Core Viewpoint - CITIC Construction Investment has initiated coverage on Saint Bella (02508) with a "Buy" rating, projecting revenues of 1.034 billion, 1.300 billion, and 1.556 billion for 2025-2027, with corresponding net profits of 372 million, 224 million, and 316 million, and an adjusted net profit of 115 million, 254 million, and 331 million, respectively, with a target price of 9.38 HKD [1] Group 1 - Saint Bella currently operates 113 stores globally, with 31 high-end brand locations in first-tier cities, establishing a strong high-end service image through innovative media channels [1] - The company is expanding into markets such as Hong Kong, Singapore, Los Angeles, and New York, aiming to capitalize on the overseas postpartum care market [1] - The brand's marketing strategy focuses on creating interactive scenarios with target customers, reflecting emotional value throughout the service process, which has led to high customer referral rates and effective cost management [1] Group 2 - Due to an oversupply of high-end hotels from the real estate boom, Saint Bella can adopt a flexible booking model, achieving high rental discounts while minimizing vacancy risks [2] - The management center model allows for low-cost, low-risk market expansion, enabling quick access to prime locations [2] - The postpartum care business is expected to achieve gross margins above industry levels, with significant potential for scale effects in the single-store model [2]