SAINT ANGELO(002154) 广发证券·2024-09-30 03:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.60 CNY per share, corresponding to a 2024 PE ratio of 12x [2][4] Core Views - The company plans to issue additional shares to its controlling shareholder, demonstrating confidence in future development [2] - The controlling shareholder will subscribe to the shares at 2.80 CNY per share, with a lock-up period of 36 months [2] - The company's dividend payout ratio was 52.28% in 2023 and 29.70% in H1 2024, indicating a strong commitment to shareholder returns [2] - The company's gross margin improved in H1 2024 despite a challenging consumer environment, driven by controlled discounts and store expansion [2] Financial Performance and Projections - Revenue is expected to grow from 5,254 million CNY in 2023 to 6,406 million CNY in 2026, with a CAGR of 6.8% [3] - Net profit attributable to shareholders is projected to increase from 698 million CNY in 2023 to 825 million CNY in 2026 [3] - EPS is forecasted to rise from 0.48 CNY in 2023 to 0.57 CNY in 2026 [3] - ROE is expected to remain stable at around 15% from 2024 to 2026 [3] Operational Highlights - The company continues to expand its store network, particularly for the Hazzys and Baoxiniao brands, with a focus on larger stores [2] - The company's cash flow from operations is projected to grow steadily, reaching 1,180 million CNY in 2026 [6] - The company's asset turnover ratio is expected to improve slightly, from 0.74 in 2023 to 0.78 in 2026 [7] Valuation Metrics - The company's P/E ratio is expected to decline from 11.83x in 2023 to 7.04x in 2026, indicating potential undervaluation [3] - The EV/EBITDA ratio is projected to decrease from 6.38x in 2023 to 2.43x in 2026, reflecting improved operational efficiency [3]