Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Jiu Xing Holdings (01836), adjusting profit forecasts due to a relatively weak consumer environment while still expecting revenue and net profit growth in the coming years [1][2] Group 1: Financial Projections - Revenue projections for 2025, 2026, and 2027 are adjusted to $1.58 billion, $1.66 billion, and $1.76 billion, respectively, down from previous estimates of $1.62 billion, $1.71 billion, and $1.81 billion [1] - Net profit estimates for the same years are maintained at $160 million, $170 million, and $190 million, consistent with prior forecasts [1] - Corresponding price-to-earnings (PE) ratios are projected to be 11x, 10x, and 9x for 2025, 2026, and 2027, respectively [1] Group 2: Strategic Initiatives - The company aims to achieve a 10% operating profit margin and a low double-digit compound annual growth rate in after-tax profits by the end of its three-year plan (2023-2025), having already exceeded these targets in 2023 and 2024 [1] - Continuous improvement in product category mix, diversification, and expansion of the customer base are key strategies moving forward [1] - The company plans to optimize production capacity between luxury, high-end fashion categories, and new sports category clients, with new client shipments expected to begin in the second half of the year [1] Group 3: Business Development - The company is committed to making its handbag and accessories manufacturing business a core growth driver, targeting the introduction of more high-end clients [2] - Accelerating the development of this business will be a focus in the next three-year plan starting in 2026 [2] - A recent acquisition of a small handbag and accessories factory in Vietnam aims to leverage high-end production expertise and enhance the quality and efficiency of the company's manufacturing operations [2]