| 财务摘要(百万美元) | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入 | 6566 | 7795 | 9088 | 10519 | | (+/-)% | 26.7% | 18.7% | 16.6% | 15.8% | | 毛利润 | 680 | 921 | 1120 | 1317 | | 归母净利润 | 427 | 604 | 754 | 901 | | (+/-)% | 488.7% | 41.2% | 25.0% | 19.5% | | PE | 49.53 | 35.08 | 28.07 | 23.49 | | PB | 3.65 | 3.31 | 2.96 | 2.63 | | 资料来源：Wind，国泰海通证券研究 | | | | | [Table_Market] 交易数据 | 52 周内股价区间(美元) | 20.21-42.76 | | --- | --- | | 当前股本(百万股) | 554 | | 当前市值(百万美元) | 20955 | 25 年收入超预期，Salomon 加大投入影 响 ...

Investment Rating - The report assigns a rating of "Buy" for the company [1]. Core Insights - The company exceeded revenue expectations for 2025 and provided guidance for 2026 indicating a growth of 16-18%. The core brand is expected to expand its market influence through product marketing investments and particularly through store expansions in Europe and North America [2][9]. Financial Summary - Total revenue projections for the company are as follows (in million USD): - 2025: 6,566 - 2026: 7,795 - 2027: 9,088 - 2028: 10,519 - Year-over-year growth rates are 26.7%, 18.7%, 16.6%, and 15.8% respectively [4]. - Gross profit and net profit attributable to the parent company are projected as follows (in million USD): - 2025: Gross Profit 680, Net Profit 427 - 2026: Gross Profit 921, Net Profit 604 - 2027: Gross Profit 1,120, Net Profit 754 - 2028: Gross Profit 1,317, Net Profit 901 - Year-over-year growth rates for net profit are 488.7%, 41.2%, 25.0%, and 19.5% respectively [4]. - The company’s Price-to-Earnings (PE) ratio is projected to decrease from 49.53 in 2025 to 23.49 in 2028, while the Price-to-Book (PB) ratio is expected to decline from 3.65 to 2.63 over the same period [4]. Market Data - The current stock price is $37.85, with a market capitalization of $20,955 million and a 52-week price range of $20.21 to $42.76 [5]. Performance Highlights - The company reported a 27% year-over-year revenue increase for 2025, surpassing previous guidance of 23-24%. The adjusted operating margin increased by 1.7 percentage points to 12.8%, exceeding prior guidance [9]. - In Q4 2025, revenue grew by 28%, with an adjusted operating margin of 12.5% [9]. - The company plans to open 25-30 new stores globally in 2026, focusing on North America and China [9]. Profitability Metrics - The report forecasts the following profitability metrics: - Operating margin for 2026 is expected to be around 13.1%-13.3% [9]. - The adjusted operating margin for the core brand in Q4 2025 was significantly improved to 25.9% [9]. Valuation Comparisons - The report includes a comparison of the company’s valuation with peers, indicating a PE ratio of 49.53 for 2025, which is higher than the average of comparable companies [10]. Future Outlook - The management expressed strong momentum in Q1 2026, particularly in the North American market, indicating a positive outlook for continued growth [9].