ELLASSAY(SH:603808) Great Wall Securities·2025-09-12 06:54Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has established a differentiated high-end multi-brand matrix, which is showing significant synergy effects. The brands cover various styles including commuting, social, leisure, business, and street fashion, appealing to a wide consumer demographic aged 20 to 50 [2][3] - The company is experiencing good growth trends in its international brands, with market share continuously increasing. In the first half of 2025, the company achieved a revenue of 5.42 billion CNY from the ELLASSAY brand, 2.15 billion CNY from Laurèl (up 9.6% YoY), 1.52 billion CNY from IRO (up 16.2% YoY), and 2.85 billion CNY from self-portrait (up 20.6% YoY) [3][8] Financial Summary - The company's revenue for 2023 is projected at 29.15 billion CNY, with a YoY growth rate of 21.7%. However, a slight decline is expected in 2025 with revenue estimated at 30.89 billion CNY, reflecting a growth rate of only 1.7% [1] - The net profit attributable to the parent company is expected to recover significantly, with projections of 1.82 billion CNY in 2025, up 158.8% YoY, and further growth to 2.49 billion CNY in 2026 [1][8] - The company's EPS is projected to be 0.49 CNY in 2025, 0.68 CNY in 2026, and 0.83 CNY in 2027, with corresponding P/E ratios of 16.8X, 12.3X, and 10.0X respectively [1][8]