SAINT ANGELO(002154) 国盛证券·2025-03-21 13:58Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has acquired the outdoor brand Woolrich, aiming to introduce it to the Chinese market, enhancing its multi-brand matrix [1][10]. - A new R&D center and headquarters in Shanghai are planned, with an investment of approximately 300 to 400 million RMB, expected to improve operational efficiency and R&D capabilities [2]. - The main brand HAZZYS is performing well, with a projected revenue growth of 10-15% year-on-year for early 2025, while the main brand's revenue decline has narrowed to single digits [3]. - The company anticipates stable revenue growth for 2025, driven by successful channel expansion and optimization of store structures [3]. - Inventory turnover has slowed due to retail pressures, but cash flow management is expected to improve as operations normalize [4]. Financial Summary - The company is projected to achieve net profits of 550 million, 637 million, and 732 million RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 10 times for 2025 [4]. - Revenue for 2024 is estimated at 5,196 million RMB, with a slight decline of 1.1% year-on-year, followed by an expected growth of 11.3% in 2025 [5]. - The latest diluted EPS is projected to be 0.38, 0.44, and 0.50 RMB for 2024, 2025, and 2026 respectively [5].