Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced significant new customer growth in Q1 2025, with revenue reaching 5.35 billion yuan, a year-on-year increase of 12.3%. However, the net profit attributable to the parent company was 760 million yuan, reflecting a decrease of 3.2% due to the impact of new factory ramp-up on profitability [7][8] - The report anticipates improved gross margins in Q2 2025 as scale effects and new factory ramp-up take effect, with long-term optimism regarding new customer volume and increased market share from existing customers [7][8] Financial Summary - Q1 2025 revenue was 5.35 billion yuan, with a volume increase of 8.24% and a price increase of 3.8%. The gross margin was 22.9%, down 5.5 percentage points due to initial training periods for new employees at new factories [7][8] - The company plans to accelerate the construction of new factories to meet the growing demand from new customers, with two new factories in Indonesia and Sichuan launched in Q1 2025, and further expansions planned in Vietnam and Indonesia [7] - The net profit forecast for 2025-2027 has been adjusted to 4.1 billion, 4.76 billion, and 5.51 billion yuan respectively, with corresponding P/E ratios of 16.1, 13.8, and 12.0 times [7][9] Operational Capability - As of Q1 2025, the company had a net operating cash flow of 1.21 billion yuan, with inventory at 3.67 billion yuan and accounts receivable at 3.31 billion yuan, indicating a stable operational capability [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced significant new customer growth in Q1 2025, with revenue reaching 5.35 billion yuan, a year-on-year increase of 12.3%. However, the net profit attributable to the parent company decreased by 3.2% to 760 million yuan due to the initial efficiency challenges of new factories [7][8] - The report anticipates improved gross margins in Q2 2025 as scale effects and new factory ramp-up contribute positively. Long-term prospects remain optimistic due to the expansion of new customer orders and increased market share from existing clients [7][8] Financial Summary - Q1 2025 revenue: 5.35 billion yuan (YoY +12.3%) - Q1 2025 net profit: 760 million yuan (YoY -3.2%) - Q1 2025 gross margin: 22.9% (down 5.5 percentage points) - Q1 2025 net profit margin: 14.2% (down 2.3 percentage points) [7][8] - Expected net profit for 2025-2027: 4.1 billion, 4.76 billion, and 5.51 billion yuan respectively [7] Operational Insights - Q1 2025 sales volume: 49 million pairs (YoY +8.24%), with an average price of 109 yuan per pair (YoY +3.8%) [7] - The company is accelerating the construction of new factories to meet the rising demand from new clients such as Adidas and New Balance, with plans to open two new factories in Indonesia and Sichuan in Q1 2025 [7] - As of Q1 2025, the company employed 184,000 people, a 17% increase YoY, with expectations of a slowdown in hiring in Q2 2025 [8] Financial Projections - Revenue projections for 2025-2027: 27.66 billion, 31.68 billion, and 36.18 billion yuan respectively [9] - Expected net profit margins for 2025-2027: 14.8%, 15.0%, and 15.2% respectively [9] - P/E ratios for 2025-2027: 16.1, 13.8, and 12.0 respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Views - The company reported a revenue of 5.35 billion yuan and a net profit of 760 million yuan for Q1 2025, showing a year-on-year increase of 12% in revenue but a slight decline of 3% in net profit [1]. - The company is expected to see a revenue growth of over 15% in 2025, driven by new customer orders and an increase in production capacity [2][4]. - The company is currently in a phase of expanding its production capacity, which is anticipated to enhance its international presence and operational efficiency in the medium to long term [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 22.9%, down 5.5 percentage points year-on-year, primarily due to the ramp-up of new factories [1]. - The company’s net profit margin decreased by 2.3 percentage points to 14.3% in Q1 2025 [1]. Customer Orders and Market Position - The company has maintained strong relationships with major brands like Nike and Adidas, with expectations of stable orders from existing clients and significant growth from new clients [2]. - The company’s new collaboration with Adidas is expected to contribute to rapid order growth in 2025 [2]. Production Capacity and Efficiency - The company plans to expand its production capacity significantly, with a total capacity of 229 million pairs and a utilization rate of 97% expected in 2024 [3]. - The company is focusing on improving operational efficiency through training and automation, which is expected to enhance gross margins in the upcoming quarters [3]. Cash Flow and Inventory Management - As of Q1 2025, the company reported a 12.5% increase in inventory year-on-year, with inventory turnover days decreasing by 5.1 days to 74.1 days [4]. - The net operating cash flow for Q1 2025 was 1.21 billion yuan, approximately 1.6 times the net profit for the same period [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].

