Core Viewpoint - The report from CICC indicates that the performance forecast for Shangmei Co. in the first half of the year exceeds expectations, suggesting a promising outlook for the multi-brand group [1] Financial Performance - The company expects revenue for the first half of the year to be between 4.09 billion and 4.11 billion yuan, representing a year-on-year increase of 16.8% to 17.3% [1] - The net profit is projected to be between 540 million and 560 million yuan, reflecting a year-on-year growth of 30.9% to 35.8% [1] - Calculating the midpoint of the ranges, the corresponding net profit margin for the first half is estimated at 13.4% [1] Future Projections - Considering the ongoing brand momentum and strengthening competitive advantages, the firm has raised its net profit forecasts for 2025 and 2026 by 13% each, to 1.13 billion and 1.39 billion yuan respectively [1] - The rating is maintained at "outperforming the industry," with a target price increase of 15% to 98 Hong Kong dollars [1]
研报掘金｜中金：上调上美股份目标价至98港元 上半年业绩预告超预期