研报掘金丨国盛证券：比音勒芬Q2收入高增长，维持“买入”评级

Core Insights - The report from Guosheng Securities indicates that Biyinlefen's revenue in H1 2025 is expected to grow by 9% year-on-year, while net profit attributable to shareholders is projected to decline by 14% [1] - Q2 revenue shows significant growth, with the e-commerce segment leading the industry, highlighting the brand's resilience [1] - The company is committed to expanding its offline stores and enhancing its e-commerce presence, demonstrating confidence in long-term business development through new brand investments [1] Revenue and Profit Projections - The company is expected to maintain rapid revenue growth in 2025, with an overall revenue increase of over 10% anticipated for the year [1] - The projected net profits for the years 2025 to 2027 are estimated at 707 million, 797 million, and 890 million yuan respectively, with a corresponding PE ratio of 13 times for 2025 [1] Brand Strategy and Market Position - The main brand is positioned in the high-quality sports fashion segment, while other brands are expected to contribute to long-term growth potential [1] - The company has shown a strong commitment to new brand investments, reflecting confidence in its future business trajectory [1]