HEILAN HOME(600398) 天风证券·2025-03-18 13:46Investment Rating - The investment rating for the company is "Buy" with a maintained rating [4][7]. Core Views - The focus on opening new stores is prioritized over immediate profitability, indicating a strategic emphasis on market positioning rather than short-term financial returns [3]. - The entry into cities like Hefei and Zhengzhou is expected to enhance customer traffic and business opportunities, reflecting confidence in the company's retail model [3]. - The recruitment of store supervisors suggests a potential increase in operational involvement from the company, which may strengthen its management capabilities [3]. Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.46 yuan, 0.55 yuan, and 0.62 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19x, 16x, and 14x [4]. - Revenue forecasts for 2024, 2025, and 2026 are estimated at 21,635.19 million yuan, 23,041.47 million yuan, and 25,023.04 million yuan, reflecting growth rates of 0.50%, 6.50%, and 8.60% respectively [6]. - The net profit attributable to the parent company is projected to be 2,209.85 million yuan in 2024, 2,663.01 million yuan in 2025, and 2,961.71 million yuan in 2026, with growth rates of -25.14%, 20.51%, and 11.22% respectively [6]. Market Positioning - The company is strategically positioned to capitalize on the growing demand for outlet and discount retail formats, particularly in mid-tier cities [3]. - The operational capabilities are expected to improve as more stores mature, enhancing the company's ability to replicate successful models across new locations [3].