SYG(300740) 民生证券·2024-12-18 09:45Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Viewpoints - The company is advancing its global high-end cosmetics management group strategy with the official entry of the RéVive brand into the Chinese market [2][3]. - The acquisition of 100% equity in PA and the entry of RéVive into China signify a further step in the company's transformation into a high-end cosmetics management group [2]. - The company's "Four Doubling Strategy" and the acquisition of high-end brands are expected to drive revenue and profit growth [2]. Financial Forecasts and Indicators - Projected revenues for 2024, 2025, and 2026 are 4,063 million, 4,406 million, and 4,902 million respectively, with growth rates of -9.6%, 8.4%, and 11.3% [3][7]. - The net profit attributable to shareholders is forecasted to be 191 million, 292 million, and 355 million for 2024, 2025, and 2026, with year-on-year growth rates of -35.0%, 52.6%, and 21.8% [3][7]. - The earnings per share (EPS) are expected to be 0.49, 0.75, and 0.91 for the years 2024, 2025, and 2026 [3][7]. - The price-to-earnings (PE) ratios are projected to be 27X, 18X, and 14X for the same years [3][7].