Jinwu Financial News | According to the Open Source Securities Research Report, Edwin Group (09919) achieved revenue of 967 million yuan/yoy +39.2% in 2023, net profit of 118 million yuan/yoy +319.9%, and the market share of experiential marketing in 2023 was further increased to 12.7%. The cumulative number of covered brand customers increased to 590, accounting for 80% of international customers, and a renewal rate of 95% for top 25 customers.
According to the bank, recovering after the epidemic, various marketing activities and IP businesses were held as scheduled, and the performance recovered well. Considering the company's steady expansion strategy, the bank kept the 2024 profit forecast unchanged, slightly lowered the 2025 profit forecast and added the 2026 profit forecast. The estimated net profit to the mother for 2024-2026 was 1.4/1.7/210 million yuan, yoy +30.5%/22%/19.9%, corresponding to EPS 0.21/0.25/0.3. The current stock price corresponds to PE 6.3/5.2/4.4 times, and the long-term performance growth logic remains unchanged. Maintain a “buy” rating.