RYC(SZ:003010) GUOTAI HAITONG SECURITIES·2026-01-28 05:45Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 56.00 CNY [6][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 176-200 million CNY in 2025, representing a year-on-year increase of 67%-89%, primarily driven by the accelerated growth of its proprietary brands and brand management business [2][12]. - The company has shown significant revenue growth, with total revenue projected to reach 3.291 billion CNY in 2025, reflecting an 86.4% increase compared to 2024 [4][12]. - The report highlights the strong performance of the brands Zhanjia and Feicui, which are expected to contribute to the company's growth trajectory [12]. Financial Summary - Total revenue for 2023 is reported at 1.366 billion CNY, with projections of 1.766 billion CNY for 2024 and 3.291 billion CNY for 2025, indicating a compound annual growth rate (CAGR) of 86.4% from 2024 to 2025 [4][12]. - The net profit attributable to shareholders is forecasted to grow from 54 million CNY in 2023 to 184 million CNY in 2025, marking a 74.1% increase year-on-year [4][12]. - The earnings per share (EPS) is expected to rise from 0.17 CNY in 2023 to 0.59 CNY in 2025 [4][12]. Brand Performance - The Zhanjia brand achieved approximately 80% year-on-year growth in GMV during the Double Eleven shopping festival, ranking fourth in the Tmall home cleaning brand sales [12]. - The Feicui brand saw a remarkable 35-fold increase in GMV during the same period, entering the top 10 in Tmall International's nutrition and health brand sales [12]. - The company is expanding its product lines, with Zhanjia focusing on fragrance-related products and Feicui launching new health supplements [12].