SAINT ANGELO(SZ:002154) Hua Yuan Zheng Quan·2025-08-18 14:19Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company completed the acquisition of Woolrich in the first half of 2025 and is awaiting the realization of strategic expenditures to deliver long-term benefits [5] - The company's revenue and profit were under pressure due to unmet revenue expectations and increased expenses for achieving long-term strategic goals [7] - The domestic market remains the core market for the company, with good growth in categories such as jackets and shoes [7] - The company has a solid foundation in men's apparel and multi-brand operations, which are expected to support steady growth [7] Financial Summary - Revenue for 2023 is projected at 5,254 million RMB, with a year-on-year growth rate of 21.82%. However, a decline of 1.91% is expected in 2024 [6] - The net profit attributable to the parent company is forecasted to be 698 million RMB in 2023, with a significant drop of 29.07% in 2024 [6] - Earnings per share (EPS) is expected to decrease from 0.48 RMB in 2023 to 0.34 RMB in 2024 [6] - The company’s return on equity (ROE) is projected to decline from 16.07% in 2023 to 11.33% in 2024 [6] Revenue Breakdown - In the first half of 2025, the company achieved revenue of 2.391 billion RMB, a year-on-year decrease of 3.58% [7] - The domestic sales accounted for 99.45% of total revenue, while export revenue was only 0.55% [7] - The jacket and shoe categories showed good growth, with revenues of 229 million RMB and 50 million RMB, respectively, representing year-on-year increases of 15.72% and 16.61% [7] Store Expansion - As of the first half of 2025, the company had a total of 837 direct-operated stores and 578 franchised stores, with a net addition of 8 franchised stores during the period [7] - The average sales per direct-operated store that has been open for over 12 months was 1.1984 million RMB [7]