SAINT ANGELO(002154) 天风证券·2025-03-25 03:16Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has successfully completed the acquisition of Woolrich's global intellectual property (excluding Europe) for approximately 3.8 billion RMB, enhancing its brand portfolio [1] - Woolrich is one of the oldest high-end outdoor brands in the United States, established in 1830, and has a strong global presence with a diverse product range [2] - The company plans to leverage Woolrich's nearly 200 years of brand heritage and global influence, establishing a research and development center in Shanghai to enhance product development capabilities [2] - The business model will include direct sales, franchising, brand licensing, and e-commerce to promote global brand development [2] Financial Data and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.36 RMB, 0.47 RMB, and 0.59 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 11.59x, 8.93x, and 7.16x [3] - Revenue is expected to grow from 5,264.13 million RMB in 2024 to 6,467.31 million RMB in 2026, reflecting a growth rate of 12.30% [4] - The net profit attributable to the parent company is forecasted to be 532.39 million RMB in 2024, increasing to 862.59 million RMB by 2026 [4] - The company’s total assets are projected to reach 7,001.65 million RMB by 2026, with a debt-to-asset ratio of 33.33% [10]