BIEM(SZ:002832) GF SECURITIES·2025-01-20 05:33Investment Rating - The investment rating for the company is "Buy" with a current price of 19.15 CNY and a fair value of 33.72 CNY [2][7]. Core Views - The company is focusing on brand upgrades to enhance its high-end, international, and youthful image. This includes a logo change and collaborations with notable figures and brands [7]. - The company has acquired the global trademark ownership of the luxury brand KENT&CURWEN, marking its entry into the Chinese market [7]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 1.61 CNY, 1.87 CNY, and 2.17 CNY respectively, with a target price based on a 25-year PE of 18 times [7]. Financial Summary - Revenue is expected to grow from 3,536 million CNY in 2023 to 4,830 million CNY in 2026, with growth rates of 22.6%, 10.5%, 11.4%, and 11.0% for the respective years [6]. - EBITDA is projected to increase from 1,416 million CNY in 2023 to 1,738 million CNY in 2026 [6]. - The net profit attributable to the parent company is forecasted to rise from 911 million CNY in 2023 to 1,236 million CNY in 2026, with growth rates of 25.2%, 0.9%, 16.4%, and 15.6% [6]. - The company maintains a strong return on equity (ROE), expected to reach 20.4% by 2026 [6].