中小盘首次覆盖报告：深耕户外历浮沉，坚定转型焕新颜

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [19]. Core Insights - The company has been deeply engaged in the outdoor industry for over 20 years and has successfully transformed its business model, achieving profitability in 2023 after four years of losses [2][19]. - The domestic outdoor industry is experiencing a resurgence, with trends towards branding and premiumization, which the company is well-positioned to capitalize on through its proprietary brand X-BIONIC and partnerships with other high-end brands [2][22]. - The company is expected to see significant revenue growth, with projected revenues of 1.11 billion, 1.42 billion, and 1.75 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 60 million, 90 million, and 160 million yuan for the same years [2][24]. Summary by Sections 1. Company Background and Transformation - The company has transitioned from outdoor retail to brand operation since 2021, with its transformation showing initial success in 2023 [2][19]. - The company has established a brand matrix through acquisitions, joint ventures, and exclusive agency agreements, enhancing its market presence [54][55]. 2. Industry Trends - The outdoor industry is witnessing a second rise, driven by a growing middle class with strong outdoor consumption intentions and a trend towards high-end outdoor products [3][22]. - The report highlights that outdoor brands are increasingly raising prices, furthering the trend of premiumization in the industry [3]. 3. Growth Opportunities - The company’s proprietary brand X-BIONIC is expected to achieve high growth through multi-channel penetration, including stores, distribution, and social media platforms like Douyin [2][22]. - The joint venture brand Klättermusen and exclusive agency for CRISPI and Houdini are anticipated to contribute to new revenue streams [22][55]. 4. Financial Projections - The company forecasts revenues of 1.11 billion yuan in 2024, with a year-on-year growth of 31.6%, and a net profit of 57 million yuan, marking a significant turnaround from previous losses [24].