Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve significant growth in performance, with a focus on brand strength and sustained market demand [9] - The company is expanding its franchise steadily, with traditional gold product revenues showing high growth [9] - The company aims to build a brand narrative centered around "fashionable intangible cultural heritage" [9] - The projected net profits for 2025-2027 are 487 million, 586 million, and 694 million RMB respectively, with corresponding PE ratios of 27.9, 23.2, and 19.6 [9] Financial Performance Summary - Revenue projections (in million RMB): - 2023A: 5,900 - 2024A: 6,518 - 2025E: 7,841 - 2026E: 9,197 - 2027E: 10,615 - Revenue growth rates: - 2023A: 33.6% - 2024A: 10.5% - 2025E: 20.3% - 2026E: 17.3% - 2027E: 15.4% [7][10] - Net profit projections (in million RMB): - 2023A: 333 - 2024A: 194 - 2025E: 487 - 2026E: 586 - 2027E: 694 - Net profit growth rates: - 2023A: 67.4% - 2024A: -41.9% - 2025E: 151.5% - 2026E: 20.3% - 2027E: 18.3% [7][10] Market Performance - The company's market performance over the last 12 months shows a decline of 3%, while the benchmark index (CSI 300) has increased by 58% [4]