证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com l 盈利预测及投资建议 公司新客户扩展顺利+老客户份额提升，积极扩张产能满足客户 需求，精细化管理下盈利稳健，在贸易摩擦下仍具增长韧性。我们预 计公司 25 年- ...

摘要 订单饱满，产能翻倍扩张进行时。 今日，正 力新能 正式 在香港交易所挂牌上市。这是继中创新航后，第 二 家 正式 登陆港股的中 国动力电池企业。 该公司此次 IPO 发行价定为 8.27 港元 / 股。 上市首日，其股价收盘报 8.39 港元 / 股，较发 行价上涨 1.45% 。公司 总 市值达到 210.5 亿元。 正力新能选择在此时上市，正值其市场需求强劲、订单饱满的关键时期。公司方面表示， 目前已 获定点项目的需求已超过其现有 总设计产能，产品处于供不应求状态。 同时， 公司基本面也持续向好， 2024 年实现净利润 9101 万元人民币，结束了此前连续三年的 亏损，进入盈利 向上 通道。 在此背景下， 正力新能寻求通过资本市场获得支持，这不仅是为了加速产能扩张以响应强劲的市 场需求，也是为了支撑其在电动航空、储能、下一代电池技术（如固态、大圆柱、钠离子）等领域 的多元化技术研发与布局。这些前瞻性的投入同样需要大量资金。 公司计划将此次香港 IPO 募集资金净额的 80% ，约 7.5 亿港元（约合 7 亿元人民币），主要 用于扩张其位于江苏常熟总部的电池产能，从而为其整体战略的推进提供关键支撑 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][9]. Core Insights - In 2024, the company achieved a revenue of 24.006 billion yuan, a year-on-year increase of 19.35%, and a net profit attributable to shareholders of 3.840 billion yuan, up 20.00% year-on-year [1][3]. - The company plans to distribute a cash dividend of 23 yuan per 10 shares (including tax), resulting in a payout ratio of 69.89% [1]. - The company has successfully expanded its production capacity with new factories in Vietnam and Indonesia, leading to a production capacity of 229 million pairs, a 3.3% increase year-on-year, and a utilization rate of 96.72%, up 10.06 percentage points [5][9]. Financial Performance - The company reported a quarterly revenue breakdown for 2024 as follows: 4.765 billion yuan in Q1, 6.707 billion yuan in Q2, 6.039 billion yuan in Q3, and 6.495 billion yuan in Q4, with year-on-year growth rates of 30.15%, 20.83%, 18.50%, and 11.88% respectively [3]. - The gross profit margin for 2024 improved by 1.2 percentage points to 26.8%, while the net profit margin was 16.0%, an increase of 0.1 percentage points year-on-year [5][8]. - The company’s earnings per share (EPS) for 2024 was 3.29 yuan, with projected EPS for 2025, 2026, and 2027 at 3.69 yuan, 4.25 yuan, and 4.76 yuan respectively [6][9]. Market Position and Client Base - The company has established partnerships with major global brands, including Nike and Adidas, with the top five clients accounting for 79.13% of total sales, a decrease of 3.2 percentage points year-on-year [4][9]. - The revenue from sports casual shoes, outdoor boots, and sports sandals/slippers for 2024 was 20.991 billion yuan, 0.898 billion yuan, and 2.070 billion yuan respectively, with year-on-year growth rates of 17.88%, -33.70%, and 125.76% [4]. Future Outlook - The company is expected to benefit from the normalization of orders from core clients and the continued growth of new brand clients, leading to a projected increase in revenue and profit for the coming years [9]. - The report forecasts a revenue growth of 14.1% in 2025, 14.2% in 2026, and 12.1% in 2027, with net profit growth rates of 12.2%, 14.9%, and 12.2% respectively [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 24.01 billion yuan in 2024, representing a year-on-year growth of 19.4%, and a net profit attributable to shareholders of 3.84 billion yuan, up 20.0% year-on-year. The proposed cash dividend is 2.3 yuan per share, with a dividend payout ratio of approximately 70%, exceeding expectations and marking the highest ratio since 2022 [5][11] - The company continues to expand production capacity actively, with new factories in Vietnam and Indonesia contributing to its growth. The production capacity in 2024 reached 230 million pairs of shoes, with a utilization rate of 96.7%, an increase of 10.1 percentage points year-on-year [11][12] Summary by Sections Financial Performance - In 2024, the company's gross profit margin improved by 1.2 percentage points to 26.8%. The gross profit margins for different product categories were 27.2% for sports casual shoes, 21.6% for outdoor boots, and 24.4% for sports sandals/slippers [9] - The company reported a significant increase in operating cash flow, amounting to 4.62 billion yuan, a 25.0% increase year-on-year [10] Sales and Market Position - The company sold 223 million pairs of sports shoes in 2024, with a year-on-year increase in sales volume of 17.5% and a slight increase in average selling price by 1.7% [7] - The top five customers accounted for 79.1% of total revenue, with a year-on-year revenue growth of 14.7%. Notably, new customers like On Running showed significant growth [8] Production and Capacity Expansion - The company has initiated production in three new factories in Vietnam and one in Indonesia, with plans for further expansion in China and Indonesia [11] - The company has invested in automation, with over 500 intelligent cutting machines deployed and four automated molding lines introduced in 2024 [11] Future Outlook - The company is expected to continue leveraging