Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4]. Core Views - The company has demonstrated strong performance in Q1 FY25, with revenue reaching 700 million Swiss Francs, a year-on-year increase of 40% (currency neutral), while net profit decreased by 38% to 60 million Swiss Francs [1]. - The gross margin slightly increased to 60%, and the adjusted EBITDA margin rose by 1 percentage point to 17% year-on-year [1]. - The company has raised its full-year guidance, projecting revenue of 2.86 billion Swiss Francs, a year-on-year increase of 28%, up from the previous estimate of 27% [2]. - The company is benefiting from a strong multi-channel strategy and successful product launches, which have contributed to robust demand across all regions and product categories [1][2]. Financial Performance - For FY25, the company expects EPS of 3.4, 4.0, and 4.7 Yuan for the years 2025 to 2027, corresponding to P/E ratios of 20, 17, and 14 times respectively [4]. - The company reported a year-on-year revenue growth of 33% in EMEA, 29% in the Americas, and a remarkable 129% in the Asia-Pacific region [1]. - The inventory as of March 25 was 400 million Swiss Francs, reflecting a 5% decrease quarter-on-quarter, indicating a potential need for replenishment [1]. Market Position and Strategy - The company has established a strong positioning with key clients, particularly ON, which has shown impressive performance and light inventory levels, positively impacting order expectations [2]. - The company is actively monitoring tariff developments and has prepared various response strategies while maintaining close communication with clients [3]. - The production capacity remains stable, with no significant changes planned in the short term, as the company continues to build factories in Vietnam and Indonesia according to established timelines [3].

公司报告 | 公司点评 华利集团（300979） 证券研究报告 On 业绩超预期，华利客户卡位优势显现 客户 On 发布业绩公告 FY25Q1 收入 7 亿瑞士法郎同比+40%（货币中性），净利 0.6 亿瑞士法郎同 比-38%； 毛利率 60%略有增长，调后 EBIDA 利润率 17%同比+1pct。 截止 25 年 3 月末，公司库存 4 亿瑞士法郎环比-5%；考虑上调指引，我们 预计有较多备库需求。 一季度表现超预期，品牌在所有渠道、地区和产品类别中彰显强劲势头。 得益于积极推动多渠道策略，成功推出 Cloudsurfer2 和 Cloud6；服装产品 强劲吸引力和以明星 Zendaya 为主角的品牌宣传。 On 上调全年指引，预计收入 28.6 亿瑞士法郎同比+28%（原值为 27%），毛 利率 60-60.5%（原值为 60.5%，主要系全球关税等不确定性），调后 EBITDA 利润率 16.5-17.5%（原值为 17-17.5%）。 我们认为 ON 作为华利重要增量客户之一，业绩靓丽表现且库存较轻，利 好公司订单预期；同时也反映公司具备较好的客户挖掘及卡位能力，伴随 On 规模持续成长，我们预计 ...