Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company is expected to achieve a revenue of 240.06 billion yuan in 2024, representing a year-on-year growth of 19.4%, with a net profit of 38.41 billion yuan, up 20.01% year-on-year [5] - The company is actively expanding its production capacity, with a significant increase in order volume and new customer acquisition, entering a new expansion cycle [6] - The company has started a collaboration with Adidas in 2024, which is expected to contribute to stable order growth in 2025 [6] - The net profit margin is projected to remain high, with estimates of 16.0% for 2024 and 15.4% for Q4 2024, despite a slight decline due to capacity expansion [7] - The company is expected to achieve net profits of 44.6 billion yuan and 51.7 billion yuan in 2025 and 2026, respectively, with corresponding P/E ratios of 17x and 15x [7] Financial Overview - The latest closing price of the company's stock is 64.61 yuan, with a total market capitalization of 754 billion yuan [4] - The company reported a total revenue of 20.11 billion yuan in 2023, with projections of 24.00 billion yuan in 2024, 27.67 billion yuan in 2025, and 31.89 billion yuan in 2026, indicating a growth rate of 19.35% in 2024 [10] - The company's net profit for 2023 was 3.20 billion yuan, with forecasts of 3.84 billion yuan in 2024, 4.46 billion yuan in 2025, and 5.17 billion yuan in 2026, reflecting a growth rate of 20.03% in 2024 [10] - The company's asset-liability ratio is 22.3%, indicating a strong financial position [4]
华利集团：积极扩充产能，订单量保持快速增长-20250314