Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 12.66 billion yuan for H1 2025, reflecting a year-on-year growth of 10.4%, while the net profit attributable to shareholders was 1.67 billion yuan, down 11.1% year-on-year [7] - New customer orders have significantly increased, with On and New Balance entering the top five customer list, indicating successful customer diversification [7] - The company is actively expanding production capacity in anticipation of order recovery, with new factories in Vietnam, Indonesia, and China ramping up production as planned [7] - The company expects profit margins to improve as new factories reach operational maturity, despite current temporary declines due to efficiency losses in older factories [7] Financial Data and Profit Forecast - Total revenue is projected to reach 26.60 billion yuan in 2025, with a year-on-year growth rate of 10.8% [6] - The net profit attributable to shareholders is expected to be 3.57 billion yuan in 2025, reflecting a decrease of 7.0% year-on-year [6] - The company anticipates a gradual recovery in profit margins, with a projected net profit margin of 13.2% for H1 2025, down from previous highs [7] - The report forecasts earnings per share of 3.06 yuan for 2025, with a PE ratio of 18 [6]
华利集团（300979）：三地新工厂爬坡顺利，积极扩产以备后续订单复苏