Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The acquisition of Hebei Kangda enhances the company's position in the northern home care market, leveraging dual brand synergy for growth [2][3]. - The company plans to acquire 100% equity of Hebei Kangda for up to 450 million RMB, which is a leading player in the northern home care sector with a strong customer base [9]. - The acquisition is expected to improve the company's competitiveness in the home care category in the northern region, optimizing its industrial layout and enhancing market penetration [9]. Financial Summary - The company forecasts total revenue growth from 1,616 million RMB in 2023 to 2,428 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [10]. - Net profit is projected to increase from 175 million RMB in 2023 to 278 million RMB in 2027, with a growth rate of 12% [10]. - The company’s earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.16, 0.19, and 0.21 RMB respectively, with a target price set at 4.35 HKD based on a 25X PE for 2025 [9][10].
朝云集团（06601）：跟踪点评：拟收购河北康达，加码北方家居护理市场