WLY(000858) 东吴证券·2024-12-19 23:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on improving quality and efficiency in 2024, with a comprehensive strategy to enhance product layout and market expansion despite a challenging consumption environment [2] - The company plans to deepen reforms in 2025, maintaining a stable pricing strategy and improving operational efficiency [2] - The report emphasizes the importance of balancing volume and price to ensure channel profitability and market expansion [2] Financial Forecasts and Valuation - Total revenue is projected to grow from 83,272 million yuan in 2023 to 104,591 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.23% [1] - Net profit attributable to shareholders is expected to increase from 30,211 million yuan in 2023 to 38,574 million yuan in 2026, reflecting a CAGR of about 11.95% [1] - The earnings per share (EPS) is forecasted to rise from 7.78 yuan in 2024 to 9.94 yuan in 2026, with a corresponding price-to-earnings (P/E) ratio decreasing from 17.29 to 14.44 [1] Strategic Initiatives - The company aims to enhance brand image and product sales through five key initiatives, including brand culture promotion, market share growth, and channel optimization [2] - The company plans to expand its retail presence by upgrading 715 existing stores and adding 138 new stores in 2024, with a target of 120 additional stores in 2025 [2] - A focus on dynamic adjustment of product delivery and pricing strategies is intended to maintain profitability and balance in product sales [2]