Investment Rating - The investment rating for the company is "Buy" with a target price of 67.1 CNY, maintaining the rating for the next six months [1]. Core Views - The report indicates an upward trend in the textile and apparel industry, with several Taiwanese companies showing strong performance in May, leading to a recovery in weaving orders and increased capacity utilization [1]. - The company is expected to benefit from a stable customer structure and excellent profitability, with a focus on expanding production capacity in Indonesia and Vietnam over the next 3-5 years [1]. - The financial forecasts predict a net profit attributable to the parent company of 38.9 billion CNY, 44.3 billion CNY, and 49.5 billion CNY for the years 2024 to 2026, respectively, with corresponding EPS of 3.3 CNY, 3.8 CNY, and 4.2 CNY [1][2]. Financial Data Summary - Revenue: The company's revenue for 2022 was 20,569.27 million CNY, with a projected increase to 24,007.76 million CNY in 2024E, reflecting a growth rate of 19.36% [2]. - Net Profit: The net profit attributable to the parent company was 3,228.02 million CNY in 2022, expected to rise to 3,887.52 million CNY in 2024E, indicating a growth rate of 21.48% [2]. - EPS: The earnings per share (EPS) for 2022 was 2.77 CNY, projected to increase to 3.33 CNY in 2024E [2][3]. - Debt Ratios: The company's total liabilities were 3,914.84 million CNY in 2022, with a projected increase to 4,967.67 million CNY in 2024E [3]. Cash Flow Summary - Operating Cash Flow: The operating cash flow for 2022 was 3,503.37 million CNY, expected to increase significantly to 5,983.70 million CNY in 2024E [4]. - Investing Cash Flow: The investing cash flow for 2022 was -2,025.35 million CNY, projected to decrease to -835.03 million CNY in 2024E [4]. - Financing Cash Flow: The financing cash flow for 2022 was -2,722.69 million CNY, with a projected decrease to -826.59 million CNY in 2024E [4].
华利集团：行业景气向上