报喜鸟（002154）：期待多品牌协同发展

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Viewpoints - The company is expected to leverage its collaboration with Woolrich Group to enhance its brand influence and product development capabilities, establishing a Shanghai R&D center and integrating global supply chain resources [1][2] - The business model will diversify through direct sales, franchising, brand licensing, and e-commerce, aiming for global expansion and sustainable growth [1] - The company plans to focus on the European market to introduce Woolrich's brand influence domestically while expanding its international market scale [2] - The growth brands Le Fei Ye and Kai Mi Qi will continue to innovate in product development and operational strategies to enhance store performance [3] - The Haggis brand will focus on premium channel expansion and product innovation, targeting high-net-worth individuals to strengthen brand loyalty [4] Financial Data and Forecast - The company’s revenue is projected to grow from 4,312.76 million in 2022 to 6,467.31 million by 2026, with a compound annual growth rate (CAGR) of approximately 12.30% [6][12] - The net profit attributable to the parent company is expected to increase from 458.77 million in 2022 to 862.59 million in 2026, reflecting a significant growth trajectory [6][12] - The earnings per share (EPS) are forecasted to rise from 0.31 in 2022 to 0.59 in 2026, indicating a positive outlook for shareholder returns [6][12] - The report anticipates a price-to-earnings (P/E) ratio of 11x, 8x, and 7x for the years 2024 to 2026, respectively, suggesting an attractive valuation [5]