CONBA(SH:600572) ZHESHANG SECURITIES·2025-11-20 14:09Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is expected to see a performance turnaround, with a promising start to the "14th Five-Year Plan" [1] - Revenue growth is anticipated to recover gradually, with brand products expected to show stable growth [6] - The company has a good channel inventory, and its core products are less affected by price reductions from centralized procurement [6] Financial Summary - Projected revenue for 2024 is 6,515.16 million, with a slight decrease of 3.23% compared to the previous year, followed by a growth of 2.11% in 2025 and 10.40% in 2026 [2] - The net profit attributable to the parent company is expected to be 622.42 million in 2024, increasing by 5.21% year-on-year, with further growth of 15.39% in 2025 and 14.65% in 2026 [2] - Earnings per share (EPS) is projected to rise from 0.25 in 2024 to 0.37 in 2027 [2] Performance Indicators - The weighted ROE is expected to improve, reaching 8.05% by the end of Q3 2025, up by 0.52 percentage points year-on-year [6] - The company’s gross margin is projected to increase from 53.14% in 2024 to 56.24% in 2027 [7] - The net profit margin is expected to rise from 10.10% in 2024 to 11.88% in 2027 [7] Valuation Metrics - The projected P/E ratios are 18.84 for 2024, decreasing to 12.47 by 2027 [2] - The projected P/B ratios are expected to decline from 1.76 in 2024 to 1.51 in 2027 [7] - The EV/EBITDA ratio is projected to decrease from 10.10 in 2024 to 7.22 in 2027 [7]