Investment Rating - The report maintains a "Buy" rating for the company [1][4][12] Core Views - The company achieved a revenue of 24.006 billion RMB in 2024, representing a year-on-year growth of 19.35%. The net profit attributable to shareholders was 3.841 billion RMB, up 20.01% year-on-year [1] - The company is expanding its production capacity with new factories in Vietnam and Indonesia, which is expected to meet customer demand and diversify order options [2] - The company has established new partnerships with clients like Adidas, which is anticipated to contribute positively to future orders [3] Performance Summary - In Q4 2024, the company reported a revenue of 6.495 billion RMB, a year-on-year increase of 11.87%, and a net profit of 999 million RMB, up 9.20% year-on-year [1] - The company sold 223 million pairs of athletic shoes in 2024, marking a 17.53% increase year-on-year [2] - The net profit margin for Q4 2024 was 15.36%, a slight decrease of 0.38 percentage points compared to the previous year [2] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 3.841 billion RMB, 4.423 billion RMB, and 5.074 billion RMB, respectively, with corresponding P/E ratios of 24, 21, and 18 [4] - The company is expected to maintain a stable growth trajectory due to its strong client base and cost control capabilities [4] Client Trends - Adidas reported a revenue of 5.965 billion euros in Q4 2024, reflecting a year-on-year growth of 23.99%, indicating a positive trend in the company's client base [3] - The company is expected to benefit from the strong performance of its new clients, including On, which achieved a 36% revenue growth in Q4 2024 [3]
华利集团：Q4符合预期，期待25阿迪订单放量-20250313