Perfect(SH:603059) GUOTAI HAITONG SECURITIES·2025-12-30 06:23Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company's performance continues to improve, with significant growth in both ODM and proprietary brand segments, leading to a notable recovery in overall financial results [2][12]. - The revenue and profit outlook has been adjusted, with expected EPS for 2025-2027 at 0.90, 1.32, and 1.73 yuan respectively, reflecting a positive trend in profitability [12]. - The company has established a balanced business structure focusing on ODM while also developing its proprietary brand, achieving profitability in its offline business [12]. Financial Summary - Total revenue is projected to grow from 1,067 million yuan in 2023 to 1,967 million yuan in 2027, with a CAGR of approximately 13.9% [4]. - Net profit attributable to the parent company is expected to recover from a loss of 77 million yuan in 2024 to a profit of 174 million yuan in 2027 [4]. - The gross margin is expected to improve, with a forecasted gross margin of 29.6% in 2025 [12]. Market Position - The company has a total market capitalization of 3,084 million yuan, with a share price range over the past 52 weeks between 19.67 and 44.97 yuan [6]. - The company has established strong relationships with clients in various international markets, with overseas revenue accounting for 53.26% of total revenue in the first half of 2025 [12]. Profitability Metrics - The net profit margin for the first three quarters of 2025 is reported at 6.9%, an increase of 2.5 percentage points year-on-year [12]. - The return on equity (ROE) is expected to improve from -7.8% in 2024 to 13.6% in 2027 [4][12].