BIEM(002832) 国泰君安·2024-08-12 02:57Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 39.71 [5] Core Views - The company is a leader in the high-end sportswear and fashion industry, with strong product and brand advantages. Its 2023 performance showed impressive growth, with revenue and profit increasing by 23% and 25% year-over-year, respectively [4][13] - The company's multi-brand strategy is expected to drive growth, supported by store expansion and improved store efficiency [4] - The company has made significant progress in internationalization, acquiring luxury brands CERRUTI 1881 and KENT&CURWEN in 2023, with new products set to launch in 2024 [13] - The company's competitive advantages include its high-quality, functional, and fashionable products, rapid store expansion, and effective multi-layered marketing strategies [13] Financial Performance and Forecast - The company's revenue for 2023 was CNY 3.536 billion, with a net profit of CNY 911 million, representing year-over-year growth of 22.6% and 25.2%, respectively [10] - The report forecasts revenue for 2024-2026 to be CNY 4.187 billion, CNY 4.912 billion, and CNY 5.733 billion, with net profits of CNY 1.139 billion, CNY 1.368 billion, and CNY 1.633 billion, respectively [10][16] - The company's gross margin is expected to remain around 79% from 2024 to 2026, supported by stable discount levels [15] Industry Analysis - The golf apparel market is a niche but growing segment, with increasing participation and consumer spending driven by the rising middle class [30][35] - The company holds a dominant position in the domestic golf apparel market, with a market share of 53.02% in 2020 [45] - The company's products are increasingly being worn in casual, commuting, and business settings, expanding their appeal beyond traditional golfing scenarios [32] Competitive Advantages - The company has a strong product portfolio, including its main brand, golf series, and Venice Carnival series, which cater to different consumer segments [47][49] - The company has a robust distribution network, with 1,255 stores as of 2023, including 607 directly operated stores and 648 franchised stores [45][65] - The company's marketing strategies, including collaborations with the Forbidden City, sports sponsorships, and celebrity endorsements, have significantly enhanced its brand influence [54][59][61] Future Outlook - The company aims to achieve revenue of over CNY 30 billion by 2033, with a CAGR of approximately 24% [13] - The company plans to focus on internationalization and high-end positioning, leveraging its multi-brand strategy to drive long-term growth [13] - The company will continue to expand its store network and improve store efficiency, with a focus on both high-tier cities and lower-tier markets [65]