Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][7]. Core Insights - The company reported a 20% year-on-year growth in net profit for 2024, with a significant increase in cash dividends, reflecting a robust cash flow business model [7]. - The company achieved a record high revenue of 240.1 billion yuan in 2024, representing a 19.35% increase year-on-year, and a net profit of 38.4 billion yuan, also a 20% increase year-on-year [7]. - The company is expanding its production capacity, with new factories in Vietnam and Indonesia, and is set to begin operations in a new facility in mainland China [7]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 240.32 billion yuan, with a year-on-year growth rate of 19.5% [6]. - The net profit for 2024 is estimated at 38.4 billion yuan, reflecting a 20% increase compared to the previous year [6]. - The company anticipates a gradual increase in earnings per share, with projections of 3.29 yuan for 2024 and 3.73 yuan for 2025 [6]. Sales and Profitability - The company reported a net profit margin of 16% for 2024, maintaining a high level of profitability despite slight fluctuations due to new factory investments [7]. - The average selling price (ASP) for 2024 is estimated at approximately 107 yuan, showing a 1.6% increase year-on-year [7]. - The company’s sales volume reached 223 million pairs in 2024, marking a 17.5% increase year-on-year [7]. Market Position and Growth Potential - The company is recognized as a leading manufacturer of sports shoes, with significant growth potential from new client partnerships, particularly with Adidas [7]. - The company is positioned to benefit from increased orders from major clients, with expectations of substantial order volume growth in the coming years [7]. - The expansion into new production bases is aimed at diversifying supply chains and meeting customer demands for varied production locations [7].
华利集团（300979）：24年归母净利润同比增长20%，现金分红大幅提升