KORRUN(300577) 天风证券·2025-01-27 01:13Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6]. Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 4.1 to 4.3 billion yuan, representing a year-on-year increase of 32.05% to 38.49% [1]. - The forecasted net profit for 2024 is between 370 to 420 million yuan, indicating a substantial growth of 220.01% to 263.25% compared to the previous year [1]. - The company is optimizing its customer and order structure post-acquisition of Shanghai Jiale, enhancing its competitive position in the market [3]. Financial Performance Summary - Revenue for 2022 was approximately 2.74 billion yuan, with a growth rate of 19.75%. For 2023, revenue is expected to reach about 3.10 billion yuan, growing by 13.28% [5]. - The projected EBITDA for 2024 is around 603.83 million yuan, showing a significant increase from 331.79 million yuan in 2023 [5]. - The net profit attributable to the parent company is forecasted to be 405.21 million yuan in 2024, a dramatic increase from 115.62 million yuan in 2023 [5]. Business Strategy and Operations - The company is focusing on enhancing production efficiency through automation, digitization, and lean management, which is expected to solidify its market position [3]. - The company is expanding its client base in the apparel sector while maintaining its competitive edge in the bag category, leveraging its global layout and advanced manufacturing capabilities [2]. - The brand management business is concentrating on the "Xiaomi" and "90 Points" brands, aiming to introduce differentiated products across various channels [3].