King's Luck(603369) 华鑫证券·2025-03-02 12:23Investment 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 penetrating external markets, particularly emphasizing the development of its V series products [1][2] - The company aims to enhance its product structure and strengthen its brand influence, particularly in the 100-500 RMB price range, while also pushing for growth in the 500-800 RMB segment [1][2] Summary by Sections Domestic Market Strategy - The company is concentrating on improving market share in various cities within the province, with organizational restructuring to enhance brand operations [2] - The company plans to focus on core price segments based on regional differences to optimize market penetration [2] External Market Expansion - The company is leveraging its core product, the "Four Open," to expand into surrounding regions and integrate operations in the Yangtze River Delta [2] Financial Forecast - The company is projected to achieve revenues of 11,656 million RMB in 2024, with a growth rate of 15.4%, and net profit of 3,583 million RMB, reflecting a growth rate of 14.3% [5] - The adjusted EPS for 2024-2026 is forecasted at 2.87, 3.14, and 3.47 RMB respectively, with corresponding PE ratios of 18, 17, and 15 [3][5]