证券研究报告 | 公司点评 | 纺织制造 华利集团(300979) 报告日期：2025 年 03 月 12 日 新厂投产助力新客放量，盈利能力逐步释放 ——华利集团点评报告 投资要点 ❑ 公司发布 2024 年业绩快报及分红预案： 2024 年实现营业收入 240.06 亿元（同比+19.35%），归母净利润 38.41 亿元（同 比+20.01%），扣非后归母净利润 37.82 亿元（同比+18.87%）。 24Q4 单季度实现营业收入 64.95 亿元（同比+11.9%），归母净利润 9.97 亿元（同 比+9.2%），扣非后归母净利润 9.79 亿元（同比+5.3%）。 2024 年公司运动鞋销量 2.23 亿双（同比+17.53%），单 Q4 销量约 0.60 亿双（同 比+10.5%），Q4 由于基数上升，较前三季度有所降速，全年增长符合预期。 根据测算，2024 年人民币 ASP 约 107 元/双（同比+2%左右），单 Q4 人民币 ASP 约 108 元/双（同比+1%左右），全年各季度 ASP 均较稳定。 2024 年净利率 16.0%（同比+0.1pp），单 Q4 净利率 15.4%（同比 ...

Financial Data and Key Metrics Changes - The company achieved a net income of $3,600,000 for Q4 2024 and net revenues of $144,200,000 for the full year, reflecting a 14% year-over-year increase [8][14] - Adjusted EBITDA for the full year was $8,600,000, with gross margin improving from 48.8% to approximately 73% [9][14] - Operating expenses have been reduced by over $80,000,000 since 2022, with cash balance at the end of 2024 exceeding $59,000,000 [10][14] Business Line Data and Key Metrics Changes - Cinvanti net revenues rebounded to $26,900,000 in Q4 from $22,700,000 in Q3, with full-year revenues exceeding $100,000,000 [8][9] - Zenerife achieved record net revenues of $8,500,000 in Q4, a 33% increase from Q3 [9] - The oncology franchise, including Cymbanti and Sustol, continues to show growth despite competition, with Cymbanti generating approximately $100,000,000 in net revenues for 2024 [10][11] Market Data and Key Metrics Changes - The acute hospital segment saw significant growth, with APONAVY and ZENOLAF increasing over 31048% in Q4 compared to the same period last year [11] - Daily unit sales for ZinnerLab are steadily increasing, with onboarding of new accounts at a faster rate [12] Company Strategy and Development Direction - The company aims to achieve profitability and has successfully expanded product labeling for XENOLF, doubling the number of approved procedures [5][6] - The CrossLink partnership has been integrated, focusing on the orthopedic space with over 800 distributor representatives [6][10] - The company is taking a conservative approach to Cymbanti's outlook for 2025 due to increased competition and potential pressure on average selling prices [10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, particularly with the launch of the VAN and the No Pain Act, which expands reimbursement for Zener Lev [6][11] - The company anticipates continued growth in unit sales, although it may come at lower price points due to market dynamics [10][28] Other Important Information - The U.S. District Court ruled in favor of the company in a patent lawsuit against Fresenius Kabi, upholding the validity of the Symvante patents [8] - The company incurred inventory write-offs of $2,500,000 and asset impairment write-offs of $2,200,000 during the year [14] Q&A Session Summary Question: Any updates on Zenerleaf's performance and future expectations? - Management confirmed no significant stocking issues and noted that the reception of the VAN has been exceptional, with at least 15 accounts returning or saved due to the launch [21][22] Question: How should cash flow and adjusted EBITDA be viewed on a quarterly basis? - Management indicated that there may be some lumpiness in cash flow due to legal expenses and other factors, but overall results are expected to remain stable [27] Question: What is driving the momentum for ZINRILOF? - The CrossLink relationship is contributing significantly, with accounts growing at a higher rate when overlapping with CrossLink representatives [36][37] Question: Expectations for OpEx in 2025? - OpEx is expected to be slightly higher due to increased R&D spending and legal expenses, but overall, the remaining business will remain flat [39] Question: Any thoughts on Baker Brothers debt? - Management plans to meet with Baker Brothers soon to discuss options regarding the convertible debt, especially after resolving litigation uncertainties [48][50]