KJS(SH:601579) Soochow Securities·2025-10-29 23:34Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][3] Core Views - The report highlights that the company continues to experience good revenue growth, with a focus on industry trends and the ongoing high growth of its premium products, Lan Ting and 1743. Increased marketing expenses are aimed at enhancing brand awareness and consumer engagement [3] - The updated net profit forecasts for 2025 to 2027 are 216.62 million, 264.15 million, and 311.68 million RMB, respectively, with corresponding P/E ratios of 48, 39, and 33 times [3] Financial Performance Summary - Total revenue for 2023 is projected at 1,411 million RMB, with a year-on-year growth of 15.01%. This is expected to increase to 1,631 million in 2024, 1,878 million in 2025, 2,184 million in 2026, and 2,506 million in 2027, with growth rates of 15.60%, 15.09%, 16.32%, and 14.73% respectively [1][9] - The net profit attributable to the parent company is forecasted to be 166.63 million RMB in 2023, growing to 196.19 million in 2024, 216.62 million in 2025, 264.15 million in 2026, and 311.68 million in 2027, with growth rates of 15.11%, 17.74%, 10.41%, 21.94%, and 17.99% respectively [1][9] - The latest diluted EPS is projected to be 0.35 RMB for 2023, increasing to 0.41 RMB in 2024, 0.45 RMB in 2025, 0.55 RMB in 2026, and 0.65 RMB in 2027 [1][9] - The company’s P/E ratios are expected to decrease from 62.10 in 2023 to 33.20 by 2027, indicating an improving valuation over time [1][9]