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]. 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 CNY 18.5 billion, down 8% [1][2]. - The gross 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 projections for FY25-27 are 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（00551）：展望2025机遇挑战并存