BROS(SH:601339) Tianfeng Securities·2025-09-07 10:44Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The company has shown resilience in the face of tariff fluctuations, maintaining a relatively high capacity utilization rate in both domestic and Vietnamese factories, which has helped sustain its main business profits despite a 6.73% year-on-year decline in sales [2] - The company is focusing on product innovation and brand enhancement, implementing a strategy that emphasizes product differentiation, quality standardization, and cost advantages, while continuously upgrading production lines and dyeing processes to improve product quality [3] - The financial forecast has been adjusted, with expected revenues for 2025-2027 projected at 8.2 billion, 8.7 billion, and 9.2 billion yuan, respectively, and net profits expected to be 620 million, 690 million, and 780 million yuan, respectively [4] Financial Performance Summary - In Q2 2025, the company achieved revenue of 1.86 billion yuan, a year-on-year decrease of 13.7%, while net profit attributable to shareholders was 217 million yuan, an increase of 42.03% [1] - For the first half of 2025, the company reported revenue of 3.59 billion yuan, down 9.99% year-on-year, with a net profit of 390 million yuan, up 67.53% [1] - The company plans to distribute a cash dividend of 0.15 yuan per share, with a cash dividend payout ratio of 57.67% [1] Product and Market Strategy - The company is actively exploring emerging market clients and adjusting sales strategies to ensure order fulfillment in both domestic and international markets [2] - The focus on brand development includes scaling patented products and enhancing brand value through a strategy of small batches, diverse varieties, and quick delivery [3]