King's Luck(603369) 华鑫证券·2025-03-02 10:37Investment Rating - The report maintains a "Buy" investment rating for the company [3] Core Views - The company focuses on expanding its market share in the domestic market while strategically growing its presence in external markets. It aims to enhance its product offerings in the 100-500 RMB price range and increase the influence of its V3 product in the 600 RMB segment, targeting a 30% sales growth for V3 in 2024 [1][2] - The company has shown strong sales performance, with V6 hosting nearly 3,000 events and achieving over 100 million RMB in sales, representing a 72% growth [1] - The company is expected to continue its growth trajectory, with adjusted EPS forecasts for 2024-2026 being 2.87, 3.14, and 3.47 RMB respectively, corresponding to PE ratios of 18, 17, and 15 times [3] Summary by Sections Product Strategy - The company is focusing on the 100-500 RMB price range in Jiangsu province, maintaining a leading market share and planning to expand its product lines such as淡雅, 对开, and 四开 [1] - It is also working on enhancing its presence in the 500-800 RMB price range, particularly for the V3 product [1] Regional Strategy - The company is refining its operations within the province to reduce market share disparities among cities and is implementing a structural reform to improve brand operations [2] - For external markets, it is leveraging its core product 四开 to penetrate surrounding areas and strengthen partnerships, with stable growth observed in Shandong, Anhui, and Zhejiang [2] Financial Forecast - The company is projected to achieve a revenue of 11,656 million RMB in 2024, with a growth rate of 15.4%, and a net profit of 3,583 million RMB, reflecting a 14.3% increase [5] - The diluted EPS is expected to grow from 2.50 RMB in 2023 to 3.47 RMB in 2026, indicating a positive outlook for profitability [5]