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华利集团(300979):新厂爬坡短暂拖累盈利 新客户订单显著增长
Xin Lang Cai Jing· 2025-05-01 08:53
Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue growth driven by strategic customer expansion and new factory operations, despite a slight decline in net profit attributable to shareholders [1][4]. Group 1: Financial Performance - Q1 2025 revenue reached 5.4 billion, representing a 12% year-on-year increase, while net profit attributable to shareholders was 760 million, down 3% year-on-year [1]. - The company’s net profit after deducting non-recurring items was 750 million, also a 3% decrease compared to the previous year [1]. Group 2: Customer and Market Strategy - The company has diversified its customer base, with most clients being publicly listed companies, which has contributed to stable revenue growth [2]. - New customer orders have significantly increased year-on-year, indicating strong demand and competitive positioning within the supply chain [2]. Group 3: Production and Operational Efficiency - The company is accelerating the construction and production pace of new factories, having launched two finished shoe factories in Q1 2025, following the establishment of four factories in 2024 [1]. - The initial phase of new factory operations is experiencing a learning curve due to employee training, impacting overall gross margin; however, the company plans to enhance operational efficiency through optimized training and smart production systems [1]. Group 4: Strategic Adjustments - The company is adjusting its production strategy in response to changing tariff policies, with manufacturing primarily in Vietnam and plans to increase capacity in Indonesia [3]. - The company’s product sales are directed by customer instructions, and any changes in tariff policies will influence supply chain decisions and production layout [3]. Group 5: Earnings Forecast - Based on Q1 2025 performance, the company has revised its profit forecasts, expecting net profits of 4 billion, 4.7 billion, and 5.5 billion for 2025-2027, respectively [4]. - The expected earnings per share (EPS) for the same period are projected to be 3.41, 3.99, and 4.68, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [4].
华利集团(300979):产能爬坡扰动盈利 新客户放量显著
Xin Lang Cai Jing· 2025-04-30 04:50
Core Viewpoint - The company reported a revenue of 5.35 billion yuan in Q1 2025, reflecting a year-over-year increase of 12.3%, while the net profit attributable to shareholders was 760 million yuan, down 3.3% year-over-year, primarily due to the ramp-up of new factory capacity. The company is expected to benefit from capacity improvements in the future, with new customer acquisition and increased market share from existing clients continuing to strengthen its competitive advantage, maintaining a "buy" rating [1]. Group 1: Financial Performance - In Q1 2025, the company achieved a sales volume of 49 million pairs of sports shoes, up 8.24% year-over-year, with an average price of 109 yuan per pair, an increase of 3.8% year-over-year. The volume growth is attributed to strategic customer expansion with brands like Adidas, New Balance, and On, which is expected to contribute to further growth in Q2 2025 [2]. - The company's net profit margin decreased by 2.3 percentage points year-over-year to 14.2%, and the gross profit margin fell by 5.5 percentage points to 22.9%, mainly due to the initial efficiency ramp-up of the new factory. The workforce increased to 184,000 employees, a rise of 17.0% year-over-year [2]. - The company reported inventory of 3.67 billion yuan, up 12.5% year-over-year, and accounts receivable of 3.31 billion yuan, up 15.3% year-over-year, primarily due to inventory buildup related to factory capacity ramp-up and increased sales collections, resulting in a net cash inflow from operating activities of 1.21 billion yuan, up 12.9% year-over-year [2]. Group 2: Strategic Developments - To meet capacity demands, the company acquired 100% stakes in three Vietnamese footwear companies for 23.038 million yuan, 28.250 million yuan, and 16.113 million yuan, respectively, aimed at optimizing production resources for shoe uppers. These companies will be included in the company's consolidated financial statements starting from Q1 2025, and are expected to enhance production capacity synergy within 1-2 years, thereby increasing the company's market share in global footwear manufacturing [3]. Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027 at 4.32 billion yuan, 4.95 billion yuan, and 5.61 billion yuan, respectively. Based on the average PE ratio of comparable companies at 12.7 times for 2025, and considering the potential for continued customer base expansion and solid industry leadership, a target PE of 21.8 times is assigned for 2025, resulting in a target price of 80.82 yuan, with a "buy" rating maintained [4].
