公 华福证券 纺织鞋类制造 司 研 究 公 司 财 报 点 华利集团（300979.SZ） 25H1 业绩点评：毛利率短期承压，新工厂顺利 投产 事件：公司发布 25 年半年报，25H1 实现营收 126.61 亿元，同增 10.36%， 实现归母净利 16.71 亿元，同比-11.06%，实现扣非净利 16.83 亿元，同比 -8.75%。其中，25Q2 收入、净利分别同比+9.0%、-16.7%。 投资要点： 新客户推动量增，adidas 顺利出货 评 分量价看，25 年上半年公司销售运动鞋 1.15 亿双，同比增长 6.14%；经测算 25Q2 销量/ASP 分别同增 5.2%/3.6%。客户根据市场需 求调整产品类别，运动休闲鞋/户外靴鞋/运动凉鞋拖鞋收入分别同比 +10.78%/-57.31%/+74.35%。高质量新客户持续放量，前五大客户收入 占比由去年同期的 76.61%降至 71.88%，On 和 New Balance 新晋成为 公司前五大客户。此外，公司与战略新客户 Adidas 的合作顺利推进， 实现量产出货。 新厂爬坡阶段性影响毛利率，费用管控效果显著 公司 25H1 运动鞋业务毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [19]. Core Views - The company achieved a revenue of 5.353 billion yuan in Q1 2025, representing a year-on-year growth of 12.34%. However, the net profit attributable to shareholders decreased by 3.25% year-on-year to 762 million yuan [2][4]. - The company has seen significant growth in new brand contributions, with a year-on-year increase in sales volume of sports shoes by 8.24% to approximately 49 million pairs, and an average selling price (ASP) increase of about 3.8% to approximately 107 yuan [3]. - The gross margin for Q1 2025 was approximately 22.9%, a decline of about 5.5 percentage points year-on-year, primarily due to the ramp-up phase of new factories and associated training periods for new employees [4]. - The company is accelerating its capacity expansion to meet demand, with two finished shoe factories already in operation by the end of Q1 2025, and a 17% increase in employee numbers to approximately 184,000 [5]. - The report forecasts net profits for the company to reach 4.394 billion yuan, 5.072 billion yuan, and 5.894 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14%, 15%, and 16% [6][5]. Financial Data Summary - For the fiscal year 2025, the company is expected to generate a revenue of 27.425 billion yuan, with a growth rate of 14% [6]. - The net profit for 2025 is projected to be 4.394 billion yuan, reflecting a growth rate of 14% compared to the previous year [6]. - The earnings per share (EPS) for 2025 is estimated at 3.76 yuan, with a price-to-earnings (P/E) ratio of 13.8 [6].

Core Viewpoint - The company reported a revenue of 5.353 billion yuan for Q1 2025, representing a year-on-year increase of 12.34%, while the net profit attributable to shareholders was 762 million yuan, a decrease of 3.25% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 5.353 billion yuan in Q1 2025, up 12.34% year-on-year [1] - The net profit attributable to shareholders was 762 million yuan, down 3.25% year-on-year, with a non-recurring net profit of 751 million yuan, also down 3.35% year-on-year [1] Group 2: Sales and Growth - The company sold approximately 49 million pairs of sports shoes in Q1 2025, an increase of 8.24% year-on-year, with an average selling price (ASP) rising about 3.8% to approximately 107 yuan [2] - New customer orders saw significant growth due to strategic expansion and deepening cooperation with emerging sports brands, with no impact from recent tariff policy changes on brand customer shipment schedules [2] Group 3: Profitability and Margins - The gross margin for Q1 2025 was approximately 22.9%, a decrease of about 5.5 percentage points year-on-year, primarily due to accelerated construction and production ramp-up of new factories [3] - The net profit margin for Q1 2025 was 14.2%, down 2.3 percentage points year-on-year, reflecting the initial efficiency challenges of new factory operations [3] Group 4: Capacity Expansion and Workforce - The company accelerated the construction of new factories to meet rising capacity demands, with two finished shoe factories operational by the end of Q1 2025 [4] - The workforce increased to approximately 184,000 employees, a 17% rise compared to the end of Q1 2024, supporting capacity expansion [4] - Inventory stood at 3.674 billion yuan at the end of Q1 2025, a 17.7% increase from the beginning of the year, indicating a healthy order backlog [4] Group 5: Profit Forecast and Investment Recommendation - The company maintains its profit forecast, expecting net profits of 4.394 billion yuan, 5.072 billion yuan, and 5.894 billion yuan for 2025 to 2027, representing year-on-year growth of 14%, 15%, and 16% respectively [5] - The company is positioned as a leading shoe manufacturing contractor, closely tied to high-quality international brands like Nike and Deckers, and is expanding its partnerships with brands like Adidas, supported by steady capacity growth [5]