Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue of 9.178 billion yuan in 2025, representing a year-on-year growth of 35.12%, with a net profit attributable to shareholders of 1.103 billion yuan, up 41.14% year-on-year [1]. - The company's main brand, Han Shu, continues to show strong growth, contributing 7.36 billion yuan in revenue, a 31.6% increase year-on-year, and accounting for 80.2% of total revenue [1]. - The online sales channel has seen rapid growth, with revenue reaching 8.618 billion yuan, a 40.1% increase year-on-year, while offline sales have declined by 14.3% [2]. - The gross profit margin for 2025 was 76.43%, an increase of 1.21 percentage points year-on-year, indicating stable profitability [3]. Financial Summary - The company forecasts revenues of 11.438 billion yuan, 13.795 billion yuan, and 16.274 billion yuan for 2026, 2027, and 2028, respectively, with net profits projected at 1.391 billion yuan, 1.699 billion yuan, and 2.063 billion yuan [4]. - The earnings per share (EPS) are expected to rise from 2.77 yuan in 2026 to 5.18 yuan in 2028, reflecting a strong growth trajectory [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 14.23 in 2026 to 9.60 in 2028, suggesting an attractive valuation as earnings grow [4].
上美股份（02145）：业绩保持高增，多品牌多品类持续拓展