Investment Rating - The report maintains a "Recommended" rating for the company based on its industry position and order outlook [3]. Core Views - The company has shown resilience in revenue despite industry pressures, with a notable recovery in Q1 2024, indicating a positive trend moving forward [3]. - The company is expected to benefit from the normalization of inventory levels among major clients, leading to sustained order growth in 2024 [3]. - The company's cost control capabilities have been highlighted as a strength, contributing to stable profit margins even amidst fluctuating orders [3]. Financial Performance Summary - Revenue: - 2022 revenue was 20,569 million, with a decline to 20,114 million in 2023, but projected to rise to 23,527 million in 2024, reflecting a growth rate of 16.97% [2][3]. - Net Profit: - The net profit for 2022 was 3,228.02 million, slightly decreasing to 3,200.21 million in 2023, with an expected increase to 3,836.77 million in 2024, indicating a growth rate of 19.89% [2][3]. - Profit Margins: - The gross margin for 2023 was 25.59%, with an increase to 28.37% in Q1 2024, showcasing improved profitability [3]. - Earnings Per Share (EPS): - Projected EPS for 2024 is 3.29, with further increases expected in subsequent years [8]. Market Position and Outlook - The company is a leading manufacturer of sports shoes, serving major global brands such as Nike and Puma, with a production capacity exceeding 100 million pairs annually [4]. - The report anticipates a positive industry outlook, with major brands successfully managing inventory levels, which will lead to normalized order patterns for suppliers [3]. - The company is expanding its production capacity with new factories in Vietnam and Indonesia, enhancing its ability to meet growing demand [3].
订单低点已过，2024年重拾增长