Guosheng Securities: Maintain Kidswant "Buy" rating, continuously "deepening membership and all-channel operation"
Guosheng Securities research report points out that Kidswant is a maternal and infant company with full-channel operational capabilities. It is positioned around the strategy of "global selected differentiated supply chain + local parent-child growth services + same-city instant retail," continuously deepening six major strategies: "member cultivation, full-channel operation, global selected differentiated supply chain, local living, all-domain marketing, and new projects," while continuously upgrading digitalization, with breakthroughs in all areas. In 2024, it will accelerate the promotion of the franchise model, speed up the occupation of sinking markets, and simultaneously upgrade all-age children's living halls. Based on the company's performance in 2024 and Q1 2025, not considering the performance of Chainqi Future and Zhiling Future subsidiaries, and not considering the performance after the consolidation of Siyu, it is estimated that the company's operating revenue for 2025-2027 will be 10.7 billion / 12.68 billion / 14.61 billion yuan, with net profit attributable to the parent company of 300 million / 410 million / 540 million yuan, and EPS of 0.23 / 0.33 / 0.43 yuan per share, with the current stock price corresponding to PE ratios of 63.6 / 45.3 / 35.0 times, maintaining a "buy" rating
