Core Viewpoint - The report from Citi indicates that the Chinese perfume market is expected to experience an annual growth rate of 14% from 2023 to 2028, benefiting companies like Ying Tong Holdings, which is the third-largest perfume group in Greater China [1] Company Summary - Ying Tong Holdings is projected to achieve a sales growth of 17% and a net profit growth of 27% for the fiscal year ending March 2026 [1] - The company is expected to see a compound annual growth rate (CAGR) in sales and net profit of 16% and 25%, respectively, from fiscal years 2026 to 2028 [1] - The net profit margin is anticipated to increase from 11.1% in fiscal year 2026 to 13% in fiscal year 2028, driven by market share expansion in perfumes and other categories, as well as the growth of direct-to-consumer (DTC) channels [1] Industry Summary - The Chinese perfume market is projected to grow significantly, with an annual growth rate of 14% from 2023 to 2028, indicating a robust demand for fragrance products in the region [1] - The expansion of DTC channels is expected to play a crucial role in the growth of the perfume market, allowing companies to reach consumers more effectively [1]
里昂：首予颖通控股(06883)跑赢大市评级 目标价3.82港元