Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 18.68 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 6.7%. However, the net profit attributable to shareholders decreased by 14.3% to 2.44 billion yuan [1]. - The company is experiencing a decline in gross margin, which fell by 5.9 percentage points to 22.0% year-on-year, while the operating expense ratio decreased by 2.1 percentage points [3]. - The company has successfully ramped up production in new factories, with three out of four new shoe production facilities already profitable [4]. Financial Performance Summary - Revenue for Q1, Q2, and Q3 of 2025 was 5.35 billion, 7.31 billion, and 6.02 billion yuan respectively, with year-on-year growth rates of +12.3%, +9.0%, and -0.3% [1]. - The gross profit margin for Q3 was 22.2%, showing a quarter-on-quarter increase of 1.1 percentage points [3]. - The company sold 168 million pairs of sports shoes in the first three quarters of 2025, with a year-on-year sales volume growth of 3.0% [2]. Profitability and Valuation - The forecast for net profit attributable to shareholders for 2025 has been slightly adjusted downwards by 5% to 3.378 billion yuan, with corresponding EPS of 2.89 yuan [4]. - The current stock price corresponds to a P/E ratio of 19 for 2025, 16 for 2026, and 14 for 2027 [4]. - The company’s return on equity (ROE) is projected to be 18.64% for 2025, with a gradual increase to 21.56% by 2027 [13].
华利集团（300979）：Q3新工厂爬坡成效显现，期待龙头高质量增长