Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][11]. Core Views - The company's 2024 performance report shows revenue of 24 billion yuan, a year-on-year increase of 19.35%, and a net profit of 3.84 billion yuan, up 20% [4]. - The company is expected to benefit from new orders from Adidas, which began production in September 2024, contributing to revenue growth [6]. - The report highlights the company's stable partnerships with major brands like Nike and Converse, alongside successful new customer acquisition [6]. Summary by Sections Financial Performance - The company reported a net profit margin of 16.0% for 2024, with a proposed dividend of 20 yuan per 10 shares, resulting in a dividend payout ratio of 61% [4][5]. - In Q4 2024, revenue was 6.5 billion yuan, reflecting an 11.9% increase, while the net profit was 1 billion yuan, a 9.3% increase [5]. Market Position and Expansion - The company is expanding its production capacity with four new factories launched in 2024, including three in Vietnam and one in Indonesia [6]. - The report anticipates that the new factory in China and the new site in Indonesia will begin production in early 2025, aligning with order growth [6]. Profitability Forecast - The projected net profits for 2024, 2025, and 2026 are 3.84 billion yuan, 4.43 billion yuan, and 5.17 billion yuan, respectively, with corresponding PE ratios of 20, 17, and 15 [7][8]. - The company is expected to maintain steady growth driven by a combination of stable existing customers and rapid growth from new clients [7].
华利集团：24年业绩快报点评：业绩符合预期，期待Adidas订单新增量-20250314