南极电商：迎质价比消费浪潮，品牌重塑再出发-20250520

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 6.00 RMB, corresponding to a 26x PE for 2026 [1][9][10] Core Views - The company is undergoing a significant brand transformation, shifting from an open authorization model to a self-sourcing and invitation-based franchise model, aiming to enhance product quality and restore brand image [1][2][5] - The company is expected to achieve positive revenue growth in 2024, with a focus on expanding product SKUs and enhancing both online and offline sales channels [1][20] - The report highlights the company's strategic pivot towards a "quality-price ratio" consumer trend, with a new luxury series launched in September 2024, resulting in a substantial increase in daily sales [2][19] Summary by Sections Company Overview - The company, established in 1998, has transitioned through three phases: selling products, selling brands and services, and aiming to become a world-class consumer brand [25] - It operates under national and international brands, including "Nanji Ren" and "Kadi Le Crocodile," and has shifted its business model towards e-commerce and brand authorization [25] Business Strategy - The company has reformed its supply chain by introducing a dual-track operation model of self-sourcing and franchise, enhancing product capabilities and establishing industry barriers [3][16] - It has adopted a comprehensive approach to channel sales, leveraging both online platforms like Douyin and offline retail strategies to drive growth [4][20] Financial Projections - The company forecasts a recovery in revenue growth, with expected revenues of 3.995 billion RMB in 2025, 4.744 billion RMB in 2026, and 5.605 billion RMB in 2027, reflecting year-on-year growth rates of 18.94%, 18.75%, and 18.15% respectively [6][21] - The projected net profit for 2025 is 330.55 million RMB, with significant growth anticipated in subsequent years, achieving 575.09 million RMB in 2026 and 796.26 million RMB in 2027 [6][21] Market Positioning - The company is positioned to capitalize on the growing consumer demand for high-quality, cost-effective products, aligning with the current trend of rational consumption [19][24] - The brand's long-standing reputation for providing "good quality at affordable prices" is expected to resonate well with consumers, enhancing its market share [19][24]