Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company reported a revenue of 24.01 billion yuan for the year, reflecting a year-on-year growth of 19.35%, and a net profit attributable to shareholders of 3.84 billion yuan, up 20% [2]. - The company experienced a robust sales growth of 17.5% year-on-year, reaching 220 million pairs sold, with an average selling price (ASP) increase of 1.6% to 107 yuan [3]. - The company’s gross margin for the year was 26.8%, an increase of 1.3 percentage points year-on-year, although the fourth quarter gross margin was impacted by new factory ramp-up [4]. - The company’s production capacity utilization rate improved significantly to 96.72%, up 10.06 percentage points year-on-year, due to order recovery and new customer collaborations [4]. - The company is expected to achieve net profits of 4.39 billion yuan in 2025, 5.07 billion yuan in 2026, and 5.89 billion yuan in 2027, with respective growth rates of 14%, 15%, and 16% [5]. Financial Summary - The company’s total revenue is projected to grow from 24.01 billion yuan in 2024 to 36.82 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16% [6]. - The net profit is expected to increase from 3.84 billion yuan in 2024 to 5.89 billion yuan in 2027, maintaining a steady growth trajectory [6]. - The earnings per share (EPS) is forecasted to rise from 3.29 yuan in 2024 to 5.05 yuan in 2027, reflecting the company's strong profitability outlook [6].
华利集团（300979）：派息比例提升，adidas放量可期