Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.04 CNY based on a 16x PE valuation for 2026 [3][6]. Core Insights - The company is expected to see continuous improvement in terminal retail starting from the fourth quarter, with significant growth in winter clothing sales anticipated due to favorable weather conditions [11]. - The report indicates that the company's online growth rates for the Senma and Balabala brands have been adjusted upwards for the next three years, while sales and management expense ratios have been lowered [3][12]. - The financial forecasts for 2025-2027 project earnings per share of 0.36, 0.44, and 0.53 CNY, respectively, reflecting an increase from previous estimates [3][12]. Financial Performance Summary - The company's revenue is projected to grow from 13,661 million CNY in 2023 to 18,084 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.7% [5][14]. - Operating profit is expected to fluctuate, with a peak of 1,930 million CNY in 2027 after a dip in 2025 [5][14]. - The net profit attributable to the parent company is forecasted to increase from 1,122 million CNY in 2023 to 1,420 million CNY in 2027, with a notable growth rate of 19.2% in 2027 [5][14]. Market Position and Competitive Analysis - The company has shown resilience in the face of industry challenges, with its Balabala brand ranking first in the Tmall maternal and infant category during recent promotional events [11]. - The report highlights the potential for positive leverage effects on franchise income as terminal sales improve, which could enhance overall profitability [11].

（文章来源：每日经济新闻） 森马服饰（002563.SZ）10月10日在投资者互动平台表示，近期，公司旗下巴拉巴拉品牌与意大利罗马 地中海集团（Mediterraneo 1996 Srl）签署战略合作协议，罗马地中海集团正式成为巴拉巴拉品牌在意 大利市场的战略合作伙伴，并以此为基础，逐步辐射拓展欧洲市场。 每经AI快讯，有投资者在投资者互动平台提问：注意到贵公司在研发方面与法国等欧盟国家合作，请 问贵公司是否将产品出口至欧盟国家？ ...