金吾财讯 | 华源证券发研指，裕元集团(00551)发布2024财年年报，FY24实现营收81.8亿美元，同比+3.7%，其中，制造业务营收同比+11.1%，零售业务按人民币口径营收同比-8.0%；利润端，公司FY24实现毛利润19.9亿美元，同比+3.5%，实现归母净利润3.9亿美元，同比+42.8%。该行指，公司制造业务端FY24实现营收56.21亿美元，同比+11.1%。受益于2024年补库需求带来的纺服制造行业景气度提升，公司FY24制造业务鞋履出货量达2.55亿双，同比+16.9%，产能利用率提升至93%，为自2021财年来新高，推动制造业务毛利率增至19.9%，同比+0.7pct。该行续指，除代理国际一线运动巨头外，公司也积极布局新兴且高增的运动品牌，如Hoka、Saucony、Asics等，且据公司公告，公司未来将加大对Jack Wolfskin及UA的投入，代理品牌有望逐步多元化，且伴随国际品牌品牌力修复预期，公司零售业务有望重拾增长。该行表示，裕元集团作为世界运动鞋履头部制造商及国内头部运动服饰经销商，业务多元覆盖市场广泛，具备稳定增长空间。该行预计公司FY25-FY27营收分别为86.7/91.3/95.4亿美元，预计公司FY25-FY27归母净利润分别为5.0/5.7/6.0亿美元，对应FY25-FY27EPS分别为0.31/0.36/0.38美元。该行持续看好公司制造端成长性及零售端伴随内需修复下的经营改善预期，维持“买入”评级。
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