裕元集团:全球第一大运动鞋制造商 制造主业经营拐点已至

申万宏源研究
24 Nov 2024

全球第一大运动鞋制造商,拓展运动零售深度布局产业链。裕元集团是全球规模最大的运动鞋制造商,旗下宝胜为国内第二大体育用品零售商,通过布局运动制造和零售两大环节,服务Nike、Adidas 等核心客户,深度布局运动产业链。2013-2023 年集团整体营收CAGR 为0.4%、规模稳健,但净利润CAGR 同比下滑4.5%、利润率阶段性受损。制造业务订单拐点已现,利润率弹性空间大。公司从制造业务起家,...

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