Core Viewpoint - The company aims to become a respected world-class innovative consumer goods company, focusing on improving travel experiences through high-quality products and solutions [5][6]. Company Overview - The company operates in the leisure bags, travel cases, business bags, apparel, and related accessories sectors, with a dual business model of OEM manufacturing and brand management [5][6]. - The company collaborates with renowned brands such as Nike, Decathlon, VF Group, Uniqlo, PUMA, Dell, HP, and ASUS, enhancing its competitive edge through automation and digitalization [5][6][19]. Business Segments OEM Manufacturing - The company has a global production layout in regions like Indonesia, China, and India, focusing on areas with significant labor cost or tariff advantages [6][19]. - In June 2024, the company acquired control of Shanghai Jiale, a core supplier for Uniqlo, expanding its operations into textile and apparel manufacturing [6][23]. Brand Management - The company focuses on its own brand "90 Points" and collaborates with Xiaomi, providing high-quality travel products through various e-commerce platforms [7][8][12]. - The "90 Points" brand has received multiple design awards and is recognized as a "Shanghai Brand," indicating strong market presence and consumer acceptance [7][22]. Market Dynamics - The global luggage market is projected to grow by 6.1% by 2025, while the Chinese market is expected to grow by 5.9% [19]. - The company’s client base includes high-profile brands, ensuring a stable source of orders and revenue [19][23]. Competitive Advantages - The company leverages a deep supply chain management system and cross-industry operational strategies, enhancing its responsiveness to market changes [21][22]. - The acquisition of Shanghai Jiale allows the company to extend its product offerings into the textile and apparel sectors, tapping into a market with significant growth potential [22][23]. Financial Performance - The company maintains a stable financial outlook, with a credit rating of A+ from China Chengxin International Credit Rating Co., Ltd. [26]. - The company has not reported any significant discrepancies in its financial data over the past three years, indicating consistent performance [24][25].

Investment Rating - The report gives a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading manufacturer in the bag industry, leveraging both B2B and B2C business models to drive growth. The B2B segment includes partnerships with renowned brands like Nike and Uniqlo, while the B2C segment focuses on its own brands, "90 Points" and "Xiaomi" [2][8]. - The company anticipates significant revenue growth, with projections of 32.04% in 2024 and 29.82% in 2025, alongside a substantial increase in net profit [8][12]. Financial Forecasts - Revenue (in million yuan): - 2023A: 3104.90 - 2024E: 4099.86 - 2025E: 5322.46 - 2026E: 6099.15 - Revenue Growth Rate (%): - 2023A: 13.28 - 2024E: 32.04 - 2025E: 29.82 - 2026E: 14.59 - Net Profit (in million yuan): - 2023A: 115.62 - 2024E: 390.46 - 2025E: 372.71 - 2026E: 452.66 - EPS (in yuan): - 2024E: 1.63 - 2025E: 1.55 - 2026E: 1.89 - PE Ratio: - 2024E: 13.96 - 2025E: 14.62 - 2026E: 12.04 [3][4][8]. Business Model and Strategy - The company operates under a dual business model, focusing on both B2B and B2C segments. The B2B segment includes OEM and ODM operations, while the B2C segment emphasizes direct sales through its own brands [12][48]. - The company has successfully diversified its operations, expanding from traditional IT bag manufacturing to include sports and leisure bags, as well as garment manufacturing [22][51]. Market Overview - The domestic bag market is experiencing a recovery, with a retail scale of 2349.2 billion yuan in 2023, reflecting a growth of 12.60% compared to 2022. The international market also shows signs of recovery, with a retail scale of 1551.5 billion USD [35][40]. - The report highlights the potential for domestic brands to capture market share, as the current market is dominated by foreign luxury brands [40][41]. Management and Governance - The company's ownership structure is stable, with the founder holding 51.23% of the shares, ensuring strong control and strategic direction [24]. - The management team is experienced, with backgrounds in leading IT companies, which enhances operational efficiency and competitive advantage [24]. Conclusion - The report indicates a positive outlook for the company, driven by robust growth in both B2B and B2C segments, strategic partnerships, and a favorable market environment [2][8][12].