BIEM(SZ:002832) Orient Securities·2026-03-04 03:00Investment Rating - The report maintains a "Buy" rating for the company [5][9] Core Views - The controlling shareholder's concerted action party plans to increase holdings, reflecting confidence in the company's long-term development [8] - The company is expected to resume steady growth starting in 2026, with revenue resilience despite short-term pressures in the consumer sector [8] - The main brand is positioned well within the high-end golf equipment market, ranking second among high-net-worth individuals [8] - The company is actively developing a multi-brand strategy, which is seen as a potential driver for sustainable long-term growth [8] Financial Forecasts - Earnings per share (EPS) are projected to be 1.20, 1.38, and 1.61 yuan for 2025, 2026, and 2027 respectively [3][9] - The target price is set at 19.2 yuan based on a 16x PE valuation for 2025 [3][9] Financial Information - Revenue is expected to grow from 3,536 million yuan in 2023 to 5,256 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.9% [4] - Operating profit is projected to decline initially but recover to 1,111 million yuan by 2027 [4] - Net profit attributable to the parent company is forecasted to be 919 million yuan in 2027, showing a recovery from a low of 683 million yuan in 2025 [4] - The gross margin is expected to stabilize around 76.3% by 2027 [4]