HEILAN HOME(SH:600398) Orient Securities·2026-03-06 03:12Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Insights - The company is expected to see accelerated growth in its outlet business starting in 2026, following a restructuring of equity in its urban outlet operations, which will enhance collaboration with JD.com [10]. - The main brand is projected to maintain steady growth, supported by a strong start in early 2026, with a focus on expanding shopping center channels and improving product quality and pricing [10]. - The collaboration with Adidas in the "Sports+" ecosystem has entered a profitable phase, indicating significant growth potential for the FCC business, which currently has around 700 channels [10]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 0.45, 0.49, and 0.55 yuan, respectively, down from previous estimates of 0.46, 0.51, and 0.58 yuan [4][11]. - The target price is set at 7.84 yuan, based on a 16x PE valuation for 2026 [4][11]. - Revenue projections for 2023-2027 are as follows: 21,528 million yuan (2023), 20,957 million yuan (2024), 21,814 million yuan (2025), 23,778 million yuan (2026), and 25,990 million yuan (2027), with growth rates of 16.0%, -2.7%, 4.1%, 9.0%, and 9.3% respectively [4][11].