报喜鸟：整合Woolrich，完善品牌布局-20250325

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The acquisition of Woolrich's global intellectual property (excluding Europe) for approximately 380 million RMB is completed, allowing the company to own trademarks and related rights in 26 countries [1] - The company plans to leverage Woolrich's nearly 200 years of brand heritage and global influence, establishing a research center in Shanghai to enhance product development capabilities [2] - The company will implement a diversified business model including direct sales, franchising, brand licensing, and e-commerce to promote global brand development [2] Financial Forecasts - The expected EPS for 2024-2026 is projected to be 0.36 RMB, 0.47 RMB, and 0.59 RMB respectively, with corresponding PE ratios of 12x, 9x, and 7x [3] - Revenue is forecasted to grow from 5,264.13 million RMB in 2024 to 6,467.31 million RMB in 2026, reflecting a growth rate of 12.30% [4] - The net profit attributable to the parent company is expected to be 532.39 million RMB in 2024, increasing to 862.59 million RMB by 2026 [4] Financial Data and Valuation - The company's total revenue for 2022 was 4,312.76 million RMB, with a projected increase to 5,253.63 million RMB in 2023 [4] - The company's net profit margin is expected to improve from 10.64% in 2022 to 13.34% in 2026 [10] - The company's asset-liability ratio is projected to be 31.72% in 2024, indicating a stable financial position [10]