Investment Rating - The report maintains a "Buy" rating for the company, Huali Group (300979) [1][7][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][5] - The company is expected to benefit from new orders from Adidas, which began production in September 2024, contributing to revenue growth [6][7] - The report highlights the company's stable partnerships with major brands like Nike and Converse, while also expanding its customer base [6][7] Summary by Sections Financial Performance - The company reported a net profit margin of 16.0%, with a dividend proposal of 20 yuan per 10 shares, resulting in a 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, up 9.3% [5] Market Position and Expansion - The company has successfully expanded its production capacity with four new factories launched in 2024, including three in Vietnam and one in Indonesia [6] - The new factories are expected to enhance production efficiency and meet increasing order demands, particularly from new clients like Adidas [6][7] Profit 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 [8]
华利集团（300979）：24年业绩快报点评：业绩符合预期，期待Adidas订单新增量