BIEM(002832) 国盛证券·2025-01-14 03:10Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 11x for 2024 [7][15] Core Views - The company's main brand is positioned in the high-quality sportswear and fashion segment, while its sub-brands are expected to expand the long-term growth potential [7] - The company's 2024Q1-Q3 revenue reached 3.0 billion yuan, up 7% YoY, with net profit attributable to shareholders of 760 million yuan, up 1% YoY, outperforming the industry [7] - The company is expected to achieve a 10% revenue growth and 15% profit growth in 2025, driven by channel expansion [7] Main Brand Development - The main brand successfully held its new product ordering meeting, focusing on product quality upgrades and brand building [4] - The company emphasizes its core product categories and continues to develop outdoor and collegiate-style products, such as expanding the sportswear SKU and launching Harvard co-branded golf series [4] - Marketing efforts align with the brand's youthful and high-end positioning, with endorsements driving consumer interest [4] Sub-Brand Strategy - The company has established a differentiated brand matrix, with KENT&CURWEN and CERRUTI 1881 launching new products in the 2024 autumn/winter season [4] - The Venice brand focuses on community operations for hiking and camping, creating long-term growth opportunities [4] Channel Expansion - In 2024H1, e-commerce, direct sales, and franchise channels grew by 35%, 2%, and 57% YoY, respectively, outperforming the industry [5] - The company plans to open around 100 new stores in 2025, with a focus on high-tier city expansion and low-tier city penetration [5] - As of 2024H1, the company had 1,263 stores, including 609 direct stores and 654 franchise stores [5] Financial Health - The company has strong cash reserves, with operating cash flow of 650 million yuan in 2024Q1-Q3, approximately 0.9x net profit [6] - Inventory turnover days increased by 7.7 days to 304.5 days, with inventory up 28.2% YoY to 890 million yuan, but overall inventory remains controllable [6] Financial Projections - Revenue is expected to grow to 4.165 billion yuan in 2025, up 10.4% YoY, with net profit attributable to shareholders reaching 1.06 billion yuan, up 15.3% YoY [11] - EPS is projected to increase from 1.61 yuan in 2024 to 1.86 yuan in 2025 [11] - ROE is expected to rise from 17.5% in 2024 to 18.5% in 2025 [11]