FIYTA(000026) 国泰君安·2024-03-17 16:00Investment Rating - The investment rating for the company is "Buy" [2][5] - Previous rating was also "Buy" [2] Core Views - The company is actively upgrading its stores and integrating online and offline channels, while also expanding its own brand in the aerospace-themed store segment and duty-free channels, maintaining a healthy growth trend [2][5] - The revenue for 2023 is projected to be 45.7 billion, representing a growth of 4.95%, with a net profit of 3.33 billion, reflecting a growth of 24.9% [2][5] - The forecast for 2024-2025 indicates an EPS of 0.92 and 1.02 respectively, with a target price maintained at 13.12 [2][5] Summary by Sections Financial Performance - Revenue for 2023 is expected to be 45.7 billion, up 4.95% from the previous year, with a net profit of 3.33 billion, up 24.9% [2][5] - The company anticipates a net profit growth rate of 10% for 2025, maintaining a target price of 13.12 [2][5] Operational Highlights - The company has seen significant recovery in net profit growth rates, with Q4 showing a notable increase [2] - The weighted average ROE for 2023 is projected to be 10.28%, an increase of 1.6 percentage points [2] Market Position - The company continues to hold a significant market share in the Swiss watch market in mainland China, with a 10.2% market share, remaining the second-largest market [2][5] - The company is focusing on enhancing its brand and service capabilities, with new store openings and upgrades in the duty-free segment [2][5]