Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The new factory ramp-up meets expectations, contributing to improved quarterly gross profit, with a year-to-date revenue growth of 6.67% [5][7] - The company achieved a revenue of 18.68 billion yuan in the first three quarters, with a gross margin of 21.96%, showing a slight increase from the first half of the year [7] - The company is positioned as a leading player in the sports footwear OEM sector in China, benefiting from short-term demand recovery and long-term capacity expansion [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 20,114 million yuan in 2023, 24,006 million yuan in 2024, 26,929 million yuan in 2025, 30,414 million yuan in 2026, and 34,739 million yuan in 2027, with growth rates of -2.21%, 19.35%, 12.18%, 12.94%, and 14.22% respectively [6] - Net profit attributable to the parent company is forecasted to be 3,200 million yuan in 2023, 3,840 million yuan in 2024, 3,515 million yuan in 2025, 4,187 million yuan in 2026, and 4,977 million yuan in 2027, with growth rates of -0.86%, 20.00%, -8.46%, 19.12%, and 18.85% respectively [6] - The company’s earnings per share (EPS) are projected to be 2.74 yuan in 2023, 3.29 yuan in 2024, 3.01 yuan in 2025, 3.59 yuan in 2026, and 4.26 yuan in 2027 [6] Market Performance - The company’s sales volume of sports shoes reached 168 million pairs, with a year-on-year increase of 3.04%, maintaining steady growth despite a high base in 2024 [7] - The average selling price (ASP) of products increased by 0.99% compared to the first half of the year, contributing to revenue stability [7] - The company is expected to benefit from structural changes in customer demand and new brand collaborations, which will drive ASP upward [7]
华利集团（300979）：新厂爬产达预期助公司单季毛利改善，前三季度营收同增6.67%