SAINT ANGELO(002154) 国盛证券·2025-03-21 12:23Investment 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 in 2025, driven by successful channel expansion and optimization of store structures [3] - Inventory turnover has slowed, with an increase of 28.6 days to 287.8 days, 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 billion RMB, with a slight decline of 1.1% year-on-year, followed by an expected growth of 11.3% in 2025 [5] - The company’s total assets are projected to reach 7.655 billion RMB by 2025, with a net profit margin of approximately 11% [11]