HEILAN HOME(600398) 天风证券·2025-03-05 00:30Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company has evolved from a national brand to a comprehensive apparel retail group, with a focus on men's, women's, children's clothing, and home goods. It has made strategic investments in sports brand management and partnered with Adidas [1][11] - The collaboration with JD.com to launch the outlet business aims to provide consumers with high-quality, low-priced branded products through an omnichannel approach [2][11] - The company's main brand maintains a strong market position, with significant revenue contributions from growth brands, which are expected to become a key profit source [1][22] Financial Data and Valuation - The company's revenue is projected to grow from 21,527.55 million in 2023 to 25,023.04 million in 2026, with a CAGR of approximately 8.60% [4] - The expected EPS for 2024-2026 is 0.46, 0.55, and 0.62 respectively, with corresponding P/E ratios of 17x, 14x, and 13x [3][4] - The company has shown resilience in profitability, with a net profit of 2,951.96 million in 2023, reflecting a 36.96% increase from the previous year [4][19] Brand and Market Position - The main brand, HLA, targets men aged 20-45, focusing on high-quality, fashionable clothing. The brand's revenue contribution has remained stable, accounting for over 74% of total revenue [22][30] - The company has diversified its brand portfolio, including growth brands and group purchasing services, which have shown significant revenue growth [30][32] - The partnership with Spobz and JD.com positions the company to capture opportunities in the lower-tier markets, enhancing its competitive edge in the sports apparel segment [2][38]