哈尔斯：战略合作小黄鸭落地，加速突破品牌成长边界-20260227

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The strategic partnership with Little Yellow Duck has been established, allowing Hars to hold 27 million shares (approximately 2.7% of the total capital) and create a joint venture focused on brand design, sales, and operations [1][2] - The collaboration aims to transition Hars from a "practical brand" to a "trendy brand," leveraging the popularity of Little Yellow Duck to reach Generation Z consumers and enhance brand value [2] - The manufacturing sector is expected to see significant growth due to low inventory levels at major clients like YETI, with a projected increase in supply revenue for Hars in 2026 [3] - Hars anticipates a shift in brand revenue towards its own brand, with expectations of sustained high growth in its OBM (Original Brand Manufacturer) business [3] Financial Summary - Total revenue for 2023 is projected at 2,407 million, with a YoY growth rate of -0.9%. Revenue is expected to increase to 5,084 million by 2027, with a growth rate of 23.3% [4][6] - The net profit attributable to the parent company is forecasted to be 250 million in 2023, with a significant increase to 417 million by 2027, reflecting a growth rate of 39.6% [4][6] - The gross margin is expected to stabilize around 28.1% by 2027, while the return on equity (ROE) is projected to reach 19.2% [4][6] - The earnings per share (EPS) is estimated to rise from 0.54 in 2023 to 0.90 in 2027 [4][6]