ELLASSAY(SH:603808) Tai Ping Yang·2024-02-01 16:00Investment Rating - The report assigns a "Buy" rating to the company, with an upward adjustment [1]. Core Views - The company is expected to achieve significant growth in 2023, with a projected net profit increase of 388.95% to 535.64%, reaching between 100 million to 130 million yuan [7]. - The company's revenue is anticipated to grow by 20% to 25% in 2023, amounting to approximately 2.87 billion to 3.00 billion yuan [7]. - The company is focusing on a multi-brand strategy and efficient channel expansion to capture market share and improve sales performance [7]. Financial Summary - Revenue Forecast: - 2022: 2.395 billion yuan - 2023E: 2.934 billion yuan (22.50% increase) - 2024E: 3.443 billion yuan (17.35% increase) - 2025E: 4.015 billion yuan (16.64% increase) [1]. - Net Profit Forecast: - 2022: 20 million yuan - 2023E: 125 million yuan (513.29% increase) - 2024E: 245 million yuan (95.15% increase) - 2025E: 289 million yuan (18.16% increase) [1]. - Earnings Per Share (EPS): - 2022: 0.06 yuan - 2023E: 0.34 yuan - 2024E: 0.66 yuan - 2025E: 0.78 yuan [1]. - Price-to-Earnings Ratio (PE): - 2023E: 23.98 - 2024E: 12.29 - 2025E: 10.40 [1].