Peacebird(SH:603877) GF SECURITIES·2024-05-09 01:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.21 CNY per share based on a 15x P/E ratio for 2024 [2][19]. Core Insights - The company is expected to see significant improvements in profitability due to the gradual realization of reform effects and a focus on brand image enhancement, core product categories, and supply chain upgrades [17]. - The stock option and restricted stock incentive plan aims to secure long-term development, with performance targets set for net profit growth from 2024 to 2026 [17]. - The company anticipates revenue and net profit growth in 2024, driven by lower comparative bases in Q2 and Q3, as well as organizational changes and strategic initiatives [17]. Financial Summary - Revenue is projected to increase from 7,902 million CNY in 2024 to 9,220 million CNY by 2026, reflecting a growth rate of 8% in both 2025 and 2026 [18]. - The net profit is expected to rise from 573 million CNY in 2024 to 855 million CNY in 2026, with a growth rate of 36.3% in 2024 and 24.1% in 2025 [18]. - Earnings per share (EPS) are forecasted to grow from 1.21 CNY in 2024 to 1.80 CNY in 2026, indicating a positive trend in profitability [18].