Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][4]. Core Views - The company reported a revenue of 6 billion yuan in Q3 2025, a slight decrease of 0.3% year-on-year, and a net profit attributable to shareholders of 760 million yuan, down 21% year-on-year [1]. - The company is focusing on improving the operations of new factories and implementing cost reduction and efficiency enhancement measures [2]. - The company is actively communicating with clients regarding tariff changes, particularly in the U.S. market, which could impact costs [3]. - The revenue forecast for 2025-2027 has been adjusted to 25.8 billion yuan, 28.7 billion yuan, and 32.5 billion yuan respectively, with net profits projected at 3.5 billion yuan, 4.1 billion yuan, and 4.7 billion yuan [4]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 18.7 billion yuan, representing a year-on-year increase of 7%, while the net profit attributable to shareholders was 2.4 billion yuan, down 14% year-on-year [1]. - The company sold 16.8 million pairs of sports shoes in the first three quarters of 2025, marking a year-on-year growth of 3.04% [2]. - The overall gross margin has declined compared to the same period last year due to several new factories being in the ramp-up phase [2]. Future Outlook - The company plans to continue building new factories in Indonesia and aims to quickly ramp up production [2]. - The management is conducting monthly reviews of factory operational efficiency to address issues proactively [2]. - The company is expected to maintain flexibility in capacity allocation based on annual order conditions [2].
华利集团（300979）：新开工厂加速爬坡