朝云集团：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-20260119

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3][6]. Core Insights - The company plans to acquire Hebei Kangda for a maximum of 450 million RMB, aiming to enhance its market presence in the northern home care market and improve competitiveness [1][2]. - The acquisition is expected to increase revenue and profit, leveraging brand synergy and category share to achieve multi-dimensional collaborative effects [2][3]. - The company is positioned as a leader in the home care segment, with a robust multi-brand and multi-category strategy, focusing on both online growth platforms and offline expansion [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1,996 million RMB, 2,397 million RMB, and 2,611 million RMB, reflecting year-on-year growth rates of 9.7%, 20.1%, and 9.0% respectively [3][5]. - Net profit estimates for the same period are 223 million RMB, 268 million RMB, and 294 million RMB, with corresponding growth rates of 9.8%, 20.2%, and 9.4% [3][5]. - The current market capitalization corresponds to a PE ratio of 11 times for 2026 [3]. Strategic Acquisition Details - Hebei Kangda has over 30 years of experience in the northern market, specializing in home insecticides and cleaning products, which will enhance the company's resource integration and operational efficiency post-acquisition [9]. - The acquisition is anticipated to solidify the company's market position in household insecticides and cleaning products, thereby reinforcing its leadership in the industry [9]. - Financially, Hebei Kangda reported a revenue of 468 million RMB in 2024, with a net profit of 86 million RMB, indicating strong financial health that will contribute positively to the acquiring company [9].