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研報掘金丨開源證券:維持華利集團“買入”評級,預計盈利能力有望穩步提升
格隆匯 04-14 15:50

開源證券研報指出,華利集團(300979.SZ)24年歸母淨利潤+20.0%至38.4億元,扣非淨利潤+18.8%至37.8億元,全年分紅比例約70%,同比大幅提升。2024年量增驅動,老客戶補庫、新客戶放量,預計2025年Adidas快速放量。公司持續推動精益生產,爲提升產線自動化程度,2024年超過500臺龍門式智能裁切機投入使用,同時引進4條自動化成型線,以降低對熟練工人依賴,提高生產效率和品質。此外,公司推進生產本地化採購,2024年越南工廠所需原材料從越南當地採購金額佔比超50%,降低原材料運輸的時間及物流成本。公司不斷拓展、優化客戶結構,預計訂單增速好於行業,同時公司配合訂單以越南和印尼爲雙基地積極擴產,隨新工廠效率爬坡預計盈利能力有望穩步提升,維持“買入”評級。

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