its leading position in the market, with forecasts for net profit attributable to shareholders of 4.36 billion yuan, 5.00 billion yuan, and 5.70 billion yuan for 2025, 2026, and 2027 respectively [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company is expected to achieve a revenue growth of 19% year-on-year in 2024, reaching 24.01 billion yuan, and a net profit growth of 20%, amounting to 3.84 billion yuan. The dividend distribution is anticipated to exceed previous expectations, with a total proposed payout of 2.684 billion yuan, translating to a dividend per share of 2.3 yuan and a payout ratio of approximately 70% [1][5]. Summary by Sections Financial Performance - In 2024, the company is projected to have a revenue of 24.01 billion yuan, a 19% increase year-on-year, and a net profit of 3.84 billion yuan, reflecting a 20% growth. The gross profit margin is expected to rise by 1.2 percentage points to 26.8% [1]. - For Q4 2024, the company reported a revenue of 6.5 billion yuan, a 12% increase year-on-year, and a net profit of 1 billion yuan, up 9% from the previous year [2]. Orders and Client Relationships - The company is deepening cooperation with core clients and anticipates rapid order growth from new clients like Adidas in 2025. Revenue from different product categories shows significant growth, particularly in outdoor footwear and sandals, with total revenue from core clients reaching 204.1 billion yuan from the US, 30.6 billion yuan from Europe, and 4.9 billion yuan from other regions [3]. Production Capacity - The company is expected to expand its production capacity significantly, with total capacity reaching 22.9 million pairs and total output at 22.1 million pairs in 2024. The capacity utilization rate is projected to be 97%, indicating a near-saturation state [4]. Operational Management - The company has shown healthy inventory management with a year-end inventory increase of 13.8% to 3.12 billion yuan. The operating cash flow for 2024 is estimated at 4.62 billion yuan, approximately 1.2 times the net profit for the same period, indicating strong cash flow management [5]. Investment Outlook - The company is positioned as a leading global sports shoe manufacturer, with expectations for a 15% growth in revenue and performance in 2025, driven by new customer collaborations and accelerated capacity expansion. The projected net profits for 2025 to 2027 are estimated at 4.387 billion yuan, 5.062 billion yuan, and 5.832 billion yuan, respectively [5].

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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 44 yuan [2]. Core Views - The company reported a revenue of 15.197 billion yuan for 2024, representing a year-on-year increase of 11.86%. The net profit attributable to shareholders was 1.325 billion yuan, up 4.07% year-on-year [2]. - The fourth quarter (Q4) showed stable performance with a revenue of 4.285 billion yuan, an increase of 8.98% year-on-year, and a net profit of 371 million yuan, up 3.68% year-on-year [2]. - The company is actively divesting its sugar trading business, which has impacted overall revenue performance, while the yeast and deep processing segments continue to show strong growth [2][6]. Summary by Sections Financial Performance - In Q4, the revenue breakdown by product showed yeast at 3.143 billion yuan (up 20.84%), sugar at 368 million yuan (down 40.40%), packaging at 103 million yuan (up 1.35%), and other businesses at 679 million yuan (up 18.25%) [6]. - The gross margin for Q4 was 24.15%, an increase of 1.14 percentage points year-on-year, attributed to lower sugar molasses costs and reduced shipping expenses [6]. - The company plans to distribute a cash dividend of 0.55 yuan per share, totaling 477 million yuan, which is 36.05% of the net profit [2]. Market Outlook - The company aims for a revenue growth target of over 10% for 2025, with overseas markets becoming the core growth engine, supported by capacity expansion [6]. - The report indicates that the domestic market is currently facing weak demand, but the medium-term operational outlook remains positive [6]. Earnings Forecast - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.75 yuan, 2.16 yuan, and 2.51 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 16, and 14 [7]. - The projected net profit for 2025 is 1.519 billion yuan, reflecting a year-on-year growth of 14.7% [7]. Valuation - The current market capitalization is approximately 30.368 billion yuan, with a circulating market value of 29.873 billion yuan [3]. - The report suggests that the recent market cap decline provides a good opportunity for investment, maintaining the target price of 44 yuan, which corresponds to a PE of about 25 for 2025 [6].

