Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Viewpoints - The company is a leading player in the domestic mid-to-high-end women's fashion market, with a strong brand matrix and impressive financial performance, including a total revenue of 5.69 billion yuan in 2022 and a net profit of 382 million yuan [1][13]. - The company is expected to achieve a revenue growth rate of no less than 20% and a net profit growth rate of no less than 120% in 2023, driven by improved store efficiency and a recovering consumer environment [1][19]. Summary by Sections Company Overview - The company operates a diverse brand matrix including Koradior, NAERSI, and NEXY.CO, with a total of 2,006 stores as of 2022, of which 1,555 are direct-operated [1][13]. - The company has achieved a compound annual growth rate (CAGR) of 20.8% from 2017 to 2022 [1][13]. Competitive Advantages - The company has a clear multi-brand strategy that allows it to effectively compete in the fragmented mid-to-high-end women's fashion market, with a market share estimated to be in the low single digits [1][30]. - The core customer base consists of women aged 30-45 with purchasing power, and the company has successfully differentiated its brands to cater to various consumer preferences [1][30]. Financial Analysis and Profit Forecast - The company’s revenue is projected to grow at a CAGR of 19% from 2022 to 2025, with expected revenues of 8.68 billion yuan in 2023, 10.37 billion yuan in 2024, and 12.19 billion yuan in 2025 [1][5]. - The gross profit margin was 75.1% in 2022, showing a steady increase over the past five years, while the net profit margin is expected to improve as operational efficiency increases [1][5]. Valuation and Investment Recommendations - The report estimates a reasonable stock price of approximately 18.7 HKD per share, corresponding to a market capitalization of about 13.1 billion HKD, with a price-to-earnings (P/E) ratio of 11.5 times for 2024 [1][5].
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