UE(603600) 华安证券·2025-03-08 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company emphasizes both domestic and international sales, with effective customer expansion strategies. It continues to deepen its market presence in the top 30 GDP countries and is actively developing new markets such as those along the "Belt and Road" initiative. The introduction of a mature overseas sales team targeting major U.S. retail channels has contributed significantly to revenue growth since 2024 [3][4] - The company has established overseas production bases in Vietnam and Romania to mitigate trade friction risks. The Vietnam base has been operational since 2018 and is now the primary production site for U.S. business, while the Romanian base began operations in 2023 and is expected to expand capacity and contribute to revenue growth [4] - The company is focusing on technological innovation, particularly in ergonomic products, and is developing smart products that integrate AIoT technology. This aligns with the trend towards smart and health-oriented furniture [5] Financial Summary - The company forecasts revenue growth from 46.87 billion yuan in 2024 to 65.71 billion yuan in 2026, with year-on-year growth rates of 32.5%, 21.2%, and 15.7% respectively. Net profit is expected to increase from 3.30 billion yuan in 2024 to 4.67 billion yuan in 2026, with growth rates of 10.9%, 21.3%, and 16.6% respectively. The earnings per share (EPS) are projected to be 1.00 yuan in 2024, 1.21 yuan in 2025, and 1.41 yuan in 2026 [7][9]