Core Viewpoint - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.24%, with a net profit attributable to shareholders of 361 million yuan, up 8.73% year-on-year [2] Group 1: Financial Performance - The company reported a revenue of 512 million yuan in Q4 2024, reflecting a year-on-year growth of 9.16% and a quarter-on-quarter increase of 7.22% [2] - The company's gross profit margin for 2024 was 30.58%, an increase of 0.08 percentage points year-on-year, with the gross margin for non-crystalline products reaching 35.68%, the highest since its listing [4] - The company’s net profit for 2024 was 361 million yuan, with a non-recurring net profit of 344 million yuan, marking a year-on-year increase of 12.59% [2] Group 2: Product Performance - Revenue from non-crystalline alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a year-on-year increase of 3.80% in revenue and 10.27% in sales volume, while the sales price decreased by 5.87% [3] - Revenue from nano-crystal products reached 305 million yuan, up 34.71% year-on-year, with sales volume increasing by 35.87% to 6,900 tons, while the sales price decreased by 0.85% [3] - Revenue from magnetic powder products was 142 million yuan, a slight decrease of 0.51% year-on-year, with sales volume increasing by 20.71% to 8,800 tons, and the sales price decreased by 17.58% [3] Group 3: Cost and Expenses - The company’s expense ratio for 2024 was 9.92%, the second-lowest level since 2018, with R&D expense ratio at 5.99%, management expense ratio at 1.92%, sales expense ratio at 2.37%, and financial expense ratio at -0.35% [5] Group 4: Capacity and Market Expansion - The company’s non-crystalline production capacity reached 105,000 tons in 2024, with plans to expand to 120,000 tons by 2027 [6] - The company is actively expanding its overseas market, with overseas revenue of 566 million yuan, a year-on-year decrease of 13.13%, while the overseas gross margin was 35.63%, an increase of 1.55 percentage points [7]

Core Viewpoint - The company expects a net profit of 1.13 billion to 1.2 billion yuan for Q1 2025, representing a year-on-year growth of 20.97% to 28.47% [1] Group 1: Production and Sales Performance - In Q1, the company produced approximately 964,900 tons of potassium chloride and sold about 891,100 tons, while carbon lithium production was around 8,514 tons with sales of approximately 8,124 tons [8] - The sales volume of carbon lithium saw a slight decrease compared to the same period last year, while potassium chloride sales increased by approximately 16.6% [9] - The market price of potassium chloride has rebounded significantly after a two-year decline, positively impacting the company's revenue [10] Group 2: Financial Performance - The company achieved a revenue of 15.134 billion yuan, a year-on-year decrease of 29.86%, and a net profit of 4.663 billion yuan, down 41.07% from the previous year [3] - Despite the decline, the company maintained a competitive edge compared to peers, with a gross margin of 50.68% for lithium products, significantly higher than competitors [6][4] Group 3: Strategic Development and Future Outlook - The major shareholder, China Salt Lake Industrial Group, has outlined a long-term capacity expansion plan aiming for 10 million tons/year of potassium fertilizer and 200,000 tons/year of lithium salt by 2030 [2][12] - The company is actively aligning with the strategic goals of its major shareholder to enhance resource acquisition and expand its potassium and lithium resource industry [2] - The ongoing construction of a 40,000-ton lithium salt project is progressing well, with expectations to produce 3,000 tons of lithium carbonate this year, with significant capacity release anticipated next year [11][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with revenue projected at 2.836 billion yuan (up 59.8% year-on-year) and net profit attributable to shareholders at 733 million yuan (up 55.3%) [5] - The company benefits from strong customer relationships and robust manufacturing capabilities, which contribute to impressive revenue and profit growth [5] - The company has adjusted its profit forecasts for 2025-2026 due to increased capital expenditures related to capacity expansion, with net profit estimates of 864 million yuan for 2025 and 1.049 billion yuan for 2026 [5] Revenue Summary - The primary revenue source for the company remains stainless steel vacuum containers, with revenue from stainless steel vacuum cups reaching 2.682 billion yuan (up 57.64%) in 2024, accounting for 94.56% of total revenue [6] - International market revenue has been a significant growth driver, with overseas revenue at 2.690 billion yuan (up 59.39%), representing 94.85% of total revenue [6] Profitability Summary - The company's gross margin for 2024 is reported at 37.67% (down 3.05 percentage points), with a quarterly gross margin of 33.3% in Q4 2024 (down 10.5 percentage points) [7] - The net profit margin for 2024 is 25.8% (down 0.7 percentage points), with a quarterly net profit margin of 23.7% in Q4 2024 (down 5.2 percentage points) [7] Company Highlights - The completion of the Vietnam production capacity project, which can produce 13.5 million stainless steel vacuum cups annually, enhances the company's order capacity and competitive advantage [8] - The company has deepened its partnership with PMI, with revenue from this client reaching 2.470 billion yuan (up 63.96%), accounting for 87.15% of total revenue [8] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow from 2.836 billion yuan in 2024 to 5.144 billion yuan in 2027, with a compound annual growth rate of approximately 19.9% [9] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 8.32 yuan, 10.10 yuan, and 12.24 yuan, respectively [9]