Core Viewpoint - The company is actively expanding its brand incubation business, which is expected to lead to operational leverage release and accelerate performance growth starting in 2026 [1] Financial Projections - The company maintains a "buy" rating, forecasting revenues of 1.54 billion, 2.47 billion, and 2.96 billion yuan for 2025-2027, representing year-on-year growth of 34%, 60%, and 20% respectively [2] - Projected net profits for the same period are 133 million, 247 million, and 302 million yuan, with year-on-year growth of 47%, 86%, and 22% respectively [2] - The target price for the company is set at 93.42 yuan, based on a 35x PE ratio for 2026 [2] Brand Incubation Business - The brand incubation and management business focuses on the health sector, primarily consisting of the brands Camanodo and Icarli, with plans to acquire the Norwegian health food brand Noromega by 2026 [3] - Camanodo's revenue grew over 70% year-on-year in the first half of 2025, while Icarli's revenue increased over 95%, contributing to a total revenue of 233 million yuan for this segment, with a high gross margin of 79.6% [3] - Revenue projections for the brand incubation segment are 600 million, 1.46 billion, and 1.88 billion yuan for 2025-2027, with year-on-year growth of 96%, 143%, and 29% respectively [3] E-commerce Operations - The e-commerce operation business is experiencing steady growth, with the apparel category being the largest segment, including brands like Skechers, ECCO, Samsonite, and Under Armour [3] - The company has started collaborations with leading brands in the trendy toy and plush toy sectors, such as Pop Mart and Jellycat, which are expected to contribute significantly to revenue growth due to the rise in emotional consumption [3]
青木科技(301110)深度报告：积极拓展品牌孵化业务 经营杠杆有望加速释放