Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has experienced a recovery in performance in H1 2025 after a brand structure adjustment in 2024, with self-owned brand revenue reaching 1.039 billion yuan, accounting for 41.55% of total revenue, and a gross margin of 76.83%, an increase of 5.7 percentage points year-on-year [5][14] - The company focuses on high-end brand development and brand structure optimization, which has significantly improved overall gross margins [5][14] - The company is committed to empowering brands through research and digitalization, implementing a comprehensive R&D system and enhancing collaboration efficiency across multiple brands and channels [15] Financial Performance and Forecast - In H1 2025, the company achieved operating revenue of 2.5 billion yuan, a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year [13] - Revenue projections for 2025-2027 are 4.590 billion yuan, 4.889 billion yuan, and 5.150 billion yuan, with corresponding growth rates of 8.3%, 6.5%, and 5.3% [16] - Net profit attributable to shareholders is expected to be 247 million yuan, 322 million yuan, and 363 million yuan for 2025-2027, with growth rates of 124.4%, 30.4%, and 13.0% respectively [16] - Earnings per share (EPS) are projected to be 0.63 yuan, 0.82 yuan, and 0.93 yuan for 2025-2027 [16] Key Financial Metrics - The company has a total share capital of 390 million shares and a circulating A-share market value of 7,740.38 million yuan [8] - The asset-liability ratio stands at 48.99% [8] - The highest and lowest stock prices in the past year were 22.36 yuan and 9.60 yuan respectively [8]
水羊股份(300740):聚焦高端品牌建设,品牌结构持续优化