Hua Yuan Zheng Quan·2026-03-09 14:36Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady revenue growth for the full year, with the designer series enhancing the main brand's momentum [5] - The high sales period for FY2026 is coming to an end, but the company is projected to achieve mid-single-digit revenue growth for the full year [8] - The main brand's down jacket business is expected to grow steadily, with a projected revenue increase slightly above the overall group growth rate [8] Financial Forecasts and Valuation - Revenue projections (in million RMB) for the upcoming years are as follows: - 2024: 23,214.03 - 2025: 25,901.71 (growth rate: 38.39%) - 2026E: 27,140.42 (growth rate: 4.78%) - 2027E: 28,915.83 (growth rate: 6.54%) - 2028E: 31,014.57 (growth rate: 7.26%) [7] - Net profit projections (in million RMB) are as follows: - 2024: 3,074.07 - 2025: 3,513.91 (growth rate: 43.74%) - 2026E: 3,725.23 (growth rate: 6.01%) - 2027E: 3,993.65 (growth rate: 7.21%) - 2028E: 4,308.95 (growth rate: 7.90%) [7] - The company maintains a high dividend payout intention, supported by strong brand image and product development capabilities [8]