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研報掘金丨招商證券:維持華利集團“強烈推薦”評級,產能持續擴張
格隆匯 04-15 14:51

招商證券研報指出,24Q4華利集團(300979.SZ)收入和淨利潤分別同比+12%、+9%,新工廠投產效率較低拖累利潤表現。產能持續擴張。2024年公司在越南的3家新工廠開始投產,位於印度尼西亞的第一家工廠已在2024年上半年開始投產。公司近年來推進本地化採購,2024年越南工廠所需的原材料50%以上在越南當地採購,有效降低採購成本與關稅風險。公司客戶結構持續優化,新客戶訂單持續增長,目前公司持續拓展越南及印尼產能,同時開發超臨界發泡技術強化獲取優質訂單能力。維持“強烈推薦”評級。

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