HEILAN HOME(600398) 天风证券·2025-02-04 08:23Investment Rating - The report maintains a "Buy" rating for the company, with an expected EPS of 0.46, 0.55, and 0.62 for the years 2024 to 2026, corresponding to PE ratios of 19x, 16x, and 14x respectively [8][9]. Core Insights - The strategic partnership between JD Group and Hailan Group aims to enhance the operation of the JD Outlet business, with the opening of eight new stores before the Spring Festival, indicating a strong market response and brand strength [1][2]. - JD Outlet focuses on providing high-quality, cost-effective shopping options for both young and mature consumers, emphasizing a diverse range of brand offerings [2][3]. - The membership-based shopping model at JD Outlet ensures exclusive discounts and a premium shopping experience for customers [4]. - The company is expanding its omnichannel strategy by integrating online and offline shopping experiences, catering to diverse consumer needs [5]. - The report identifies several trends and competitive advantages for JD Outlet, including the potential for significant growth in the discount retail sector and the supportive role of property management in enhancing profitability [6][7]. Financial Data and Valuation - The projected revenue for the company is expected to grow from 21,527.55 million in 2023 to 25,023.04 million in 2026, with a compound annual growth rate (CAGR) of approximately 8.60% [13]. - The net profit attributable to the parent company is forecasted to increase from 2,951.96 million in 2023 to 2,961.71 million in 2026, reflecting a growth rate of 11.22% [13]. - The company's financial metrics indicate a stable performance, with an expected PE ratio decreasing from 19.16 in 2022 to 13.95 in 2026, suggesting improved valuation over time [13][16].