HEILAN HOME(SH:600398) Tianfeng Securities·2025-11-09 06:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a revenue of 4 billion in Q3 2025, showing a year-on-year increase of 4%, with a net profit attributable to the parent company of 300 million, also up by 4% [1] - For the first three quarters of 2025, the company achieved a revenue of 15.6 billion, a 2% increase year-on-year, while the net profit attributable to the parent company decreased by 2% to 1.9 billion [1] - The company is focusing on enhancing operational efficiency in its stores and expanding its overseas market presence, with a total of 7,209 stores by the end of June, including 2,099 direct-operated stores [2] - The overseas market has seen significant growth, with 111 stores and a revenue of 206 million, representing a 27.42% increase year-on-year [2] - The company is investing in technology and innovation to drive industry upgrades, focusing on digital operations and fabric innovation [3] - The profit forecast has been slightly adjusted due to weak consumer demand and channel adjustments, with expected net profits for 2025-2027 at 2.4 billion, 2.6 billion, and 2.8 billion respectively [4] Financial Summary - The company’s revenue for 2023 is projected at 21.53 billion, with a growth rate of 15.98%, followed by a slight decline in 2024 [5] - The net profit attributable to the parent company for 2023 is estimated at 2.95 billion, with a significant growth rate of 36.96% [5] - The earnings per share (EPS) for 2025 is expected to be 0.49, with a price-to-earnings (P/E) ratio of 12.60 [5] - The company’s total assets are projected to reach 39.03 billion by 2025, with a debt-to-asset ratio of 46.35% [11]