Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 100.00 [5] Core Views - The company is expected to see significant revenue growth in the first half of 2025, with projected revenue between RMB 4.09 billion and RMB 4.11 billion, representing a year-on-year increase of 16.8% to 17.3%. Net profit is anticipated to be around RMB 540 million to RMB 560 million, reflecting a year-on-year growth of 30.9% to 35.8% [5][6] - The growth in revenue and profit is primarily driven by the multi-category layout of the Han Shu brand and substantial growth in the Newpage brand, which focuses on infant skincare [5][6] - The company is expected to maintain its competitive advantage in its price segment and expand its product categories, leveraging its multi-brand matrix for new opportunities [5][8] Financial Projections - Revenue projections for the company are as follows: - 2024: RMB 6,793 million (+62.08%) - 2025E: RMB 8,502 million (+25.16%) - 2026E: RMB 10,422 million (+22.59%) - 2027E: RMB 12,668 million (+21.55%) [4] - Net profit projections are: - 2024: RMB 781.21 million (+69.42%) - 2025E: RMB 1,020 million (+30.53%) - 2026E: RMB 1,283 million (+25.86%) - 2027E: RMB 1,559 million (+21.51%) [4] - The expected EPS for the upcoming years is: - 2024: RMB 1.96 - 2025E: RMB 2.56 - 2026E: RMB 3.22 - 2027E: RMB 3.92 [4] Market Performance - In the first half of 2025, Han Shu's online GMV reached RMB 5.2 billion, a year-on-year increase of 19%, ranking fourth among domestic brands [6] - The brand's performance on the Douyin platform showed a significant increase in GMV, achieving RMB 456 million in July 2025, a year-on-year growth of 68.7% [6] - The Newpage brand also demonstrated strong growth, with GMV of RMB 341 million in the first half of 2025, reflecting a year-on-year increase of 128% [6][8]
上美股份（02145）：预计25H1收入快增，利润率提升