研報掘金丨西部證券:維持華利集團“買入”評級,盈利水平領先同業
西部證券研報指出,越南關稅落地,利好後續訂單穩定性。華利集團具有較強的成本管控能力和運營效率,盈利水平領先同業,隨着產能逐步釋放新客戶放量有望驅動中長期業績增長,維持“買入”評級。公司客戶資源豐富,並通過優質的服務提升客戶粘性,持續拓展新客戶。24年公司與Adidas 達成合作,並於24年9月實現量產出貨。25Q1新客戶訂單量同比顯著增長。爲滿足新客戶的訂單需求,公司加速新工廠建設投產節奏,短期新工廠處於效率爬坡階段,對毛利率產生一定影響。後續隨着工廠效率和產能利用率的提升,毛利率有望逐步恢復。
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