WEIXING NBM(SZ:002372) Guotai Junan Securities·2024-06-13 02:31Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's business model and brand premium continue to maintain an advantage, with shareholder returns consistently leading the industry [2]. - The target price is set at 26.53 CNY, corresponding to a 2024 PE of approximately 29x, reflecting the company's long-term competitive advantages and its status as a relatively scarce brand retail leader in the sector [2][3]. - The retail growth rate is expected to remain strong, with an estimated overall retail growth rate of 5%-10% for 2024, driven by channel expansion and new product categories [2]. - The company plans a cash dividend of 1.257 billion CNY for 2023, with a dividend payout ratio of 88%, indicating a strong sustainability of high shareholder returns [2]. Financial Summary - The company reported a revenue of 6.378 billion CNY in 2023, with projections of 7.081 billion CNY for 2024, reflecting an 11% increase [6]. - The net profit attributable to the parent company is projected to be 1.466 billion CNY in 2024, with a growth rate of 2.3% compared to 2023 [6]. - The earnings per share (EPS) for 2024 is adjusted to 0.92 CNY, with further projections of 0.99 CNY for 2025 and 1.12 CNY for 2026 [2][6]. - The company maintains a net asset return rate of 25.3% for 2024, with a projected increase to 27.5% by 2026 [6]. Market Data - The current stock price is 16.36 CNY, with a 52-week price range of 13.01-21.98 CNY [4]. - The total market capitalization is 26.046 billion CNY, with a total share capital of 1.592 billion shares [4].