太平鸟：期待2025年表现

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.1 yuan [6] Core Views - The company is expected to face challenges in 2024, with a projected revenue of 6.83 billion yuan, a decrease of 12.34% year-on-year, and a net profit of 257 million yuan, down 39.06% year-on-year [4][5] - The company is investing approximately 600 million yuan in a new fashion research and development center, aimed at enhancing innovation and brand value [2] - The company is focusing on optimizing its channel structure and improving product quality, which is expected to lead to better performance in 2025 [3] Financial Performance Summary - In 2024, the company achieved a revenue of 6.83 billion yuan, a decline of 12.34% from the previous year, and a net profit of 257 million yuan, down 39.06% [4][5] - The company’s earnings per share (EPS) for 2024 is projected to be 0.54 yuan, with a price-to-earnings (P/E) ratio of 25.98 [5][10] - The company’s revenue is expected to recover slightly in 2025, with projections of 7.11 billion yuan, representing a growth of 4.10% [5][10]