朝云集团（06601）：拟收购河北康达有望增厚业绩，加强布局北方家居护理市场

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company plans to acquire Hebei Kangda for a maximum of 450 million RMB, aiming to enhance its performance and strengthen its presence in the northern home care market [1][2] - The acquisition is expected to create synergies between the existing home care business and Hebei Kangda, which has over 30 years of experience in the northern market [3][9] - The company is projected to achieve revenue of 1.996 billion RMB in 2025, 2.397 billion RMB in 2026, and 2.611 billion RMB in 2027, with year-on-year growth rates of 9.7%, 20.1%, and 9.0% respectively [3][5] - The net profit attributable to the parent company is expected to be 223 million RMB in 2025, 268 million RMB in 2026, and 294 million RMB in 2027, with growth rates of 9.8%, 20.2%, and 9.4% respectively [3][5] Financial Summary - The company’s revenue for 2023 is reported at 1,616 million RMB, with a year-on-year growth of 12.0% [5][10] - The net profit for 2023 is 175 million RMB, showing a significant year-on-year increase of 170.4% [5][10] - The projected earnings per share (EPS) for 2025 is 0.17 RMB, increasing to 0.20 RMB in 2026 and 0.22 RMB in 2027 [5][10] - The current market capitalization is approximately 3.25 billion HKD, with a total share count of 1.33 billion shares [6][10]