RYC(SZ:003010) Guolian Minsheng Securities·2026-01-29 03:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][5]. Core Insights - The company is experiencing significant growth in its proprietary brands, with a projected net profit for 2025 expected to be between 176 million to 200 million yuan, representing a year-on-year increase of 67% to 89% [1]. - The growth is attributed to the high revenue from proprietary brands and brand management, alongside improved internal management efficiency [2]. - The company is focusing on three proprietary brands: "Zhanjia," "Feicui," and "Niuyibei," which are expanding in the home cleaning and health product sectors [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 3.28 billion, 5.54 billion, and 7.17 billion yuan, respectively, with growth rates of 85.8%, 68.8%, and 29.6% [4]. - The expected net profit for the same years is 187 million, 400 million, and 542 million yuan, with year-on-year growth rates of 76.9%, 113.9%, and 35.7% [4]. - Earnings per share (EPS) are projected to be 0.60, 1.29, and 1.74 yuan for 2025, 2026, and 2027, respectively [4].