Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue growth of 19% year-on-year in 2024, with total revenue reaching 24.01 billion yuan and a net profit of 3.84 billion yuan, reflecting a 20% increase [1]. - The company is expected to see significant order growth in 2025, driven by new customer acquisitions and increased market share from existing clients, with an estimated sales growth of around 15% [2]. - The company is expanding its production capacity with new factories in Vietnam and Indonesia, which is anticipated to support a compound annual growth rate (CAGR) of 15% in production from 2025 to 2026 [3]. Summary by Sections Financial Performance - In 2024, the company sold 223 million pairs of sports shoes, marking an 18% increase year-on-year, with a slight increase in average selling price [1]. - The fourth quarter of 2024 saw a revenue of 6.5 billion yuan, a 12% increase year-on-year, and a net profit of 1 billion yuan, up 9% [1]. - The company plans to distribute 2.0 yuan per share in dividends, resulting in a payout ratio of 61% and an estimated dividend yield of approximately 3.1% based on the closing price on March 12, 2025 [1]. Customer and Market Outlook - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, with the top five customers accounting for 83% of sales [2]. - The collaboration with Adidas is expected to ramp up production starting September 2024, contributing to significant order growth in 2025 [2]. Production Capacity and Quality - The company is currently operating at full capacity, with plans to open four new factories in 2024 and additional factories in early 2025, enhancing its international production footprint [3]. - The gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [3]. Earnings Forecast - The adjusted profit forecasts for 2025 and 2026 are 4.38 billion yuan and 5.05 billion yuan, respectively, with a price-to-earnings (P/E) ratio of 17 times for 2025 [4].

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 华利集团（300979.SZ） 2024 年业绩符合预期，2025 年期待新客户加速放量 2024 年公司收入同比增长 19%/归母净利润同比增长 20%。1）公司发布业绩 快报：2024 年实现营业总收入 240.1 亿元，同比+19%；归母净利润 38.4 亿元， 同比+20%，我们判断符合此前预期；2024 全年销售运动鞋 2.23 亿双（同增 18%）， 销售单价同比略有增长。2）由全年数据计算得：2024Q4 公司营业总收入 65.0 亿 元，同比+12%；归母净利润 10.0 亿，同比+9%；2024Q4 销售运动鞋 0.60 亿双 （同增+12%），销售单价同比持平。3）据公司公告的 2024 年度利润分配预案， 全年累计拟派发 23.34 亿元（每股 2.0 元），股利支付率为 61%，以 2025/3/12 收 盘价计算的股息率约 3.1%。 新客户 Adidas 预计快速放量，On、New Balance 等核心客户继续成长。公司 与 Nike、Deckers、VF、On、New Balance、Pum ...

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 华利实行多客户模式，使得能够掌握市场动态，满足客户多元化需求 公司拥有业界最为全面的制鞋工艺技术和流程，开发能力和量产能力有明 显优势。在品质、交期、技术能力、成本控制、劳工及社会责任等客户对 供应商的例行评价上，公司的表现都很好，在行业口碑也很好，吸引新客 户主动找公司合作。最近几年，公司销售收入保持高于行业的增长，因此 公司市场份额也在不断提升。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+1 ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+10%至 50 亿欧元。 公司预计 FY25 收入增长高单，其中北美和大中华区双位数增长；预计 OP 将进一步增长至 17~18 亿欧元。 On FY2025 收入指引同比+27%，快速成长 FY24Q4 收入 6 亿瑞士法郎，同比+41%；分品类，鞋/服收入分别 6/0.3 亿 瑞士法郎，同比+39%/+83%。本季净利 8950 万瑞士法郎，同比+4 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors, while recommending an "Overweight" rating for specific companies including Oppein Home, Sophia, Explorer, Semir Apparel, and Guibao Pet [7][30]. Core Insights - The European Union has made a preliminary anti-dumping ruling against Chinese decorative paper, imposing temporary anti-dumping duties ranging from 31.0% to 34.9% on involved companies [4][12]. - Adidas is strategically positioning itself in the Chinese sports market through a partnership with Tsinghua University, focusing on technology innovation and talent development in sports [12]. - The integration of AI models like DeepSeek by home appliance and furniture companies is expected to enhance their capabilities in customization, design, production, marketing, and customer service, thereby improving consumer experience [6][29]. Industry News - The light industry sector underperformed the CSI 300 index by 1.42 percentage points from February 17 to February 21, with a decline of 0.42% compared to the index's increase of 1.00% [6][23]. - The textile and apparel sector also lagged behind the CSI 300 index, underperforming by 1.91 percentage points during the same period, with a decline of 0.91% [6][25]. - The report highlights the performance of specific companies, noting that the top gainers in the light industry included Shengtong Co. (32.00%) and QuSleep Technology (25.83%) [24]. Company Announcements - Ruierte reported a 13.81% year-on-year decline in net profit for 2024, despite a revenue increase of 8.23% [5][22]. - Pearl River Piano has entered a strategic partnership with Lehai Musical Instruments to establish a benchmark in the national musical instrument industry [6][22].

