点击注册小程序 查看完整报告 特别申明： 分量价来看，2024年公司销售运动鞋2.23亿双，销量同比+17.5%，推算人民币口径单价同比提升1.7%。 分品类来看，运动休闲鞋、户外靴鞋、运动凉鞋/拖鞋及其他24年收入占总收入的比重分别为 87.4%/3.7%/8.6%，收入分别同比+17.9%/-33.7%/+125.8%，其中运动凉鞋/拖鞋及其他收入大幅增加，主 要系UGG等品牌的拖鞋款型体订单大幅增加。 分地区来看（按品牌客户总部所在地划分），美国/欧洲/其他地区24年收入占总收入的比重分别为 85.0%/12.8%/2.1%，收入分别同比+18.1%/+24.3%/+44.4%。 品牌客户方面，前五大客户24年收入占比为79.1%，占比同比下降3.2PCT，收入同比增14.7%，前五大客 户收入占比依次为33.2%/21.4%/12.5%/6.3%/5.8%，其中前四大客户收入分别同比 +4.7%/+26.4%/+26.4%/+8.0%（第五名客户有变化）；除前五大客户外，其他客户收入占比为20.9%，收 入同比增长41.3%。新客户中，On Running增长较高，另外公司24年9月为adidas量产 ...

Group 1: Sales and Market Impact - The company's sales revenue from the U.S. market is estimated to account for approximately 40% of total sales, with the U.S. being the largest consumer market for athletic shoes [2] - The company has developed different response plans regarding the U.S. tariffs on imports from Vietnam and Indonesia, maintaining close communication with clients [2][3] - Despite the uncertainty in the global trade environment, the company will not adjust its strategic plans for the construction of new factories in Indonesia [3] Group 2: Raw Material Sourcing - In 2024, over 50% of raw materials for the Vietnam factory will be sourced locally, while the proportion from mainland China has decreased to about 30% [4] - The company operates a processing model in Vietnam, where raw materials are imported duty-free, and only processing fees are charged [4] Group 3: Production Capacity and Technology - The company’s supercritical physical foaming midsole technology is considered to be at a leading level in the industry, with production capacity currently tight [5] - The company plans to continue investing in expanding production capacity to meet demand for this technology [5] Group 4: Financial Performance and Profit Distribution - The company's net profit margin has remained stable at around 15%-16% since 2021, reflecting effective cost and expense management [7] - The cash dividend ratio for 2024 is set to approximately 70% of net profit, with previous years showing cash dividends of 89% in 2021, 43% in 2022, and 44% in 2023 [16] Group 5: Future Outlook and Client Relations - The company is optimistic about 2025 orders, with no significant changes expected in actual orders compared to forecasts [8] - Average selling prices will fluctuate based on client and product mix, with the company monitoring these changes closely [9] - The company maintains a multi-client model, which enhances its market adaptability and attracts new clients [14]

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]

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 ...

华利集团(300979.SZ)发布2024年度报告，公司实现 营业收入240.06亿元，同比增长19.35%； 净利润 38.40亿元，同比增长20%。公司拟每10股派发现金红利23元（含税）。公司主要从事运动鞋的产品开 发设计、生产与销售，是 Nike、Adidas等国际知名运动休闲品牌的重要合作伙伴。主要产品包括运动 休闲鞋、户外靴鞋、运动凉鞋/拖鞋等。 ...

华利集团（300979）公告，2024年营业收入为240.06亿元，同比增长19.35%；归属于上市公司股东的净 利润为38.4亿元，同比增长20.00%；基本每股收益为3.29元/股，同比增长20.07%。公司拟以11.67亿股 为基数，向全体股东每10股派发现金红利23元(含税)，送红股0股(含税)，以资本公积金向全体股东每10 股转增0股。 ...

Core Viewpoint - The expansion of U.S. tariffs, particularly against Vietnam and Indonesia, poses significant challenges for companies like Huayi Group, necessitating a strategic shift towards new markets and increased domestic sales to mitigate risks [1][4][5]. Group 1: Tariff Impact - On April 3, U.S. President Trump announced a 46% tariff increase on Vietnam and a 32% increase on Indonesia, significantly impacting Huayi Group, which has most of its factories in Vietnam [2][4]. - The company's stock dropped over 15% following the tariff announcement, highlighting the immediate market reaction to the news [1]. - Analysts suggest that the expanded U.S. tariff policy could severely undermine Huayi Group's production advantages in Vietnam, potentially leading to a loss of competitive edge [4][5]. Group 2: Production and Market Strategy - Huayi Group is a leading manufacturer of sports shoes, partnering with major brands like Nike and Adidas, and has recently expanded its production capabilities in Vietnam and Indonesia [2][3]. - The company plans to increase production in Indonesia, with new factories set to begin operations in the first half of 2024, as part of its strategy to diversify production locations [3][2]. - In 2024, Huayi Group expects to sell 223 million pairs of shoes, a 17.53% increase year-on-year, with projected revenues of 24 billion yuan, up 19.35% from the previous year [2]. Group 3: Future Market Directions - Industry experts recommend that Huayi Group explore new export markets beyond the U.S., such as Europe and the Middle East, to reduce reliance on the American consumer market [5][6]. - The company is also advised to enhance its domestic sales efforts to tap into the growing local consumer market, which could provide a buffer against international trade uncertainties [6]. - The competitive landscape in Southeast Asia is intensifying, with rising labor and material costs diminishing the profit margins for companies relocating production to these regions [5].

