GF SECURITIES·2026-03-08 14:08Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 20.46 and a fair value of HKD 24.99 [6]. Core Views - The company has announced a new brand ambassador, Bai Lu, to promote women's sports, enhancing its marketing strategy and targeting a broader consumer base [4][9]. - The company is expected to leverage the upcoming Los Angeles Olympic cycle to boost brand and performance momentum [9]. - Continuous improvement in quality and efficiency is anticipated, with increased investment in R&D and marketing while controlling other expenses to enhance profitability [4]. Financial Forecast - The company's projected revenue for 2023 is CNY 27.598 billion, with a growth rate of 7.0%. By 2027, revenue is expected to reach CNY 33.331 billion, reflecting a growth rate of 7.7% [5]. - The forecasted net profit attributable to shareholders for 2025 is CNY 2.593 billion, with a decline of 13.9%, followed by a recovery to CNY 3.100 billion by 2027 [5]. - The earnings per share (EPS) is projected to be CNY 1.00 in 2025, increasing to CNY 1.20 by 2027 [5]. Profitability Metrics - The EBITDA for 2023 is estimated at CNY 5.814 billion, with a slight decline expected in the following years, reaching CNY 7.262 billion by 2027 [5]. - The return on equity (ROE) is projected to decrease from 13.1% in 2023 to 9.5% in 2025, before recovering to 10.2% by 2027 [5]. - The company maintains a healthy gross margin, expected to be around 49.4% by 2027 [14].