KORRUN(SZ:300577) Tianfeng Securities·2024-02-04 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [3][9][34]. Core Insights - The company is projected to achieve revenue of 3.0 to 3.2 billion, representing a year-on-year growth of 9.5% to 16.8%. The net profit attributable to the parent company is expected to be between 106 million and 159 million, reflecting a significant increase of 126% to 239% year-on-year [6][16]. - The company is focusing on the travel luggage and backpack categories, rapidly launching new products and iterating on existing ones to capture market share. It aims to establish itself as a global brand by leveraging its strong overseas team and expanding both online and offline distribution channels [7][31]. - The company plans to repurchase shares worth between 50 million and 100 million for employee stock ownership plans, with a maximum repurchase price of 20.85 yuan per share [8][26]. Financial Projections - The company expects net profits for 2023, 2024, and 2025 to be 140 million, 232 million, and 285 million respectively, with corresponding earnings per share (EPS) of 0.58, 0.97, and 1.19 yuan [16][20]. - Revenue is projected to grow from 2.74 billion in 2022 to approximately 3.09 billion in 2023, with a growth rate of 12.74% [20][37]. - The company anticipates a significant improvement in profitability, with a net profit margin expected to increase as operational efficiencies are realized [31][33]. Market Position and Strategy - The company is strategically positioned in the global market, focusing on high-quality partnerships with renowned brands such as Nike, Adidas, and Uniqlo, while enhancing its supply chain efficiency [33]. - The brand's operational strategy includes refined channel management and product innovation to strengthen its market presence and profitability [31][33].