Jinwu Financial News | According to Tianfeng Securities Research Report, Yuyuan Group (00551)'s 23Q4 revenue was US$1.904 billion, down 4.7%; net profit to mother was US$137 million, up 422.9%; revenue to 2023 was US$7.890 billion, down 12.0%; and net profit to mother was US$275 million, down 7.3%.
According to the bank, along with the recovery of offline customer flow and the continuous removal of brands, the company's manufacturing business and retail business are recovering steadily; digital transformation is progressing rapidly, and smart factories enable production to meet flexible needs with short delivery times; Baosheng is a leading sportswear and footwear retailer and dealer in Greater China, using the YYSports WeChat Mini Program to implement an EXP membership program to provide diversified sports service content.
Considering the increase in downstream orders, which may still take time, the bank slightly adjusted its 24-25 profit forecast. The company's 24-26 revenue is estimated to be US$86.45/96.45/US$10.935 billion (US$93.12/10.397 billion US dollars, respectively) and net profit to mother of US$2.96/3.48/402 million US dollars, respectively (24-25 years ago values were US$34/396 million, respectively), EPS was 0.18/0.22/0.25/share, respectively, and the corresponding PE was 8/7/6X, respectively. Maintain a “buy” rating.