OLYMPIC(SH:603920) Bank of China Securities·2025-09-08 07:53Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company's revenue and profit have shown steady growth in the first half of 2025, with a focus on expanding into AI+ applications to create new growth avenues [3][8] - The company is expected to achieve revenues of RMB 62.51 billion, RMB 75.01 billion, and RMB 90.01 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 8.89 billion, RMB 11.37 billion, and RMB 14.36 billion [5][7] Financial Performance Summary - For the first half of 2025, the company reported revenue of RMB 25.79 billion, a year-on-year increase of 7.64%, and a net profit of RMB 3.84 billion, up 26.89% year-on-year [8] - The company's gross margin for the first half of 2025 was 22.72%, slightly down from the previous year [8] - The company is expected to maintain a steady growth trajectory with projected revenue growth rates of 24.5% in 2025, 20.0% in 2026, and 20.0% in 2027 [7][9] Shareholder and Market Information - The total market capitalization of the company is approximately RMB 27.35 billion, with a circulating share count of 720.55 million [3][4] - The major shareholder is Guangdong Shunde Holdings Group Co., Ltd., holding 23.67% of the shares [3] Valuation Metrics - The report projects earnings per share (EPS) of RMB 1.23, RMB 1.58, and RMB 1.99 for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 30.8, 24.1, and 19.1 [5][10] - The company is expected to maintain a dividend yield of around 1.6% for the years 2025 to 2027 [7][10]