HAERS(SZ:002615) Xinda Securities·2026-02-13 00:25Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a stock incentive and employee shareholding plan, targeting revenue and net profit for 2026 at 4.45 billion and 360 million respectively, with growth expected to continue through 2028 [1][2] - The company is experiencing a clear increase in customer orders, driven by overseas expansion and brand development, leading to significant revenue growth [1][2] - The brand strategy is evolving, with collaborations with well-known IPs and a focus on enhancing brand value, which is expected to accelerate growth [3] Financial Summary - Total revenue is projected to grow from 3.28 billion in 2025 to 5.08 billion in 2027, with a year-on-year growth rate of 23.3% [4] - The net profit attributable to the parent company is expected to recover from 71 million in 2025 to 417 million in 2027, reflecting a significant increase [4] - The company's gross margin is projected to stabilize around 28.1% by 2027, with a return on equity (ROE) expected to reach 19.2% [4][7]