company is actively expanding its client base and production capacity, with plans to establish several new factories in Indonesia and Vietnam over the next 3-5 years [4]. Financial Performance - For FY25Q3, the company reported revenues of $1.8 billion, a 17% increase year-on-year, with Hoka contributing $500 million (up 24%) and UGG contributing $1.2 billion (up 16%) [1]. - The operating profit for the same period was $570 million, reflecting a 16% increase year-on-year, and earnings per share (EPS) reached $3, up 19% [1]. - The company forecasts EPS of $5.75 to $5.80 for FY25, an increase from the previous estimate of $5.20 to $5.30 [1]. Revenue and Growth Projections - The company expects revenues for 2024 to be approximately 24 billion yuan, with a growth rate of 19.36%, and for 2025, revenues are projected to reach 27.6 billion yuan, with a growth rate of 15.10% [6][11]. - The net profit for 2025 is estimated at 4.43 billion yuan, with a growth rate of 14.07% [6][11]. Market Position and Strategy - The company benefits from a strong competitive position within its supply chain, ensuring order share even from clients experiencing temporary revenue declines [3]. - The company is focused on maintaining production flexibility through workforce management and overtime adjustments based on order demand [4].
华利集团：Deckers上调全年指引，乐观预期2025年订单-20250218