Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.66 yuan [3]. Core Views - The company plans to acquire the remaining 35% stake in LeYou International Commercial Group for 560 million yuan, enhancing resource synergy and solidifying its leading position in the industry [1]. - The acquisition is expected to improve LeYou's operational efficiency, with the company achieving stable growth in 2024 Q1-3, reporting revenue of 1.189 billion yuan and a net profit of 70.01 million yuan [1]. - Post-acquisition, the company will have full control over LeYou, allowing for more flexible and efficient resource allocation, aligning with its long-term strategic plan to expand product categories, business tracks, and operational models [1]. - The company is projected to achieve net profits of 211 million yuan, 320 million yuan, and 409 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 100.4%, 51.7%, and 28.0% [2][5]. Financial Forecasts - The company’s total revenue is forecasted to grow from 8.753 billion yuan in 2023 to 11.790 billion yuan in 2026, with growth rates of 2.73%, 13.53%, 10.46%, and 7.41% for the respective years [5]. - The net profit attributable to the parent company is expected to increase from 105 million yuan in 2023 to 409 million yuan in 2026, reflecting a significant recovery and growth trajectory [2][5]. - The report anticipates an increase in earnings per share from 0.08 yuan in 2023 to 0.33 yuan in 2026, with corresponding price-to-earnings ratios of 152, 76, 50, and 39 for the years 2023 to 2026 [2][5].
事件点评：收购乐友剩余35%股权，资源协同更进一步，孩子王行业龙头优势持续巩固