Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company has demonstrated strong performance in its financial results, with a projected revenue growth of 19% year-on-year for 2024, reaching 24,016 million yuan, and a net profit growth of 20% to 3,841 million yuan [4][2]. - The company is expected to benefit from the ramp-up of new production capacities, with four new factories launched in 2024, which will alleviate previous capacity constraints [4]. - The collaboration with major clients like Adidas is deepening, providing a robust growth driver as production ramps up [4]. Financial Summary - Revenue Forecast: The company’s revenue is projected to grow from 20,114 million yuan in 2023 to 32,153 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [2]. - Net Profit Forecast: The net profit is expected to increase from 3,200 million yuan in 2023 to 5,031 million yuan in 2026, with a CAGR of about 13% [2]. - Earnings Per Share (EPS): EPS is forecasted to rise from 2.74 yuan in 2023 to 4.31 yuan in 2026 [2]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 24.1 in 2023 to 15.4 in 2026, indicating improving valuation as earnings grow [2]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares, amounting to a total payout of approximately 23.34 billion yuan, which represents 60.8% of the net profit [4].
华利集团（300979）：24快报点评：收入符合预期，阿迪放量可期