Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 24.006 billion yuan for 2024, representing a year-on-year increase of 19.35%, and a net profit of 3.840 billion yuan, up 20.00% year-on-year. The proposed cash dividend of 2.684 billion yuan reflects a dividend payout ratio of 70%, significantly higher than the 43%/44% in 2022/2023 [1] - The growth in sales volume is primarily driven by an increase in new customers and the end of inventory destocking by existing clients. The company expects to sell 223 million pairs of sports shoes in 2024, a 17.53% increase year-on-year, with an average selling price of approximately 107.4 yuan per pair, up 1.6% year-on-year [2] - The company is experiencing temporary fluctuations in gross margin due to the ramp-up of production efficiency in newly established factories. The gross margin for 2024 is projected at 26.8%, a 1.2 percentage point increase year-on-year, while the net profit margin is expected to be 16.0% [3] - The company is expanding its production capacity with multiple new factories in Vietnam and Indonesia, which will enhance its ability to meet customer demand while also reducing procurement costs through local sourcing [4] - The company is expected to achieve revenues of 27.629 billion yuan, 31.723 billion yuan, and 36.366 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.340 billion yuan, 4.988 billion yuan, and 5.724 billion yuan, indicating a stable growth trajectory [5]
华利集团（300979）：超预期分红，密集投产+新晋客户保障增长