公司發佈正面盈利預告
公司預計24H1歸母淨利同增115%-120%至1.80-1.84億美元；其中24Q2歸母淨利爲0.80-0.84億美元，同增143%-156%。 盈利增加主要系全球鞋履行業逐漸回暖，公司製造業務的鞋履產能需求暢旺，疊加低基期效應。
此外，公司24H1並無產能調整的相關費用，去年同期因產能調整產生一次性費用約 0.2億美元；
同時，公司24H1出售聯營公司部分股權產生一次性收益約0.24億美元，帶來正面貢獻。
24H1E positive earnings alert: net profit rose 115-120% yoy as market recovered
Key metrics:
Yue Yuen (YY) issued a profit alert to inform investors that it will report net profit of USD180-184m in 24H1E, increasing 115-120% yoy, with 24Q2E contributing USD80-84m, up 143-156% yoy. The earnings spike was mainly due to the recovery of the global footwear industry, which drove up footwear capacity demand in YY’s manufacturing business, as well as a low comparative base.
Expenses:
in terms of expense management, capacity adjustment expenses were absent in 24H1E — 23H1 data were dragged by a one-time USD20m expense relating to capacity adjustments.
One-off gain:
YY partially disposed of its stakes in associate companies, which led to a one-off gain of about USD24m, greatly boosting profits.
靈活調度產能帶動復甦，降本增效持續推動利潤增長
公司透過靈活調度產能以及有序加班計劃，帶動製造業務產能利用率及鞋履出貨量的良好復甦。但由於部分廠區配合加班趕工推高利用率，疊加新增產能爬坡，導致產能負載未達均衡。
此外，公司致力於推行降本增效計劃，疊加低基期效應，從而帶動利潤的穩健增長。公司將增強其經營韌性，打造高度敏捷而靈活的營運模式，輔以綜觀全局的人力與產能提升計劃，以平衡需求、訂單排程及勞動力供應，進而提升產效。
Operations: capacity flexibility, cost and efficiency efforts drove up profit growth
Elastic capacities:
YY’s capacity scheduling flexibility and good overtime planning generally bolstered manufacturing capacity utilization and footwear shipments, despite uneven capacity loads with new production capacities in the ramp-up phase so that some factories had to work overtime to push up utilization rates.
Cost cuts:
other factors that helped drive a steady profit growth trend were implementations of cost reduction and efficiency improvement measures, as well as a low yoy base effect.
Outlook:
the company is looking to strengthen operational resilience to create a nimble operating business model, which would be complemented by a holistic program to boost manpower and ramp up capacity. This would help balance the factors in play like demand, order scheduling and labor supply.
大客戶Adidas庫存壓力大幅緩解，利好核心供應鏈
公司大客戶Adidas此前發佈財報，24Q2收入58.2億歐元，同增11%（貨幣中性）；預計全年收入實現高個位數增長。截至24/6/30，Adidas庫存爲45.4億歐元，同減17%（貨幣中性），庫存壓力大幅緩解，利好供應鏈廠商，裕元有望受益。
Major customer adidas: inventory pressure relief bolsters YY’s core supply chain
YY’s major customer adidas released 24Q2 earnings with revenue at EUR5.82bn, up 11% yoy on a currency neutral basis. adidas now expects full-year revenue will grow at a high-single-digit pace. The good news for supply chain manufacturers like Yue Yuen is that adidas eased inventory pressures; its inventory shrank 17% yoy (currency neutral) to EUR4.54bn as of 30 June 2024.
