Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][12]. Core Views - The company reported a significant increase in dividend payout and is expected to gain market share from new customers in 2025 [2]. - In 2024, the company achieved revenue of 24.01 billion yuan, a year-on-year increase of 19.4%, and a net profit of 3.84 billion yuan, up 20.0% year-on-year [2]. - The company is a leading global sports shoe manufacturer with strong growth potential and operational resilience, supported by its excellent production management and customer acquisition capabilities [6]. Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 24,006 million yuan, with a growth rate of 19.4% [2]. - 2024 net profit: 3,840 million yuan, with a growth rate of 20.0% [2]. - 2024 gross margin: 26.8%, up 1.2 percentage points year-on-year [6]. - Earnings Per Share (EPS): - 2024 EPS: 3.29 yuan, projected to grow to 4.91 yuan by 2027 [2][7]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio: 17 for 2024, decreasing to 11 by 2027 [2][7]. - Price-to-Book (P/B) ratio: 3.8 for 2024, decreasing to 2.8 by 2027 [2][7]. Market Dynamics - The company experienced a 17.5% year-on-year increase in sports shoe sales in 2024, driven by improved inventory levels among downstream customers [6]. - The company’s top five customers contributed to a revenue increase of 14.7%, while other customers saw a revenue increase of 41.3% [6]. - The company began collaboration with Adidas in 2024, which is expected to enhance its supply share in the future [6]. Cash Flow and Inventory Management - The company reported a healthy operating cash flow of 4.62 billion yuan in 2024, up 25.0% year-on-year [6]. - Inventory turnover days improved to 60 days, a reduction of 3 days year-on-year, indicating effective inventory management [6].
华利集团（300979）：2024年报点评：分红率显著提升，看好25年新客户份额提升