ANLI(SZ:300218) Minsheng Securities·2024-05-21 23:30Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Insights - The company has recently been certified as a qualified supplier for Adidas, which is expected to positively impact its long-term development [8]. - The company is actively expanding its customer orders, with its Vietnam factory showing significant improvement in efficiency, despite previous losses [8]. - The global influence of Adidas is expected to drive economic benefits for the company, as it aims to increase its international customer base in the sports and leisure sector [8]. - The company is projected to see substantial growth in net profit from 2024 to 2026, with estimates of 2024, 2025, and 2026 net profits at 202 million, 262 million, and 316 million respectively [8]. Financial Projections - Revenue is expected to grow from 2,000 million in 2023 to 3,580 million by 2026, reflecting a growth rate of 25.2% in 2024 [17]. - The company's earnings per share (EPS) are projected to increase from 0.93 in 2024 to 1.46 in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 17x to 11x over the same period [17]. - The gross profit margin is anticipated to improve slightly, reaching 22.90% by 2026 [19].