Puma is a Huali Industrial Group Company Limited(300979) major customer. Recently, puma released fy22q1 financial report, and pumafy22 still maintained the revenue growth guidance of more than 10%.
Pumafy22q1’s revenue was 1.91 billion euros, an increase of 19.7% and footwear revenue was 940 million euros, an increase of 18%
Pumafy22q1 (2022 / 1 / 1-2022 / 3 / 31) had a revenue of 1.911 billion euros, about 13.413 billion yuan (excluding the impact of exchange rate, the same below), an increase of 19.7%, mainly due to the strong growth of high-performance products in the fields of running, football, golf and basketball.
By category, the income of footwear was 941 million euros, about 6.603 billion yuan, accounting for 49.23% of the total, an increase of 18.2% at the same time; Clothing revenue was 639 million euros, about 4.48 billion yuan, accounting for 33.4% of the total, an increase of 16% at the same time; The income from accessories was 332 million euros, about 2.33 billion yuan, accounting for 17.37% of the total, an increase of 32.2% at the same time.
In terms of channels, the income from wholesale channels was 1.528 billion euros, about 10.719 billion yuan, accounting for 79.92% of the total, an increase of 23.3% at the same time; DTC channel revenue was 384 million euros, about 2.694 billion yuan, accounting for 20.08% of the total, with an increase of 7.1%. The revenue of self operated stores increased by 21.3% and the revenue of e-commerce decreased by 13.2%, mainly due to giving priority to retail partners when the product supply is limited.
By region, EMEA’s revenue was 709 million euros, or about 4.972 billion yuan, accounting for 37.07% of the total, an increase of 25.5%, mainly due to the strong growth of all major markets in Europe; The revenue of the Americas was 816 million euros, or about 5.723 billion yuan, accounting for 42.67% of the total, with an increase of 44.1%, mainly due to the continuous high demand for Puma brand in North America and Latin America; The income of the Asia Pacific region was 387 million euros, or about 2.717 billion yuan, accounting for 20.26% of the total, with a decrease of 17%, mainly due to the repeated impact of covid-19 epidemic in China.
\u3000\u3000FY22Q1EBITDA1. 9.6 billion euros, an increase of 27% year-on-year, eps0.5% 81 euros / share, with a year-on-year increase of 11.1%
The gross profit margin of fy22q1puma was 47.2%, a year-on-year decrease of 1.3pct, mainly due to the weak geographical and channel structure, high sea freight and slight negative impact of exchange rate offset;
Fy22q1 operating expenses accounted for 37.3%, a year-on-year decrease of 1.5pct, mainly due to the increase of marketing expenses, store operating costs, distribution and storage costs, but the growth rate was less than that of revenue.
Benefiting from the growth of revenue and the decrease of operating expenses, fy22q1ebitda1 9.6 billion euros, about 1.375 billion yuan, a year-on-year increase of 27%; EBITDA profit margin was 10.3%, with a year-on-year increase of 0.3pct.
The net profit was 121 million euros, about 852 million yuan, a year-on-year increase of 11.2%, and the net interest rate was 6.35%, a year-on-year decrease of 0.69%. EPS0. 81 euros / share, about 5.68 yuan / share, a year-on-year increase of 11.1%.
Maintaining the guidance for the whole year, the company expects fy22 revenue to increase by 10% + and EBIT of 600 ~ 700 million euros to increase by 7.7% ~ 25.7% at the same time
Despite the repeated covid-19 epidemic in 2022 and the great uncertainty caused by the situation in Russia and Ukraine, puma maintains the guidelines. It is expected that fy22 revenue will increase by more than 10% at the same time, with EBIT of 600700 million euros, about 4.2-4.9 billion yuan, a year-on-year increase of 7.7% ~ 25.7%. In the future, puma will continue its advantages in brand strength, key customer cooperation and supply chain flexibility, and is optimistic about the medium and long-term steady growth.
The Beijing Winter Olympics and the cartel World Cup are expected to boost the prosperity of the sporting goods industry. Under the background of the normalization of global epidemic control and the obvious recovery trend of sports economy, we continue to be optimistic about the steady growth of major customers and provide abundant orders for Huali; At the same time, Huali has stable production capacity and strong new product development and rapid response ability, and the future order increment can be expected; In the future, with the continuous optimization of Huali customers and product structure, the profitability may maintain steady growth.
Suggested attention: Huali Industrial Group Company Limited(300979)
Risk warning: orders are not as expected, costs and expenses increase, overseas epidemic recurrence and other risks.
