研報掘金丨海通證券:維持華利集團“優於大市”評級,目標價65.74-75.60元
海通證券研報指出,華利集團(300979.SZ)預計24年歸母淨利潤38.4億元,同比增長20.0%;Q4歸母淨利潤10.0億元,同比增長9.2%。與Q3相比,公司收入有所放緩(Q3同比增長18.5%),歸母淨利率降幅有所擴大(Q3同比下降0.3pct)。此外公司已於2024年投產成品鞋工廠3個和鞋材工廠1 個,工廠正處產能爬坡過程當中,對利潤造成暫時性影響。24Q4出貨量同比+11.7%,ASP環比略有下降。預計將對25Q1利潤率形成一定壓力,25Q2及以後影響將更爲平滑。未來3-5年,公司將在印尼及越南新建數個工廠並儘快投產,預計將迎來產能投放高峯,長期來看增長動能強勁。展望2025年,下遊多個客戶增長最新指引良好,下遊訂單能見度整體較高。給予2024年20-23倍PE估值區間,對應合理價值區間65.74-75.60元/股,維持“優於大市”評級。
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