BIEM(002832) Orient Securities·2024-11-04 10:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.3 yuan, based on a 15x PE valuation for 2024 [2][4][7]. Core Insights - The company reported a revenue of 3 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.3%. However, the revenue and net profit attributable to the parent company for Q3 2024 decreased by 4.37% and 17.32% respectively [1]. - The gross margin for Q3 2024 declined by 2 percentage points to 73.8%, while the net profit margin decreased by 4.2 percentage points to 26.6% [1]. - The company is actively nurturing new brands, having appointed Daniel Kearns as the Chief Creative Officer for Cerruti 1881 and Kent&Curwen, indicating a strategic focus on brand development and international expansion [1]. Financial Summary - Revenue (in million yuan): - 2022: 2,885 - 2023: 3,536 - 2024E: 3,718 (5.2% YoY growth) - 2025E: 4,195 (12.8% YoY growth) - 2026E: 4,727 (12.7% YoY growth) [3] - Net profit (in million yuan): - 2022: 728 - 2023: 911 - 2024E: 922 (1.3% YoY growth) - 2025E: 1,064 (15.4% YoY growth) - 2026E: 1,226 (15.2% YoY growth) [3] - Earnings per share (in yuan): - 2022: 1.27 - 2023: 1.60 - 2024E: 1.62 - 2025E: 1.86 - 2026E: 2.15 [3][7]