SINOLINK SECURITIES·2026-01-29 07:45Investment Rating - The report maintains a "Buy" rating for the company, anticipating continued growth in its multi-brand strategy [4]. Core Insights - The acquisition of approximately 29.06% of PUMA for €35 per share, totaling around €1.506 billion (approximately RMB 12.28 billion), positions the company as PUMA's largest shareholder, enhancing its "single focus, multi-brand, globalization" strategy [2][3]. - The acquisition aims to leverage PUMA's global influence in professional sports sectors such as football, running, and esports, addressing the company's current weaknesses in these areas while enhancing its international competitiveness [3]. - The company plans to provide strategic support to PUMA while respecting its brand independence, aiming for long-term value creation through collaboration [3]. Financial Projections - Expected EPS for 2025-2027 is projected at RMB 4.74, RMB 5.06, and RMB 5.70, with corresponding P/E ratios of 15, 14, and 13 times [4]. - Revenue forecasts for 2025-2027 are RMB 78.35 billion, RMB 86.37 billion, and RMB 94.99 billion, with growth rates of 10.62%, 10.24%, and 9.97% respectively [9]. - The net profit for 2025-2027 is estimated at RMB 13.25 billion, RMB 14.14 billion, and RMB 15.94 billion, with growth rates of -15.02%, 6.70%, and 12.75% respectively [9].