SAINT ANGELO(002154) Shenwan Hongyuan Securities·2025-04-20 15:27Investment Rating - The report maintains a "Buy" rating for the company [2][7][8] Core Views - The company has fully provisioned to solidify its financial statements, preparing for a potential turnaround in 2025 [1][7] - The company reported a revenue of 5.15 billion yuan in 2024, a decrease of 1.9% year-on-year, with a net profit of 495 million yuan, down 29.1% year-on-year [7][8] - The company is focusing on controlling terminal discounts, resulting in a stable gross margin of 65% in 2024, despite high sales expenses leading to profit leverage [7][10] - The company has a strong cash position with over 2 billion yuan in cash and cash equivalents, indicating solid asset quality [7][10] - The acquisition of the Woolrich brand is expected to enhance the company's position in the outdoor segment, with a projected net profit of 5.3 billion yuan in 2025 [7][8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.515 billion yuan, with a year-on-year growth of 7.0% [6][18] - The projected net profit for 2025 is 526 million yuan, reflecting a growth of 6.3% year-on-year [6][18] - The company’s gross margin is expected to remain stable around 64.6% in 2025 [6][18] - The return on equity (ROE) is projected to be 11.1% in 2025 [6][18] - The price-to-earnings (PE) ratio is estimated at 11 for 2025, with a target market value of 7.1 billion yuan, indicating a potential upside of 28% from the current market value [7][15]