KORRUN(SZ:300577) Yin He Zheng Quan·2025-03-09 15:14Investment Rating - The report gives a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading manufacturer in the bag industry, leveraging both B2B and B2C business models to drive growth. The B2B segment includes partnerships with renowned brands like Nike and Uniqlo, while the B2C segment focuses on its own brands, "90 Points" and "Xiaomi" [2][8]. - The company anticipates significant revenue growth, with projections of 32.04% in 2024 and 29.82% in 2025, alongside a substantial increase in net profit [8][12]. Financial Forecasts - Revenue (in million yuan): - 2023A: 3104.90 - 2024E: 4099.86 - 2025E: 5322.46 - 2026E: 6099.15 - Revenue Growth Rate (%): - 2023A: 13.28 - 2024E: 32.04 - 2025E: 29.82 - 2026E: 14.59 - Net Profit (in million yuan): - 2023A: 115.62 - 2024E: 390.46 - 2025E: 372.71 - 2026E: 452.66 - EPS (in yuan): - 2024E: 1.63 - 2025E: 1.55 - 2026E: 1.89 - PE Ratio: - 2024E: 13.96 - 2025E: 14.62 - 2026E: 12.04 [3][4][8]. Business Model and Strategy - The company operates under a dual business model, focusing on both B2B and B2C segments. The B2B segment includes OEM and ODM operations, while the B2C segment emphasizes direct sales through its own brands [12][48]. - The company has successfully diversified its operations, expanding from traditional IT bag manufacturing to include sports and leisure bags, as well as garment manufacturing [22][51]. Market Overview - The domestic bag market is experiencing a recovery, with a retail scale of 2349.2 billion yuan in 2023, reflecting a growth of 12.60% compared to 2022. The international market also shows signs of recovery, with a retail scale of 1551.5 billion USD [35][40]. - The report highlights the potential for domestic brands to capture market share, as the current market is dominated by foreign luxury brands [40][41]. Management and Governance - The company's ownership structure is stable, with the founder holding 51.23% of the shares, ensuring strong control and strategic direction [24]. - The management team is experienced, with backgrounds in leading IT companies, which enhances operational efficiency and competitive advantage [24]. Conclusion - The report indicates a positive outlook for the company, driven by robust growth in both B2B and B2C segments, strategic partnerships, and a favorable market environment [2][8][12].