Core Viewpoint - The company reported a decline in net profit for the first half of 2025, indicating short-term pressure on profitability despite a revenue increase. [1][2] Financial Performance - For 25H1, the company achieved revenue of 12.66 billion yuan, a year-on-year increase of 10.36%, while net profit attributable to shareholders was 1.66 billion yuan, a year-on-year decrease of 11.42% [1] - In 25Q2, revenue reached 7.31 billion yuan, a year-on-year increase of 9.0%, with net profit of 902 million yuan, down 17.3% year-on-year [1] - The gross profit margin for 25H1 decreased by 6.38 percentage points to 21.85%, and the net profit margin fell by 3.17 percentage points to 13.2% [2] - In 25Q2, the gross profit margin was 21.08%, down 7.05 percentage points year-on-year, and the net profit margin was 12.42%, down 3.84 percentage points year-on-year [2] Product and Regional Performance - Revenue from sports leisure shoes in 25H1 was 11.34 billion yuan, up 10.78% year-on-year, while revenue from sports sandals/slippers and other products surged by 74.35% to 1.05 billion yuan [1] - Outdoor footwear revenue dropped significantly by 57.31% to 260 million yuan [1] - Revenue from North American customers was 9.89 billion yuan, a slight decrease of 0.43% year-on-year, while European customer revenue soared by 88.94% to 2.397 billion yuan [1] - The company sold 115 million pairs of shoes in 25H1, a year-on-year increase of 6.1%, with an average price of approximately 110.09 yuan per pair, up 3.6% year-on-year [1] Customer Diversification and Strategy - The company is experiencing a shift in customer orders, with some older clients seeing a decline, but new client orders have increased significantly [2] - The top five customers now account for 71.88% of revenue, down from 76.61% the previous year, indicating a diversification strategy [2][3] Production Capacity and Future Outlook - The new factories are ramping up production as expected, with output in 25H1 reaching 3.73 million pairs from the Vietnam factory, 1.99 million pairs from Indonesia, and 670,000 pairs from China [3] - The company anticipates gradual improvement in profitability as new factory margins improve [3] Investment Outlook - The company is expected to maintain healthy revenue growth as it continues to expand its high-potential customer base [4] - Revenue forecasts for 2025-2027 are projected to grow by 11%, 14%, and 13% year-on-year, with net profits of 3.5 billion, 4.35 billion, and 4.96 billion yuan, respectively [4]

Investment Rating - The report maintains a "Buy-A" rating for the company [6][13]. Core Views - The company achieved a revenue of 12.661 billion yuan in H1 2025, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [7][8]. - The company is experiencing a phase of pressure on profitability due to the transitional efficiency of new factories and a decline in orders from older factories, leading to a temporary drop in gross margin [8][10]. - The company is successfully diversifying its customer base, with significant contributions from new clients like On and New Balance, and a successful partnership with Adidas [9]. Financial Performance - As of June 30, 2025, the basic earnings per share (EPS) was 1.43 yuan, and the diluted EPS was also 1.43 yuan [4]. - The net asset return rate (ROE) stood at 10.34% [4]. - The company’s total production capacity reached 116.71 million pairs, with a utilization rate of 95.78% [10]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.54 billion, 4.07 billion, and 4.65 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [13]. - The company’s revenue is projected to grow from 26.325 billion yuan in 2025 to 32.688 billion yuan in 2027, with year-on-year growth rates of 9.7% and 10.7% respectively [15][19].

