COMEFLY OUTDOOR CO.(SH:603908) Tianfeng Securities·2025-02-23 02:05Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4][6]. Core Insights - 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]. - The "A Journey Beyond the Edge" initiative has been introduced to enhance the brand's image and promote outdoor culture in China, focusing on high-quality and high-performance outdoor products [2]. - The company is expanding its product line to cover all scenarios for hiking and camping, with a focus on high-performance outdoor gear designed for various altitudes and conditions [3]. Financial Projections - The company expects EPS for 2024, 2025, and 2026 to be 1.05 CNY, 1.21 CNY, and 1.44 CNY respectively, with corresponding P/E ratios of 22x, 20x, and 16x [4][10]. - Revenue projections for 2024, 2025, and 2026 are 1,426.75 million CNY, 1,599.39 million CNY, and 1,847.29 million CNY, reflecting growth rates of -2.00%, 12.10%, and 15.50% respectively [10][12].