Semir(SZ:002563) Orient Securities·2025-04-03 00:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.82 CNY for 2025, based on a 17x PE valuation [2][9]. Core Insights - The company achieved a revenue of 14.63 billion CNY in 2024, representing a year-on-year growth of 7.1%. The net profit attributable to the parent company was 1.14 billion CNY, with a slight increase of 1.4% [8]. - The company plans to continue its high dividend payout, with an expected dividend rate of 82.9% for 2024 [8]. - The company successfully opened new stores under both of its brands, with a net increase of 108 stores in casual wear and 280 stores in children's wear [8]. - The online sales channel saw a gross margin increase, with online sales revenue growing by 7.1% [8]. - The company is actively expanding into international markets, having opened over 30 new stores in countries such as Singapore, Malaysia, and Vietnam [8]. Financial Summary - The company's projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.46 CNY, 0.53 CNY, and 0.61 CNY, respectively [2][9]. - Revenue is expected to grow from 15.78 billion CNY in 2025 to 18.71 billion CNY in 2027, with corresponding profit growth [6]. - The gross margin is projected to remain stable, with slight improvements expected over the forecast period [6]. - The company’s net profit margin is expected to increase from 7.9% in 2025 to 8.7% in 2027 [6].