BIEM(SZ:002832) GF SECURITIES·2026-03-01 09:26Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's general manager plans to significantly increase his shareholding, reflecting confidence in the company's long-term development [7] - The company is recognized as the leading brand in golf apparel in China, with continuous industry-leading performance [7] - The company focuses on high-end apparel and has a strong multi-brand strategy, which is expected to drive long-term growth [7] - Earnings per share (EPS) is projected to be 1.16 CNY, 1.34 CNY, and 1.55 CNY for the years 2025 to 2027, respectively [7] - The reasonable value of the stock is estimated at 20.09 CNY, based on a 15x price-to-earnings (P/E) ratio for 2026 [7] Financial Summary - Revenue is expected to grow from 3,536 million CNY in 2023 to 5,688 million CNY in 2027, with growth rates of 22.6%, 13.2%, 10.1%, 13.3%, and 13.9% respectively [6] - The company's net profit is projected to decline from 911 million CNY in 2023 to 662 million CNY in 2025, before recovering to 886 million CNY in 2027 [6] - The company's return on equity (ROE) is expected to decrease from 18.6% in 2023 to 12.0% in 2025, then rise to 13.5% in 2027 [6] - The company's debt-to-equity ratio is projected to remain stable, with total liabilities increasing from 1,830 million CNY in 2023 to 2,472 million CNY in 2027 [10]