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with an estimated annual revenue and net profit growth of around 20%, driven by a production volume of approximately 220 million pairs, representing a year-on-year increase of 10% to 20% [1][2] - In 2025, the company anticipates a 15% year-on-year growth in revenue and performance, supported by successful new customer collaborations and accelerated capacity expansion [1][2] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are expected to contribute significantly to revenue growth in the coming years [2][8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 24,004 million yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27,567 million yuan, reflecting a growth rate of 14.8% [10][11] - The net profit for 2024 is estimated at 3,902 million yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4,525 million yuan, indicating a growth rate of 16.0% [10][11] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia, which will enhance its international presence and meet customer demand [7][10] - The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026, aligning with the anticipated increase in orders [10][11] Market Position - The company is recognized as a leading global manufacturer of sports shoes, with a strong growth trajectory and increasing market share over the past few years [8] - The company’s gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [10][11]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to maintain a solid performance in 2025, with revenue and net profit projected to grow by approximately 20% year-on-year in 2024, and around 15% in 2025 due to successful new customer collaborations and accelerated capacity expansion [1][2][8] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are anticipated to drive significant order growth in the coming years [2][8] Summary by Sections Financial Performance - Estimated revenue for 2024 is projected at 24.0 billion yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27.6 billion yuan, reflecting a growth rate of 14.8% [10] - The net profit for 2024 is estimated at 3.9 billion yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4.5 billion yuan, indicating a growth rate of 16.0% [10] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia. The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026 [7][10] - The production capacity utilization rate has improved significantly, reaching 97.3% in the first half of 2024, indicating strong demand recovery in the apparel manufacturing sector [10] Customer Collaboration - The company has successfully onboarded new clients, including Adidas, which is expected to contribute to a robust revenue growth trajectory. The estimated compound annual growth rate (CAGR) for revenue from 2025 to 2026 is projected to be around 15% [2][8] - Orders from key clients such as Adidas, On, and New Balance are expected to see strong growth, while Nike's orders are anticipated to remain stable [2][8] Market Position - The company is recognized as a leading global manufacturer of athletic footwear, with a strong market presence and continuous growth in market share over the past few years [8]

证券研究报告/晨会聚焦 2025 年 02 月 18 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 【中泰研究丨晨会聚焦】政策杨畅：等待民企增量政策出台—— 当前经济与政策思考 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行 戴志锋：4Q24 货币政策执行报告点 评：宽松继续，节奏审慎》2025-02-17 2、《【中泰研究丨晨会聚焦】地产 由子沛：三大拐点齐现，板块迎来反 弹机会》2025-02-12 3、《【中泰研究丨晨会聚焦】化工 孙颖：固态电池材料专题报告：产业 方向日益清晰，技术迭代驶入快车道》 2025-02-12 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍 提价-——轻工制造及纺服服饰行业周报 【政策】杨畅：等待民企增量政策出台-——当前经济与政策思考 今日重点 【轻工纺服】张潇：奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价-——轻工制造及纺服 服饰行业周报 2025/2/10-2025/2/14 上证指数 1.3%， ...

行 业 研 究 | 第1 海 证 学 | | --- | | Bohai Securities | [Table_MainInfo] 文化纸温和上涨可期，上海推动 IP、宠物消费发展 ――轻工制造&纺织服饰行业周报 推荐组合：欧派家居（603833）、索菲亚（002572）、探路者（300005）、 森马服饰（002563）、乖宝宠物（301498）。 风险提示 宏观经济波动；原材料成本上涨；新产能无法及时消化；大客户流失。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 12 行业周报 | | 分析师： 袁艺博 | | | SAC NO： S1150521120002 | | | 2025 | 年 月 2 | 17 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | [Table_Author] 证券分析师 | | [Table_Summary] | | | | | | | | | | 袁艺博 | | 投资要点： | | | | | | | | | | | |  行业要 ...