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华利集团(300979):新客户带动收入增长,利润率阶段性承压
Dongxing Securities· 2025-09-04 11:36
Investment Rating - The report maintains a "Recommended" rating for the company based on its growth potential and capacity expansion [5]. Core Viewpoints - The company achieved a revenue of 12.661 billion yuan in the first half of 2025, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [1][2]. - Revenue growth was driven by new customer orders, while existing customer orders showed some volatility. The company sold 115 million pairs of sports shoes, a year-on-year increase of 6.14%, with an average selling price of approximately 110 yuan per pair [1]. - The customer structure has become more diversified, with the top five customers accounting for 71.88% of revenue, down from 76.61% in the same period last year, indicating improved resilience against macroeconomic uncertainties [1]. Revenue and Profitability - The company's gross margin for the first half of 2025 was 21.85%, a decrease of 6.38 percentage points year-on-year, while the net margin was 13.20%, down 3.17 percentage points [2]. - The decline in margins is attributed to the initial efficiency ramp-up of new factories and fluctuations in orders from existing customers. However, improvements in gross margins were noted in the second quarter as new factories began to operate more efficiently [2]. Capacity Expansion - The company is in the process of ramping up production at three new factories, with significant output reported: 670,000 pairs from the Sichuan factory, 1.99 million pairs from the Indonesia factory, and 3.73 million pairs from the Vietnam factory in the first half of 2025 [2]. - Continued investment in capacity expansion is planned, with new factories set to be established in Indonesia and expansions in Vietnam [2]. Future Outlook - The company anticipates a recovery in profitability as new factories reach operational maturity and customer orders stabilize. The sports shoe manufacturing industry is maturing, with a trend towards consolidation among core suppliers [3]. - Profit forecasts for 2025-2027 indicate net profits of 3.486 billion, 4.039 billion, and 4.910 billion yuan, respectively, with growth rates of -9.23%, 15.85%, and 21.58% [3][4].