Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4] Core Views - The company reported a strong performance in FY25Q1, with revenue of 700 million Swiss Francs, a year-on-year increase of 40% (currency neutral), while net profit decreased by 38% to 60 million Swiss Francs [1] - The gross margin slightly increased to 60%, and the adjusted EBITDA margin rose by 1 percentage point to 17% year-on-year [1] - The company has raised its full-year guidance, expecting revenue of 2.86 billion Swiss Francs, a year-on-year increase of 28%, up from the previous estimate of 27% [2] - The company has a strong order backlog and is actively monitoring tariff developments, with no significant changes in order volumes reported [3] Financial Performance - For FY25, the company expects EPS of 3.4, 4.0, and 4.7 Yuan for the years 2025 to 2027, corresponding to P/E ratios of 20, 17, and 14 times respectively [4] - The company’s total revenue is projected to grow from 20.11 billion Yuan in 2023 to 35.84 billion Yuan in 2027, with a compound annual growth rate of approximately 15.3% [8] - The net profit is expected to increase from 3.20 billion Yuan in 2023 to 5.46 billion Yuan in 2027, reflecting a growth rate of 17.12% [8] Market Position and Strategy - The company has demonstrated strong momentum across all channels, regions, and product categories, benefiting from a multi-channel strategy and successful product launches [1] - The company’s inventory as of March 25 was 400 million Swiss Francs, a decrease of 5% quarter-on-quarter, indicating a potential need for replenishment [1] - The company is maintaining its production capacity and is not planning significant changes in capacity construction in the short term, despite ongoing tariff negotiations [3]
华利集团（300979）：On业绩超预期，华利客户卡位优势显现