Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to maintain a solid performance in 2025, with revenue and net profit projected to grow by approximately 20% year-on-year in 2024, and around 15% in 2025 due to successful new customer collaborations and accelerated capacity expansion [1][2][8] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are anticipated to drive significant order growth in the coming years [2][8] Summary by Sections Financial Performance - Estimated revenue for 2024 is projected at 24.0 billion yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27.6 billion yuan, reflecting a growth rate of 14.8% [10] - The net profit for 2024 is estimated at 3.9 billion yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4.5 billion yuan, indicating a growth rate of 16.0% [10] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia. The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026 [7][10] - The production capacity utilization rate has improved significantly, reaching 97.3% in the first half of 2024, indicating strong demand recovery in the apparel manufacturing sector [10] Customer Collaboration - The company has successfully onboarded new clients, including Adidas, which is expected to contribute to a robust revenue growth trajectory. The estimated compound annual growth rate (CAGR) for revenue from 2025 to 2026 is projected to be around 15% [2][8] - Orders from key clients such as Adidas, On, and New Balance are expected to see strong growth, while Nike's orders are anticipated to remain stable [2][8] Market Position - The company is recognized as a leading global manufacturer of athletic footwear, with a strong market presence and continuous growth in market share over the past few years [8]
华利集团：客户合作顺利推进，海外产能加速扩张，期待业绩稳健释放-20250227