Q2 收入稳健增长，利润承压。2025Q2 公司收入为73.08 亿元，同比增长9.0%，归母净利为9.02 亿元， 同比下降17.3%，毛利率为21.08%，同比下降7.05pct，净利率为12.34%，同比下降3.9pct。 新客户为核心增长动力。按客户总部所在地划分，H1 北美/欧洲/其他收入分别同 比-0.43%/+88.94%/+45.87%。按产品划分，H1 运动休闲鞋/户外靴鞋/运动凉鞋拖鞋及其他收入分别同比 +10.78%/-57.31%/+74.35%。客户方面，2025H1 客户订单表现分化，部分老客户订单有所下滑，但新客 户订单量同比大幅增长，On 和New Balance跻身公司前五大客户行列，2025H1 公司CR5 为71.88%，同 比下降4.73pct。 本报告导读： H1 新客户驱动增长，新工厂Q2 毛利率环比Q1 改善，关注后续终端销售及新工厂爬坡进度。 投资要点： 投资建议：我们维持2025-2027年EPS预测为3.02/3.57/4.27元。考虑到公司目前处于产能快速扩张期，给 予2025 年高于行业平均水平的22 倍PE，维持目标价至66.5 元，维持"增持"评级。 ...

| 收盘价（元）： | 53.99 | | --- | --- | | 年内最高/最低（元）： | 85.00/47.77 | | 流通 A 股/总股本（亿 | 11.67/11.67 | | 股）： | | | 流通 股市值（亿元）： A | 630.06 | | 总市值（亿元）： | 630.06 | 基础数据：2025 年 6 月 30 日 2025 年 8 月 22 日 公司研究/公司快报 公司近一年市场表现 资料来源：最闻，山西证券研究所 市场数据：2025 年 8 月 21 日 | 基本每股收益(元)： | 1.43 | | --- | --- | | 摊薄每股收益(元)： | 1.43 | | 每股净资产(元)： | 13.85 | | 净资产收益率(%)： | 10.34 | | 资料来源：最闻，山西证券研究所 | | 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 纺织制造 华利集团（300979.SZ） 买入-A(维持) 2025H1 营收稳健增长 ...

Group 1 - The core stock price of Huali Group reached 52.63 yuan, an increase of 1.39% compared to the previous trading day [1] - The trading volume on that day was 33,525 hands, with a transaction amount of 175 million yuan [1] - Huali Group operates in the textile and apparel sector, specializing in the research, design, production, and sales of sports shoes, including casual sports shoes and outdoor boots [1] Group 2 - The company serves a global customer base that includes several well-known sports brands [1] - The National Sports Administration is developing policy documents to promote event economy, which will enrich event supply [1] - Data indicates that the Jiangsu Urban Football League has driven multi-scenario consumption of 38 billion yuan across Jiangsu [1] Group 3 - According to the disclosed semi-annual report, Huali Group's profit exceeded 100 million yuan in the first half of the year [1] - On August 20, the net inflow of main funds into Huali Group was 8.82 million yuan, while the net outflow over the past five days was 33.76 million yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company has exceeded dividend expectations, indicating potential for sustainable growth in the future [1]. - The revenue for 2024 is projected to be 24.01 billion yuan, a year-on-year increase of 19.4%, with a net profit of 3.84 billion yuan, up 20% year-on-year [6]. - The company is expanding its production capacity with new factories in Vietnam and Indonesia, which are expected to enhance operational efficiency [6]. Financial Forecasts and Investment Recommendations - The earnings per share (EPS) for 2025-2027 are forecasted to be 3.71, 4.22, and 4.83 yuan respectively, with a target price of 66.51 yuan based on an 18x PE valuation for 2025 [2][7]. - The company’s revenue is expected to grow from 20.11 billion yuan in 2023 to 35.46 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [2][10]. - The gross profit margin is projected to remain stable, with slight fluctuations, indicating consistent profitability [2][10]. Key Financial Metrics - The company’s operating profit for 2024 is expected to be 4.97 billion yuan, with a net profit margin of 16% [6][10]. - The return on equity (ROE) is projected to decline slightly from 22.6% in 2023 to 19.1% in 2027, reflecting a stable but slightly decreasing profitability trend [10]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 20.5 in 2023 to 11.6 in 2027, indicating potential undervaluation as earnings grow [10].