Amorepacific中国业务触底回升

Investment Rating - The investment rating for Amorepacific is Overweight, with a price target of W160,000, indicating a potential upside of 28% from the current price of W125,000 as of May 22, 2025 [3][6]. Core Insights - Amorepacific's China operations are expected to recover, with an anticipated improvement from a W96 billion loss in 2024 to a W4 billion profit in 2025 [2][6]. - The company plans to ramp up its Shanghai factory to meet increasing customer demand, with a projected 20% year-over-year sales growth in China for Q2 2025 [6]. - The stock price has increased by 8% recently, reflecting positive market sentiment regarding the recovery of sales in China [6]. Financial Summary - For the fiscal year ending December 2025, the expected net revenue is W4,260 billion, with an EBITDA of W660 billion and an EPS of W5,430 [3]. - The projected P/E ratio for 2025 is 23.0, with a P/BV of 1.3 [3]. - The return on net operating assets (RNOA) is expected to be 7.7%, while the return on equity (ROE) is projected at 6.0% for the same year [3].