华利集团（300979.SZ） 证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 新客户订单量 2025Q1 同比显著增长，我们估计老客户订单稳健为主。1）过去公司与 Nike、 Deckers、VF、Puma、On 等核心品牌保持深度合作，2024 年前五大客户销售占比分别为 33%/21%/13%/6%/6%。2）展望 2025 年，考虑客户业务及公司订单合作进度，我们判断 Nike、VF 等客户订单整体以平稳为主，2025 年 On、New Balance、Reebok、Adidas 订单增 速强劲。其中公司新合作客户 Adidas 于 2024 年 9 月开始量产出货、我们判断 2025 合作订 单预计快速放量。综合来看，我们估计新客户订单快速增长有望带动公司 2025 年收入同比 增长 15%+。 未来产能预计加速扩张，增强国际化产能布局。1）2024 年公司总产能/总产量分别 2.29/2.21 亿双，产能利用率 97%。我们判断目前公司产能利用率基本仍处于饱和状态。2）新工厂投 产、次新工厂爬坡推进顺利，短期影响毛利率表现，中长期有望带动规模扩张及业绩释放。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1] - The company is expected to achieve a net profit growth of 8.5% in 2025, with projected revenue growth of 7.7% to 5 billion yuan [3] - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2] Financial Performance - In Q1 2025, the company's gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1] - The company’s revenue for 2025 is projected to be 5,033 million yuan, with a year-on-year growth rate of 7.7% [5] - The expected net profit for 2025 is 760 million yuan, reflecting a year-on-year growth rate of 8.5% [5] Business Expansion - The company’s zipper business showed strong sales performance, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2] - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2] Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the medium to long term [3] - The company is actively exploring opportunities to adapt its production capacity based on customer needs, particularly in response to tariff challenges [3]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0115 | -0.0079 | 245.57 | 0.0062 | | 每股净资产（元） | 1.27 | 1.23 | 3.25 | 1.23 | | 每股公积金(元) | 0 | 0 | 0 | 0 | | 每股未分配利润(元) | 0.34 | 0.30 | 13.33 | 0.26 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.7 | 2.35 | 14.89 | 2.33 | | 净利润(亿元) | 0.1 | -0.07 | 242.86 | 0.05 | | 净资产收益率(%) | 0.91 | -0.64 | 242.19 | 0.50 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 21033.17万股，累计占流通股比： 25.42%，较上期变化： 193.86 万股。 二、前10名无限售条 ...

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0230 | 0.0619 | -62.84 | 0.1120 | | 每股净资产（元） | 1.25 | 1.24 | 0.81 | 1.21 | | 每股公积金(元) | 0 | 0 | 0 | 0 | | 每股未分配利润(元) | 0.33 | 0.30 | 10 | 0.25 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 11.82 | 9.88 | 19.64 | 13.65 | | 净利润(亿元) | 0.19 | 0.51 | -62.75 | 0.93 | | 净资产收益率(%) | 1.84 | 5.05 | -63.56 | 9.29 | 一、主要会计数据和财务指标 三、分红送配方案情况 数据四舍五入，查看更多财务数据>> 不分配不转增 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][31] Core Views - The company achieved a revenue growth of 9.07% year-on-year in 2024, with total revenue reaching 4.841 billion yuan and a net profit of 428 million yuan, reflecting a growth of 5.96% [1][6] - The growth in revenue is primarily driven by the rapid expansion of the cashmere yarn business and stable growth in fine wool and wool tops [1] - The company has a gross margin of 18.98%, which has improved by 0.36 percentage points year-on-year, mainly due to the increase in gross margin from fine wool and wool tops [1] - The company plans to gradually release production capacity over the next two years, which is expected to enhance market share [4][31] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.841 billion yuan, a year-on-year increase of 9.07%, and a net profit of 428 million yuan, up 5.96% [1][7] - The gross margin for the year was 18.98%, with a net profit margin of 9.34%, down 0.36 percentage points from the previous year [1][7] - The cash flow from operating activities decreased by 33.03% to 370 million yuan, mainly due to increased payments for goods and services [1] Business Segments - Fine wool yarn business generated revenue of 2.543 billion yuan, with a gross margin of 26.78%, reflecting a 1.72 percentage point increase [3] - Cashmere yarn business revenue reached 1.548 billion yuan, growing by 26.65%, but the gross margin decreased by 1.55 percentage points to 11.13% [3] - Wool tops business revenue was 666 million yuan, with a gross margin of 5.22%, up 1.63 percentage points [3] Capacity Expansion - The company has completed the production of 15,000 spindles for its high-end fine wool yarn project and is progressing with its Vietnam project, which is expected to meet overseas demand [4][31] - The company plans to launch additional production lines in Vietnam in 2025, which will further enhance its production capacity [4] Market Outlook - The company is expected to maintain a stable operation in 2024, with continued growth in the cashmere business and a gradual release of production capacity [31] - The forecast for net profit from 2025 to 2027 is 444 million yuan, 493 million yuan, and 563 million yuan, respectively, indicating a growth rate of 3.6%, 11.0%, and 14.3% [6][31]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][7]. Core Views - The company reported stable revenue in Q1 2025, with total revenue at 1.1 billion yuan, unchanged year-on-year, and a net profit attributable to shareholders of 100 million yuan, reflecting a 5% increase year-on-year [1]. - The company is focusing on long-term asset construction and is expected to maintain steady performance in 2025, with projected net profits of 433 million yuan, 487 million yuan, and 555 million yuan for 2025, 2026, and 2027 respectively [4][6]. Summary by Sections Financial Performance - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points to 20.8%, while the net profit margin rose by 0.5 percentage points to 9.6% [1]. - The company’s revenue for 2025 is estimated to be 5.054 billion yuan, with a year-on-year growth rate of 4.4% [6]. Business Segments - The company’s wool yarn sales are expected to remain stable, while cashmere yarn sales are projected to grow by 15% to 20% year-on-year in Q1 2025 [2]. - The company is expanding its production capacity, with plans for significant increases in output for various yarn products in 2024 and 2025 [3]. Inventory and Cash Flow - As of Q1 2025, inventory increased by 20.7% year-on-year to 2.26 billion yuan, leading to a net operating cash flow of -140 million yuan [3]. - The accounts receivable turnover days increased by 2 days to 44 days, indicating a slight delay in cash collection [3]. Market Position and Strategy - The company is a leader in the wool yarn market and is committed to long-term capacity building, which is expected to enhance its competitive strength in the medium to long term [4]. - The company is actively expanding its global production capacity to meet increasing customer demand [3].