Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 0.90, indicating a potential upside of 53.3% from the current price of HKD 0.59 [1][2][7]. Core Insights - The report highlights that the company's profit margins have improved due to better discount control and operational efficiency, with a stable performance expected in 2025 [6]. - For 2024, the company anticipates a revenue decline of 8.0% to RMB 18.45 billion, but it expects to maintain a stable profit margin through cost control and efficiency improvements [6]. - The company plans to enhance its multi-channel strategy, including the introduction of new brands and digital transformation initiatives to capture new growth opportunities [6]. Financial Overview - Revenue projections for the company are as follows: RMB 20,064 million in 2023, RMB 18,454 million in 2024, and RMB 18,831 million in 2025, with a projected growth of 2.0% in 2025 [5][9]. - Net profit is expected to increase from RMB 490 million in 2023 to RMB 546 million in 2025, reflecting a growth rate of 11.1% [5][9]. - The company’s gross margin is projected to improve to 34.5% in 2025, up from 34.2% in 2024 [10]. Stock Performance - The stock has shown a year-to-date increase of 18.0% and has a market capitalization of approximately HKD 3,057.68 million [4][6]. - The stock's 52-week high and low are HKD 0.70 and HKD 0.48, respectively [4].
宝胜国际（03813）：折扣管控和运营能力提升增强利润率，2025年预期表现稳定