HEILAN HOME(SH:600398) GUOTAI HAITONG SECURITIES·2026-03-30 08:55Investment Rating - The investment rating for the company is "Accumulate" with a target price of 8.26 CNY [2][11]. Core Insights - The main brand performance is stable, with new business segments such as FCC and urban outlets continuing to expand. The company is also accelerating its overseas layout. For 2026, the company plans to enhance its e-commerce channels, and new business formats are expected to turn profitable, leading to steady growth in performance [3][11]. Financial Summary - Total revenue for 2024 is projected at 20,957 million CNY, with a slight decrease of 2.7%. Revenue is expected to grow to 21,626 million CNY in 2025, reflecting a 3.2% increase, and further increase to 23,651 million CNY in 2026, marking a 9.4% growth [5]. - Net profit attributable to the parent company is forecasted to be 2,159 million CNY in 2024, with a significant decline of 26.9%. It is expected to slightly increase to 2,166 million CNY in 2025, and further to 2,298 million CNY in 2026, representing a 6.1% growth [5]. - Earnings per share (EPS) is projected to be 0.45 CNY in 2024, remaining the same in 2025, and increasing to 0.48 CNY in 2026, 0.53 CNY in 2027, and 0.59 CNY in 2028 [5][12]. Market Data - The company's stock price has ranged between 5.81 CNY and 8.56 CNY over the past 52 weeks, with a total market capitalization of 29,249 million CNY [6]. - The company has a total equity of 18,322 million CNY, with a book value per share of 3.81 CNY and a price-to-book ratio of 1.6 [7]. Business Expansion - The FCC business has expanded to 723 authorized adidas stores by the end of 2025, with plans for further growth in 2026. The urban outlet segment has reached 60 stores, with significant growth potential in the medium to long term [11]. - The company has established 147 overseas stores, generating 4.53 billion CNY in overseas revenue, which is a 27.7% increase [11]. Dividend Policy - The company maintained a high dividend payout ratio of 91% in 2025, with an expected dividend yield of 7% for 2026 [11].