COMEFLY OUTDOOR CO.(SH:603908) Tianfeng Securities·2025-02-23 01:33Investment Rating - The report maintains a "Buy" rating for the company [4][6][18] Core Views - The company has launched its first flagship store in Shanghai, aiming to establish a new urban outdoor lifestyle landmark and promote its brand philosophy of "Born to the Wild" [1][2] - The "A Journey Beyond the Edge" initiative is introduced to enhance the brand's outdoor identity, focusing on high-quality, high-performance outdoor products while promoting environmental sustainability [2][3] - The product line has been upgraded to cover all scenarios from low to high altitude hiking, with a focus on lightweight and multifunctional designs for extreme environments [3] Financial Summary - The company expects EPS for 2024, 2025, and 2026 to be 1.05 CNY, 1.21 CNY, and 1.44 CNY respectively, with corresponding PE ratios of 22x, 20x, and 16x [4][10] - Projected revenue for 2024 is 1,426.75 million CNY, with a growth rate of -2.00%, followed by 12.10% growth in 2025 and 15.50% in 2026 [10][12] - The company's net profit for 2024 is projected to be 97.83 million CNY, with a decline of 8.40% from the previous year, but expected to recover to 112.75 million CNY in 2025 and 134.01 million CNY in 2026 [10][12]