裕元集团：制造高景气驱动集团营收增长，鞋履出货量增长近17%-20250313

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has experienced revenue growth driven by a high manufacturing environment, with footwear shipment volume increasing nearly 17% [5][7] - For FY24, the company achieved revenue of $8.182 billion, a year-on-year increase of 3.7$1.993 billion, reflecting a 3.5% increase year-on-year, and the net profit attributable to shareholders was $392 million, up 42.8$8.674 billion, $9.131 billion, and$9.541 billion respectively, with corresponding net profits of $501 million,$571 million, and $604 million [6][8] - The company’s earnings per share (EPS) are projected to be$0.31, $0.36, and$0.38 for FY25, FY26, and FY27 respectively [6][8] - The return on equity (ROE) is expected to improve from 8.84% in FY25 to 10.36% in FY27 [6][8] Manufacturing Business Insights - The manufacturing segment reported a revenue of $5.621 billion for FY24, with a gross margin of 19.9%, an increase of 0.7 percentage points year-on-year [7] - Footwear shipment volume reached 255 million pairs, a year-on-year increase of 16.9%, with capacity utilization rising to 93%, the highest since FY21 [7] - The company’s footwear shipments from Indonesia increased by 28.6%, contributing to 54% of total shipments, benefiting from lower labor costs [7] Retail Business Insights - The retail segment saw a revenue decline of 8.0% (in RMB terms) for FY24, but the gross margin improved to 34.2%, up 0.5 percentage points year-on-year [7] - The company is diversifying its brand portfolio by increasing investments in emerging sports brands and aims to restore growth in its retail business [7]