Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 105.74 HKD [5][8]. Core Insights - The company is expected to see a significant increase in net profit attributable to shareholders, projected to grow by 91-93% [2]. - The company anticipates a doubling of revenue and net profit for 2025, with revenue expected to reach 24-24.5 billion CNY, representing a year-on-year growth of 98.3-102.5% [8]. - The company is expanding its offline store network and enhancing online channels, which is expected to drive overall operational capabilities [8]. - The introduction of new products, including a children's sunscreen, and partnerships aimed at transitioning to a "skin science company" are expected to enhance the product matrix [8]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 805 million CNY - 2024: 1,209.64 million CNY (growth of 50.27%) - 2025: 2,404.21 million CNY (growth of 98.75%) - 2026: 3,383.92 million CNY (growth of 40.75%) - 2027: 4,630.44 million CNY (growth of 36.84%) [4]. - Net profit attributable to shareholders is forecasted as: - 2023: 84.52 million CNY - 2024: 186.83 million CNY (growth of 121.06%) - 2025: 357.85 million CNY (growth of 91.53%) - 2026: 573.04 million CNY (growth of 60.14%) - 2027: 797.92 million CNY (growth of 39.24%) [4]. - The company maintains a high gross margin, projected to be around 82% over the forecast period [4]. Valuation Metrics - The company is currently valued at a P/E ratio of 115.48 for 2023, decreasing to 12.23 by 2027 [4]. - The P/B ratio is projected to decline from 20.76 in 2023 to 5.20 in 2027 [4]. - The target price of 105.74 HKD corresponds to a P/E valuation of 23 times for 2026 [8].

林清轩 02657.HK 公司研究 | 动态跟踪 归母净利预增 91-93%，看好高增持续 核心观点 盈利预测与投资建议 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 805.00 | 1209.64 | 2404.21 | 3383.92 | 4630.44 | | 同比增长 (%) | 16.47% | 50.27% | 98.75% | 40.75% | 36.84% | | 营业利润(百万元) | 83.73 | 197.24 | 403.79 | 656.97 | 921.53 | | 同比增长 (%) | 273.78% | 135.58% | 104.72% | 62.70% | 40.27% | | 归属母公司净利润(百万元) | 84.52 | 186.83 | 357.85 | 573.04 | 797.92 | | 同比增长 (%) | 1539.58% | 121.06% | 91.53% | 60.14% | 39.24% ...