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 expectations of strong order growth and inventory replenishment needs, particularly for UGG products [1][3]. - The company has a diverse client base, primarily consisting of publicly listed companies, which supports stable revenue growth [3]. - The company is actively expanding its client base and production capacity, with new factories planned in Indonesia and Vietnam [4]. Financial Performance Summary - For FY25Q3, the company reported revenues of $1.8 billion, a year-on-year increase of 17%, 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) were $3, up 19% [1]. - The company has adjusted its FY25 revenue growth forecast to 15% (previously 12%), with Hoka expected to grow by 24% and UGG by 10% [1]. Financial Data and Valuation - The projected EPS for 2024, 2025, and 2026 are 3.3, 3.8, and 4.2 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20x, 18x, and 16x [5]. - The company's revenue is expected to grow from 24 billion yuan in 2024 to 31 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.3% [6][11]. - The gross profit margin is projected to be 27.20% in 2024, slightly decreasing to 26.75% in 2025 and remaining stable thereafter [12].
华利集团：Deckers上调全年指引，乐观预期2025年订单-20250219