华利集团:产能爬坡扰动盈利,新客户放量显著-20250430
HTSC· 2025-04-30 02:00
Investment Rating - The investment rating for the company is "Buy" with a target price of 80.82 RMB [7][8]. Core Views - The company reported a revenue of 5.35 billion RMB in Q1 2025, representing a year-over-year increase of 12.3%, while the net profit attributable to the parent company was 760 million RMB, down 3.3% year-over-year. The short-term pressure on profitability is attributed to the ramp-up of new factory capacity. However, the company is expected to benefit from capacity improvements and the expansion of new customers, maintaining its competitive advantage [1][5]. - The company has strategically expanded its customer base, including partnerships with Adidas, New Balance, and On, which have significantly contributed to revenue growth. The company anticipates further impressive growth as the peak season approaches in Q2 2025 [2][5]. - The company's net profit margin decreased by 2.3 percentage points year-over-year to 14.2%, and the gross profit margin fell by 5.5 percentage points to 22.9%, primarily due to the initial efficiency ramp-up of new factories. The workforce increased to 184,000, a 17% year-over-year rise. The company’s inventory was 3.67 billion RMB, up 12.5% year-over-year, and accounts receivable reached 3.31 billion RMB, up 15.3% year-over-year, indicating a focus on stocking for production expansion [3][5]. - The company acquired three Vietnamese shoe companies for a total of approximately 67.4 million RMB to optimize production resources, which are expected to enhance production capacity synergy within 1-2 years, thereby increasing the company's market share in global footwear manufacturing [4][5]. - The profit forecast for 2025-2027 is maintained at 4.32 billion RMB, 4.95 billion RMB, and 5.61 billion RMB, respectively. The company is assigned a PE ratio of 21.8 for 2025, based on a comparable company average PE of 12.7, reflecting its strong customer base and industry leadership [5][6]. Summary by Sections Financial Performance - Q1 2025 revenue was 5.35 billion RMB, a 12.3% increase year-over-year, while net profit was 760 million RMB, a decrease of 3.3% year-over-year [1]. - The company’s net profit margin decreased to 14.2%, and gross profit margin fell to 22.9% due to new factory ramp-up [3]. Customer Expansion - The company has successfully expanded its customer base, notably with Adidas, New Balance, and On, contributing to an 8.24% increase in sneaker sales volume to 49 million pairs in Q1 2025 [2]. Capacity and Acquisitions - The company acquired three Vietnamese shoe companies to enhance production capacity, expected to yield benefits within 1-2 years [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 4.32 billion RMB, 4.95 billion RMB, and 5.61 billion RMB, with a target PE ratio of 21.8 for 2025 [5][6].
华利集团(300979):Q1营收稳健,产能爬坡影响盈利
SINOLINK SECURITIES· 2025-04-29 05:10
Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to P/E ratios of 15, 13, and 11 respectively [5] Core Insights - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company has successfully launched new factories in Vietnam, Indonesia, and China to meet the growing demand, with two new shoe factories already operational in Q1 2025 [3] - The gross margin for Q1 2025 was 22.90%, down 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories [3] - The company is expected to gradually restore its profitability as new factories improve operational efficiency through optimized training mechanisms and the deployment of smart production equipment [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth, while the net profit attributable to the parent company was 762 million RMB, down 