Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has achieved double-digit revenue growth in the first half of 2025, with a revenue of 12.661 billion yuan, representing a year-on-year increase of 10.36%. However, the net profit has declined by 11.06% to 1.671 billion yuan [1][2] - The company has a rich resource of well-known sports shoe clients, with strong design and rapid response capabilities as core advantages, enhancing its competitive position in the market [3] - The new factories in Southeast Asia and China have achieved mass production, with improved gross margins in Q2 compared to Q1, indicating a positive trend in operational efficiency [4] Financial Summary - Revenue is projected to grow from 20.114 billion yuan in 2023 to 34.255 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13% [1] - The net profit is expected to increase from 3.2 billion yuan in 2023 to 4.949 billion yuan in 2027, with fluctuations in growth rates, including a projected decline in 2025 [1] - The company's gross margin for the first half of 2025 was 21.85%, down 6.38 percentage points year-on-year, while the net margin was 13.20%, down 3.17 percentage points [2] - The earnings per share (EPS) is forecasted to be 3.01 yuan in 2025, 3.60 yuan in 2026, and 4.24 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 18.1X, 15.1X, and 12.9X respectively [9]
华利集团（300979）：上半年营收保持双位数增长，新工厂实现量产出货