Peacebird(603877) 申万宏源证券·2025-04-01 13:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue decline of 13% to 6.8 billion yuan and a net profit decline of 39% to 260 million yuan, attributed to economic slowdown and intensified industry competition [6][13] - The company is focusing on enhancing brand image through flagship stores and digital retail innovations, despite short-term challenges in market demand [6][7] - The gross margin improved by 1.1 percentage points to 55.2% in 2024, driven by effective inventory management and discount control [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027: 7.79 billion (2023), 6.80 billion (2024), 7.25 billion (2025E), 7.60 billion (2026E), 7.94 billion (2027E) [5] - Net profit forecast: 422 million (2023), 258 million (2024), 368 million (2025E), 450 million (2026E), 470 million (2027E) [5] - Earnings per share forecast: 0.90 (2023), 0.55 (2024), 0.78 (2025E), 0.95 (2026E), 0.99 (2027E) [5] - The company aims to achieve a target market value of 9.7 billion yuan, indicating a potential upside of 27% from the current market value [6]