Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company experienced a revenue of 5.4 billion in Q1 2025, representing a 12% year-on-year increase, while the net profit attributable to the parent company was 760 million, a decrease of 3% year-on-year [1]. - The company is strategically expanding its customer base and deepening cooperation with emerging sports brands, leading to a significant increase in new customer orders in Q1 2025 [1][2]. - The initial phase of new factory operations has impacted overall gross margin due to employee training periods, but the company is implementing measures to enhance operational efficiency [1]. - The company is adjusting its production strategy in response to changes in tariff policies, which affect supply chain decisions for its clients [3]. Financial Performance and Forecast - The company adjusted its profit forecast for 2025-2027, expecting net profits of 4 billion, 4.7 billion, and 5.5 billion respectively, with corresponding EPS of 3.41, 3.99, and 4.68 [4]. - Revenue projections for 2025 are set at 27.15 billion, with a growth rate of 13.1%, and expected to reach 35.84 billion by 2027 [5]. - The company’s EBITDA for 2025 is forecasted at 5.97 billion, with a slight decrease from previous estimates [5]. Customer Base and Market Position - The company has a diverse customer base, primarily consisting of publicly listed companies, with many showing growth in their performance [2]. - The company maintains a strong competitive position within the supply chains of clients, ensuring order share even when some clients experience slower revenue growth [2].
华利集团（300979）：新厂爬坡短暂拖累盈利，新客户订单显著增长