BAIRUN CORPORATION(SZ:002568) Soochow Securities·2025-05-26 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively embracing new channels and focusing on the rhythm of new product launches, particularly in the instant retail sector, which is expected to drive growth [7] - The report highlights the significant growth potential in the instant retail market for alcoholic beverages, projecting a market size increase from approximately 200 billion RMB in 2023 to 1,000 billion RMB by 2027 [7] - The company aims to leverage the advantages of the Yima delivery platform to enhance brand recognition and reach younger consumer demographics, particularly through its whiskey and other liquor products [7] Financial Projections - Total revenue projections for the company are as follows: - 2023A: 3,264 million RMB - 2024A: 3,048 million RMB (YoY -6.61%) - 2025E: 3,499 million RMB (YoY +14.80%) - 2026E: 3,993 million RMB (YoY +14.11%) - 2027E: 4,701 million RMB (YoY +17.74%) [1][10] - Net profit attributable to the parent company is projected as follows: - 2023A: 809.42 million RMB - 2024A: 719.14 million RMB (YoY -11.15%) - 2025E: 806.85 million RMB (YoY +12.20%) - 2026E: 970.60 million RMB (YoY +20.30%) - 2027E: 1,181.04 million RMB (YoY +21.68%) [1][10] - The report anticipates a steady increase in earnings per share (EPS) from 0.69 RMB in 2024 to 1.13 RMB in 2027 [1][10] Market Data - The closing price of the company's stock is 26.32 RMB, with a market capitalization of approximately 27,619.39 million RMB [5] - The company has a price-to-earnings (P/E) ratio projected to decrease from 38.41 in 2024 to 23.39 in 2027, indicating improving valuation metrics over time [1][10]