Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at HKD 13.28, expecting a relative return of over 20% within the next six months [6][14]. Core Insights - The company reported a revenue of USD 8.2 billion for FY24, reflecting a 4% year-on-year increase. Manufacturing revenue was USD 5.6 billion, up 11%, while retail revenue was RMB 18.5 billion, down 8% [1][2]. - The gross profit margin stood at 24.4%, with manufacturing gross margin at 19.9%, an increase of 0.7 percentage points, driven by strong demand for footwear orders and improved production efficiency [1]. - The company aims to leverage the "athleisure" trend and enhance its manufacturing capabilities through automation and R&D, focusing on sustainable growth in regions like Indonesia and India [3]. Financial Performance - The net profit attributable to shareholders was USD 390 million, a significant increase of 43% year-on-year [2]. - The footwear shipment volume reached 255 million pairs, marking a 17% increase, with Indonesia accounting for 54% of shipments, up 29% [2]. - The average selling price (ASP) was USD 20.3, down 5% [2]. Future Outlook - The company plans to balance volume and price for sustainable growth, while enhancing operational resilience and efficiency through rigorous cost management [3]. - The revenue forecasts for FY25, FY26, and FY27 are projected at USD 8.7 billion, USD 9.3 billion, and USD 10.0 billion, respectively, with net profits expected to be USD 500 million, USD 550 million, and USD 620 million [5].
裕元集团：展望2025机遇挑战并存-20250316