SAINT ANGELO(002154) 申万宏源·2025-03-21 13:56Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The acquisition of the Woolrich brand marks a significant milestone for the company, enhancing its presence in the outdoor segment and establishing it as a high-potential player in functional outdoor apparel [7]. - The company plans to invest 300-400 million RMB to establish a research and development center in Shanghai, aiming to integrate global supply chain resources and enhance product development capabilities [7]. - The report anticipates a gradual recovery in domestic consumption, projecting a turnaround for the company in 2025, supported by the confidence shown by major shareholders through a recent capital increase [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 5,254 million RMB, with a year-on-year growth rate of 21.8%. However, revenue is expected to decline by 3.6% in the first three quarters of 2024 [6][12]. - The net profit attributable to the parent company is forecasted to be 698 million RMB for 2023, with a significant decline of 25.2% expected in the first three quarters of 2024 [6][8]. - The company expects net profits of 549 million RMB in 2024, 651 million RMB in 2025, and 752 million RMB in 2026, corresponding to price-earnings ratios of 11, 10, and 8 respectively [7][12].