Investment Rating - The investment rating for Huali Group (300979) is "Buy" with a target price of 70.66 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The report indicates that Huali Group's 2023 annual performance slightly exceeded expectations, with a stable growth outlook for 2024. The company is expected to benefit from a mild recovery in consumer demand [1][2]. - The report highlights that Huali Group is a leading manufacturer in the global sports shoe industry, with strong management and production advantages, and is well-positioned to capitalize on the growth of the sports industry [1][2]. Summary by Sections Financial Performance - In 2023, Huali Group's revenue was projected at 20,114 million CNY, with a net profit of 3,199 million CNY, reflecting a slight increase compared to the previous year [1][2]. - The earnings per share (EPS) for 2024 is forecasted to be 2.74 CNY, up from the previous estimate of 2.71 CNY [1][2]. Market Position - Huali Group has established long-term stable partnerships with major global sports brands such as Nike, Puma, and Under Armour, contributing to its strong market position [2]. - The company has a production capacity exceeding 180 million pairs of shoes annually, making it one of the few manufacturers with such scale [2]. Growth Prospects - The report anticipates a recovery in orders, driven by the end of high inventory levels among downstream brands and the upcoming Olympic year, which is expected to boost demand for new products [1][2]. - Huali Group's growth strategy includes expanding production capacity and increasing market share among existing and new clients, indicating a clear growth path [1][2].
华利集团2023年业绩快报点评：2023年业绩略超预期，期待2024年稳健增长