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研報掘金丨萬聯證券:首予華利集團“買入”評級,現金流充沛、現金分紅比例高
格隆匯 06-13 15:42

萬聯證券研報指出,華利集團是全球領先的運動鞋製造企業,與下游多個知名運動品牌保持緊密合作,客户資源優質且穩定,高轉換成本鑄造護城河。隨着新客户拓展+新工廠投產,產銷有望保持快速增長。預計公司2025-2027年歸母淨利潤分別為42.10/48.38/55.04億元,對應2025年6月10日收盤價的PE分別為15/13/11倍,按分紅比例70%來計算,2025年對應的股息率為4.83%。雖然目前美國對各國加徵的關税仍在談判階段,但公司當前股價已反映了前期加徵關税的悲觀預期,若後續美國對越南的關税政策有所緩和,則股價有望迎來修復。同時,考慮到華利集團在全球運動鞋製造行業裏的龍頭地位,且在客户資源、產能、人力成本、生產效率、管理效率等方面具有多重優勢,加之現金流充沛、現金分紅比例高等因素,首次覆蓋給予“買入”評級。

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