Orient Securities·2026-01-21 10:24Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The main brand of the company is experiencing short-term revenue pressure, but the mid-term outlook remains positive due to the company's multi-brand international competitiveness [2][9] - The company has adjusted its earnings forecasts slightly downward for the main brand's revenue growth over the next three years, while also increasing the sales and management expense ratios for 2026 and 2027 [10] - The target price is set at 113.00 HKD, based on a 20x PE valuation for 2026 [3][10] Financial Performance Summary - Revenue (in million RMB): - 2023A: 62,356 - 2024A: 70,826 - 2025E: 78,495 - 2026E: 85,296 - 2027E: 92,805 - Year-on-Year Growth (%): 16.2%, 13.6%, 10.8%, 8.7%, 8.8% [4] - Operating Profit (in million RMB): - 2023A: 15,367 - 2024A: 16,595 - 2025E: 18,116 - 2026E: 19,321 - 2027E: 21,369 - Year-on-Year Growth (%): 36.8%, 8.0%, 9.2%, 6.6%, 10.6% [4] - Net Profit Attributable to Parent Company (in million RMB): - 2023A: 10,236 - 2024A: 15,596 - 2025E: 13,177 - 2026E: 14,231 - 2027E: 15,931 - Year-on-Year Growth (%): 34.9%, 52.4%, -15.5%, 8.0%, 11.9% [4] - Earnings Per Share (in RMB): - 2023A: 3.66 - 2024A: 5.58 - 2025E: 4.71 - 2026E: 5.09 - 2027E: 5.70 [4] - Gross Margin (%): - 2023A: 62.6% - 2024A: 62.2% - 2025E: 61.9% - 2026E: 62.2% - 2027E: 62.5% [4] - Net Margin (%): - 2023A: 16.4% - 2024A: 22.0% - 2025E: 16.8% - 2026E: 16.7% - 2027E: 17.2% [4] - Return on Equity (%): - 2023A: 18.3% - 2024A: 23.4% - 2025E: 17.3% - 2026E: 16.5% - 2027E: 16.2% [4]