BIEM(SZ:002832) GF SECURITIES·2026-03-25 06:26Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has announced a shareholding increase plan by its director, signaling long-term confidence in its future development [7] - The company focuses on high-end apparel and has shown good momentum in multi-brand collaboration, with expectations for steady growth in the consumer environment [7] - The main brand, Biyinlefen, has successfully strengthened its T-shirt category and achieved significant results in its youth strategy [7] - The company is leveraging opportunities in content and interest e-commerce to enhance online penetration and channel revenue [7] - Earnings per share (EPS) for 2025-2027 are projected to be 1.16 CNY, 1.34 CNY, and 1.55 CNY respectively, with a reasonable value set at 20.09 CNY per share based on a 15x PE 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] - EBITDA is projected to decrease from 1,458 million CNY in 2023 to 1,598 million CNY in 2027 [6] - Net profit attributable to shareholders is forecasted 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 price-to-earnings (P/E) ratio is expected to decrease from 19.9 in 2023 to 10.7 in 2027 [6] - Return on equity (ROE) is projected to decline from 18.6% in 2023 to 12.0% in 2025, then recover to 13.5% in 2027 [6]