WLY(000858) 华鑫证券·2024-12-19 08:33Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report emphasizes that 2024 is a marketing execution year for the company, focusing on five key battles to enhance brand image, market share, product quality, profitability, and channel optimization [1] - The company aims to enhance its brand value and expand its market presence through strategic initiatives, including the launch of classic product series and the establishment of new retail channels [1][3] Summary by Sections Marketing Strategy - In 2024, the company will focus on five key battles: improving brand image, increasing market share, enhancing product quality, boosting profitability, and optimizing channel layout [1] - Specific initiatives include launching a classic product series, expanding the high-end product matrix, and enhancing marketing services [1] Future Outlook - The company anticipates that 2025 will be a year of marketing execution enhancement, concentrating on product quality, brand building, market penetration, service improvement, and management efficiency [1] - The report projects that the company's earnings per share (EPS) will be 8.49, 8.99, and 9.98 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17, 16, and 15 times [1][3] Financial Projections - The company's main revenue is projected to grow from 83,272 million yuan in 2023 to 103,724 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.1% [3][6] - The net profit attributable to shareholders is expected to increase from 30,211 million yuan in 2023 to 38,720 million yuan in 2026, reflecting a growth rate of 10.9% [3][6]