3.25% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, marking an 8.24% year-on-year increase, with a slight growth in average selling price (ASP) [3] - The company’s gross margin was impacted by new factory ramp-ups, but the net profit margin was 14.26%, down 2.30 percentage points year-on-year [3] Market and Client Dynamics - The company is less affected by tariffs due to its Southeast Asian factories using a processing model and local sourcing of over 50% of raw materials in Vietnam [4] - The company is expected to benefit from new client orders, particularly from Adidas, as it continues to expand its customer base despite slower growth from major clients like Nike [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 44.23 billion, 50.74 billion, and 57.92 billion RMB from 2025 to 2027, with corresponding P/E ratios of 15, 13, and 11 [5]
浙江仙通(603239):业绩稳健增长,新增项目持续放量
Xinda Securities· 2025-04-19 13:08
Investment Rating - The investment rating for Zhejiang Xiantong (603239) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections [2]. Core Viewpoints - The company reported a revenue of 1.23 billion yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 172 million yuan, up 13.7% year-on-year. In Q1 2025, revenue reached 340 million yuan, a 27.3% increase year-on-year, with a net profit of 67 million yuan, growing 28.4% year-on-year [2]. - The company is experiencing steady growth due to the continuous release of industry dividends from its core business, with 42 new vehicle models under development and a doubling of new project numbers compared to 2023 [2]. - The company has established itself as a leading domestic automotive sealing strip manufacturer, with a strong customer base including major automotive brands. It is actively expanding its production capacity and enhancing its manufacturing capabilities [2][3]. - A planned investment of approximately 1 billion yuan for land acquisition and the establishment of an intelligent manufacturing and R&D center is expected to significantly increase production capacity [2]. Financial Summary - The total revenue for 2023 was 1.066 billion yuan, with projections of 1.225 billion yuan for 2024, 1.473 billion yuan for 2025, and further growth to 2.2 billion yuan by 2027, reflecting a compound annual growth rate of approximately 22.1% [4]. - The net profit attributable to shareholders is projected to grow from 151 million yuan in 2023 to 345 million yuan by 2027, with corresponding EPS increasing from 0.56 yuan to 1.27 yuan [4]. - The gross margin is expected to improve gradually from 28.7% in 2023 to 30.5% in 2027, indicating enhanced profitability [4].
华利集团(300979):24快报点评:预计关税影响有限,期待阿迪放量
ZHONGTAI SECURITIES· 2025-04-14 12:41
| 预计关税影响有限,期待阿迪放量 | | --- | ——华利集团 24 快报点评 纺织制造 执业证书编号:S0740523030001 Email:zhangxiao06@zts.com.cn 执业证书编号:S0740523070001 Email:zouwj@zts.com.cn 基本状况 | 总股本(百万股) | 1,167.00 | | --- | --- | | 流通股本(百万股) | 1,166.99 | | 市价(元) | 56.14 | | 市值(百万元) | 65,515.38 | | 流通市值(百万元) | 65,514.95 | 1、《收入符合预期,阿迪放量可期》 2025-03-14 放量》2024-10-30 2024-08-23 华利集团(300979.SZ) 证券研究报告/公司点评报告 2025 年 04 月 14 日 | 评级: | 买入(维持) | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E ...
华利集团年售运动鞋2.23亿双 净利38亿元 拟派现26.8亿元 分红率达70%
随着客户拓展、产能扩张顺利,华利集团(300979)业绩恢复高增。4月10日晚,华利集团披露2024年 年报,公司2024年实现营业收入240.06亿元,同比增长19.35%;实现归母净利润38.4亿元,同比增长 20%;基本每股收益3.29元。 此前,公司控股股东香港俊耀提议的利润分配方案为,拟向全体股东每10股派发现金红利20元(含税), 不送红股,不以公积金转增股本。在结合公司盈利情况、现金流情况以及未来资本开支等情况后,华利 集团拟进一步提高现金分红金额,回报投资者。 值得注意的是,公司拟每10股派发现金红利23元(含税)。除本次利润分配预案外,2024年度公司不存在 其他现金分红事项,未实施股份回购,公司预计现金分红总额为人民币26.8亿元(含税),占公司2024年 度归母净利润比例约为70%。 此前在互动平台回复投资者问询时,华利集团表示,目前客户没有取消和减少订单,以往关税都由品牌 客户承担。年报披露的销售收入,是按客户总部所在地进行划分,比如公司来自Nike的收入全部统计在 美国地区,来自Puma的收入全部统计在欧洲地区。 华利集团透露,这次关税如果大幅提升,品牌客户若全部或大部分转嫁给消费者 ...