Core Viewpoint - Indonesia's stock market faced significant declines, with the composite index dropping over 7%, marking the largest single-day decline since September 2011, attributed to various factors including mass layoffs, weak consumer data, and macroeconomic concerns [2][4]. Group 1: Market Performance - The Indonesian composite index has experienced a continuous decline for four trading days, reaching a new low since September 2021, and has fallen over 20% from its historical high of 7910.56 points in September 2024, entering a technical bear market [5]. - The Indonesian rupiah depreciated against the US dollar, trading at 16,419, while bond prices also fell [6][10]. Group 2: Economic Indicators - The Indonesian Central Statistics Agency reported a 2024 economic growth rate of 5.03%, slightly above the previous forecast of 5% to 5.02%, but still below the 5.2% target set by the previous government [7]. - Weak export performance has been identified as a primary reason for the economic growth falling short of expectations, compounded by consumer weakness ahead of the Ramadan holiday [7][8]. Group 3: Investor Sentiment - Concerns over potential changes in the finance ministry leadership have negatively impacted market sentiment, with rumors suggesting a possible replacement by a family member of the president [3][9]. - Significant foreign investor sell-offs have occurred, with approximately $1.65 billion in local stocks sold year-to-date, as investors shift towards safer assets amid a pessimistic outlook for the Indonesian stock market [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company reported a revenue of 24.006 billion RMB for 2024, representing a year-on-year growth of 19.35%. The net profit attributable to shareholders was 3.841 billion RMB, up 20.01% year-on-year [1]. - The company achieved a revenue of 6.495 billion RMB in Q4 2024, with a year-on-year increase of 11.87%, and a net profit of 999 million RMB, reflecting a growth of 9.20% [1]. - The company plans to distribute a cash dividend of 20 RMB per 10 shares, totaling 2.334 billion RMB, with a payout ratio of approximately 61% [1]. Performance Analysis - The company sold 223 million pairs of athletic shoes in 2024, marking a year-on-year increase of 17.53%. The average selling price (ASP) saw a low single-digit percentage increase [2]. - The company’s supplier, Fengtai, reported a Q4 revenue of 5.001 billion RMB, a slight decline of 0.50% year-on-year, while the company continues to lead in revenue compared to peers [2]. - The company has initiated cooperation with Adidas in Q4 2024, with mass production expected to start in September 2024 [2]. - The company has expanded its production capacity with three new factories in Vietnam and is also diversifying its production base in Indonesia and China to mitigate geopolitical risks [2]. - The net profit margin for Q4 2024 was 15.36%, a decrease of 0.38 percentage points year-on-year, primarily due to the ramp-up of new factory margins and increased management expenses [2]. Customer Trends - The company is optimistic about its growth potential, supported by new clients such as Adidas and On, which reported strong revenue growth in Q4 2025 [3]. - Adidas achieved a revenue of 5.965 billion euros in Q4 2024, reflecting a year-on-year growth of 23.99%, while On reported a 36% increase to 607 million Swiss francs [3]. Profit Forecast and Valuation - The company is expected to maintain steady growth, with projected net profits of 3.841 billion RMB, 4.423 billion RMB, and 5.074 billion RMB for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (PE) ratios are forecasted to be 24, 21, and 18 times [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][12] Core Views - The company achieved a revenue of 24.006 billion RMB in 2024, representing a year-on-year growth of 19.35%. The net profit attributable to shareholders was 3.841 billion RMB, up 20.01% year-on-year [1] - The company is expanding its production capacity with new factories in Vietnam and Indonesia, which is expected to meet customer demand and diversify order options [2] - The company has established new partnerships with clients like Adidas, which is anticipated to contribute positively to future orders [3] Performance Summary - In Q4 2024, the company reported a revenue of 6.495 billion RMB, a year-on-year increase of 11.87%, and a net profit of 999 million RMB, up 9.20% year-on-year [1] - The company sold 223 million pairs of athletic shoes in 2024, marking a 17.53% increase year-on-year [2] - The net profit margin for Q4 2024 was 15.36%, a slight decrease of 0.38 percentage points compared to the previous year [2] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 3.841 billion RMB, 4.423 billion RMB, and 5.074 billion RMB, respectively, with corresponding P/E ratios of 24, 21, and 18 [4] - The company is expected to maintain a stable growth trajectory due to its strong client base and cost control capabilities [4] Client Trends - Adidas reported a revenue of 5.965 billion euros in Q4 2024, reflecting a year-on-year growth of 23.99%, indicating a positive trend in the company's client base [3] - The company is expected to benefit from the strong performance of its new clients, including On, which achieved a 36% revenue growth in Q4 2024 [3]