Core Viewpoint - The report highlights the financial performance and operational status of Huali Industrial Group Co., Ltd. for the first half of 2025, indicating a growth in revenue but a decline in net profit compared to the previous year [1][17]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately RMB 12.66 billion, representing a year-on-year increase of 10.36% from RMB 11.47 billion [8][17]. - The net profit attributable to shareholders was approximately RMB 1.67 billion, showing a decrease of 11.06% compared to RMB 1.88 billion in the same period last year [8][17]. - The basic earnings per share decreased to RMB 1.43, down 11.18% from RMB 1.61 [8][17]. - Total assets increased by 11.91% to approximately RMB 25.48 billion, while net assets attributable to shareholders decreased by 7.33% to approximately RMB 16.15 billion [8][17]. Business Operations - The company primarily engages in the design, production, and sales of sports shoes, serving as a key manufacturer for globally recognized brands such as Nike, Adidas, and Puma [12][15]. - In the first half of 2025, the company sold approximately 115 million pairs of shoes, marking a year-on-year growth of 6.14% [17]. - The company operates a production model based on "sales-driven production," with manufacturing primarily conducted in Vietnam and Indonesia [11][12]. Market and Industry Trends - The sports shoe industry is experiencing structural growth driven by increasing participation in sports and a rising demand for high-quality, comfortable products [12][13]. - However, the industry faces challenges such as macroeconomic pressures, trade policy uncertainties, and potential declines in consumer demand [12][16]. - The company has established a diversified customer base, reducing reliance on any single client, which enhances its competitive position in the market [15][17]. Profit Distribution - The company plans to distribute cash dividends of RMB 10.00 per 10 shares, totaling approximately RMB 1.17 billion, which represents about 70% of the net profit attributable to shareholders for the first half of 2025 [1][18].

其他纺织 华利集团（300979.SZ） 买入-A(维持) 2024 年分红超预期，产能加速扩张 2025 年 4 月 14 日 公司研究/公司快报 公司近一年市场表现 事件描述 4 月 10 日，公司披露 2024 年年报，2024 年，公司实现营业收入 240.06 亿元，同 比增长 19.35%，实现归母净利润 38.40 亿元，同比增长 20.00%，实现扣非净利润 37.81 亿元，同比增长 18.83%。公司拟向全体股东每 10 股派发现金红利 23 元（含税），派息 率 69.89%。 事件点评 市场数据：2025 年 4 月 11 日 11.67/11.67 2024 年公司实现量价齐升，受到基数影响，业绩增速逐季放缓。2024 年，公司实 现营收 240.06 亿元，同比增长 19.35%，销售数量方面，2024 年，公司鞋履销售量 2.23 亿双，同比增长 17.53%。销售均价方面，2024 年，人民币均价约 107 元/双，同比增长 约 1.6%。分季度看，24Q1-24Q4 营收分别为 47.65、67.07、60.39、64.95 亿元，同比 增长 30.15%、20.83%、18 ...

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].

纺织服饰 | 纺织制造 非金融|公司点评报告 证券研究报告 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | | 日 | 月 | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 56.14 | | | | | 一 年 内 最 最 低 | 高 | / | | | | | | | | | 总市值（百万元） | | | | | | 65,515.38 | | | | | 流通市值（百万元） | | | | | | 65,514.95 | | | | | 总股本（百万股） | | | | | | 1,167.00 | | | | | 资产负债率（%） | | | | | | 23.38 | | | | | 每股净资产（元/股） | | | | | | 14.94 | | | | | 资料来源：聚源数据 | ...

证券研究报告 | 公司点评 | 纺织制造 超预期分红，密集投产+新晋客户保障增长 ——华利集团点评报告 投资要点 ❑ 24 年报与业绩预告基本一致，分红率超预期 2024 年实现营业收入 240.06 亿元（同比+19.35%），归母净利润 38.40 亿元（同 比+20.00%），扣非后归母净利润 37.81 亿元（同比+18.83%）。 2024 年公司拟派发现金红利 26.84 亿元，分红率 70%，较 22/23 年的 43%/44%提 升明显。 ❑ 量增为主要驱动，新客户增长势头强劲 量价拆分看：24 年运动鞋销量 2.23 亿双（同比+17.53%），增长来自客户去库存 结束后的采购恢复，以及新客户逐步放量；根据测算，24 年人民币 ASP 约 107.4 元/双（同比+1.6%），我们预计主要来自单价偏高的新客户占比提升。 分产品看：24 年运动休闲鞋收入 209.9 亿元（同比+17.9%，占比 87.4%），户外 鞋靴收入 9.0 亿元（同比-33.7%，占比 3.7%），运动凉鞋/拖鞋收入 20.7 亿元（同 比+125.8%，占比 8.6%），大幅增长主要来自 UGG 等客户的拖鞋鞋型订 ...