M&G(603899) 银河证券·2025-03-27 12:24Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative performance increase of over 10% compared to the benchmark index [7]. Core Insights - The company is continuously optimizing its traditional core business layout, adjusting product structure, and enhancing channel efficiency. The retail large store business is steadily expanding, and the office direct sales business is deepening, which is expected to sustain growth in the future [7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.73, 1.95, and 2.19 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17X, 15X, and 14X [7]. Financial Performance Summary - Revenue Forecast: - 2024A: 24,228.25 million yuan - 2025E: 27,416.61 million yuan (growth of 13.16%) - 2026E: 30,666.37 million yuan (growth of 11.85%) - 2027E: 34,017.35 million yuan (growth of 10.93%) [7][9] - Net Profit Forecast: - 2024A: 1,395.84 million yuan - 2025E: 1,599.00 million yuan (growth of 14.55%) - 2026E: 1,805.23 million yuan (growth of 12.90%) - 2027E: 2,024.20 million yuan (growth of 12.13%) [7][9] - Gross Margin: - 2024A: 18.90% - 2025E: 18.86% - 2026E: 18.67% - 2027E: 18.43% [7][9] - Key Financial Ratios: - Return on Equity (ROE) is projected to increase from 15.67% in 2024A to 18.40% in 2027E [9]. - The company's debt-to-equity ratio is expected to rise from 43.11% in 2024A to 45.23% in 2027E [9]. Market Data - The company's stock code is 603899.SH, with a closing price of 30.13 yuan and a market capitalization of 27.835 billion yuan as of March 26, 2025 [4].