SIRIO(SZ:300791) Soochow Securities·2025-08-27 07:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 204.2 million and a net profit of 16.1 million for the first half of 2025, with year-on-year growth of 2.57% and 4.30% respectively [2] - The company is actively embracing new consumption trends, with private domain and cross-border business revenues growing over 200% and 100% respectively, and the revenue share from new consumption customers increasing from 30% to 50% [3] - The company has successfully launched 10 major products in the first half of 2025, with 25 products in the pipeline [3] - The gross margin for the China region improved by 1.09 percentage points to 35.75% in the first half of 2025, indicating strong profitability despite market challenges [3] Financial Summary - Total revenue is projected to grow from 3,582 million in 2023 to 5,664 million by 2027, with a compound annual growth rate (CAGR) of approximately 11.22% [1] - Net profit attributable to the parent company is expected to increase from 281.04 million in 2023 to 527.04 million by 2027, reflecting a CAGR of 14.82% [1] - The earnings per share (EPS) is forecasted to rise from 0.91 in 2023 to 1.71 by 2027, indicating a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.34 in 2023 to 15.11 by 2027, suggesting an improving valuation over time [1]