SAINT ANGELO(002154) 东方证券·2025-04-22 15:33Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.45 CNY based on a 16x PE valuation for 2025 [2][3][9] Core Views - The company's short-term profitability is under pressure, but there are expectations for multi-brand development in the future [1] - The company has adjusted its earnings forecast, projecting earnings per share of 0.34, 0.40, and 0.46 CNY for 2025, 2026, and 2027 respectively [2][9] - The report highlights a decline in revenue and net profit for 2024, with a revenue of 5.15 billion CNY, down 1.9% year-on-year, and a net profit of 495 million CNY, down 29.1% year-on-year [8] Financial Performance Summary - Revenue: - 2023A: 5,254 million CNY - 2024A: 5,153 million CNY (down 1.9%) - 2025E: 5,373 million CNY (up 4.3%) - 2026E: 5,833 million CNY (up 8.6%) - 2027E: 6,340 million CNY (up 8.7%) [2][8][13] - Net Profit: - 2023A: 698 million CNY - 2024A: 495 million CNY (down 29.1%) - 2025E: 497 million CNY (up 0.4%) - 2026E: 577 million CNY (up 16.1%) - 2027E: 672 million CNY (up 16.5%) [2][8][13] - Earnings Per Share: - 2023A: 0.48 CNY - 2024A: 0.34 CNY - 2025E: 0.34 CNY - 2026E: 0.40 CNY - 2027E: 0.46 CNY [2][8][13] - Profitability Ratios: - Gross Margin: 64.7% in 2023A, expected to be 65.0% in 2024A - Net Margin: 13.3% in 2023A, expected to be 9.6% in 2024A - Return on Equity: 16.9% in 2023A, expected to be 11.4% in 2024A [2][8][13] Brand Performance - The report indicates that the Baohiniao brand is under pressure, while the Haji Si brand shows resilience, and the Le Fei Ye brand is experiencing high growth [8] - Revenue growth for 2024 by brand: - Baohiniao: -8.4% - Haji Si: +1.3% - Le Fei Ye: +28% - Bao Niao: -2.9% [8] Strategic Developments - The company announced the acquisition of Woolrich brand's global intellectual property for 384 million CNY, which is expected to enhance its presence in the American retro outdoor market [8] - The establishment of a new R&D center and headquarters in Shanghai with an investment of approximately 300-400 million CNY is also planned [8]