SAINT ANGELO(002154)2024-10-09 00:37Investment Rating - The report upgrades the investment rating of the company from "Outperform" to "Buy" [4] Core Views - The major shareholder plans to fully subscribe to a private placement for the second time in three years, reflecting confidence in the company's future [4] - The company's stock price has significantly corrected, indicating that the market has overly pessimistic expectations regarding domestic consumption [4] - The company has shown considerable growth potential, with 2023 revenue at 5.25 billion and net profit at 698 million, representing 1.4 times and 1.9 times the figures from 2021 respectively [4] - The company’s PE (TTM) and PB (MRQ) ratios are approximately 10 times and 1.48 times, respectively, indicating substantial room for valuation recovery [4] - The company has maintained a positive shareholder return policy, with cash dividends of 5.8 billion, 5.8 billion, and 3.6 billion in the past three years [4] - The company’s HAZZYS brand is in a growth phase, with revenue of 860 million in 2024H1 and a net increase of 10 stores [4] - The report maintains profit forecasts for 2024-2026, expecting net profits of 620 million, 700 million, and 780 million respectively, with corresponding PE ratios of 11, 9, and 9 times [4] Summary by Sections Market Data - Closing price as of October 8, 2024, is 4.54 yuan, with a one-year high/low of 6.94/3.12 yuan [1] - The company has a market capitalization of 5.356 billion yuan and a dividend yield of 7.05% [1] Financial Data - As of June 30, 2024, the company has a net asset per share of 2.96 yuan and a debt-to-asset ratio of 32.22% [2] - The total share capital is 1.459 billion shares, with 1.18 billion shares in circulation [2] Performance Comparison - The company's stock price has shown a significant decline compared to the market index over the past year [3] Earnings Forecast - Projected total revenue for 2024 is 5.271 billion, with a growth rate of 0.3% [5] - Expected net profit for 2024 is 616 million, reflecting a decline of 11.7% [5] - The company’s gross margin is projected to be 65.7% in 2024 [5]