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Investment Rating - The report maintains a "Buy" rating for the company [3][5][17] Core Insights - The strategic partnership between JD Group and Hailan Group aims to develop the JD Outlet business, with the first offline store opening in Wuxi on September 25, 2024, offering a variety of international brands at discounted prices [1] - The JD Outlet stores focus on providing a premium shopping experience with a membership system that offers discounts on branded products [2] - The company is expected to see EPS of 0.46, 0.55, and 0.62 CNY per share for the years 2024 to 2026, respectively, with corresponding P/E ratios of 16, 13, and 12 [3] Financial Data and Valuation - Revenue projections for the company are as follows: 2022: 18,561.74 million CNY, 2023: 21,527.55 million CNY, 2024E: 21,635.19 million CNY, 2025E: 23,041.47 million CNY, 2026E: 25,023.04 million CNY, with growth rates of -8.06%, 15.98%, 0.50%, 6.50%, and 8.60% respectively [4][11] - The net profit attributable to the parent company is projected to be 2,155.28 million CNY in 2022, increasing to 2,961.71 million CNY by 2026, with growth rates of -13.49%, 36.96%, -25.14%, 20.51%, and 11.22% [4][11] - The company's total assets are expected to grow from 32,748.67 million CNY in 2022 to 37,943.12 million CNY in 2026 [10]