Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to see revenue growth driven by the collaboration with Adidas, which began mass production in September 2024 [2]. - The company reported a revenue of 24.01 billion with a year-on-year growth of 19.4% for 2024, and a net profit of 3.84 billion, reflecting a 20.0% increase [1]. - The company has diversified its client base, with most clients being publicly listed companies, ensuring a stable growth trajectory [3]. - New factories in Vietnam and Indonesia are expected to enhance production capacity, mitigating geopolitical risks [2]. Financial Performance - Revenue projections for 2024-2026 are adjusted to 240 billion, 269 billion, and 309 billion respectively, with corresponding net profits of 38.4 billion, 43.9 billion, and 50.5 billion [5]. - The earnings per share (EPS) is forecasted to be 3.29, 3.76, and 4.33 for the years 2024, 2025, and 2026 respectively [5]. - The company maintains a stable gross margin trend despite the initial impact of new factory ramp-ups [4]. Financial Data and Valuation - The company reported a revenue of 20,569.27 million in 2022, with a projected increase to 30,919.41 million by 2026 [6]. - The net profit for 2022 was 3,228.02 million, expected to rise to 5,047.45 million by 2026 [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.45 in 2022 to 15.64 in 2026, indicating potential value appreciation [6].
华利集团：2025期待阿迪达斯业务增量-20250314