Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [19]. Core Views - The company achieved a revenue of 5.353 billion yuan in Q1 2025, representing a year-on-year growth of 12.34%. However, the net profit attributable to shareholders decreased by 3.25% year-on-year to 762 million yuan [2][4]. - The company has seen significant growth in new brand contributions, with a year-on-year increase in sales volume of sports shoes by 8.24% to approximately 49 million pairs, and an average selling price (ASP) increase of about 3.8% to approximately 107 yuan [3]. - The gross margin for Q1 2025 was approximately 22.9%, a decline of about 5.5 percentage points year-on-year, primarily due to the ramp-up phase of new factories and associated training periods for new employees [4]. - The company is accelerating its capacity expansion to meet demand, with two finished shoe factories already in operation by the end of Q1 2025, and a 17% increase in employee numbers to approximately 184,000 [5]. - The report forecasts net profits for the company to reach 4.394 billion yuan, 5.072 billion yuan, and 5.894 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14%, 15%, and 16% [6][5]. Financial Data Summary - For the fiscal year 2025, the company is expected to generate a revenue of 27.425 billion yuan, with a growth rate of 14% [6]. - The net profit for 2025 is projected to be 4.394 billion yuan, reflecting a growth rate of 14% compared to the previous year [6]. - The earnings per share (EPS) for 2025 is estimated at 3.76 yuan, with a price-to-earnings (P/E) ratio of 13.8 [6].
华利集团（300979）：25Q1业绩点评：新品牌增速亮眼，期待毛利率边际改善