Huachuang Securities: Initiates SHEIN-W (00625.HK) with "Recommended" Rating, Target Price HK$49.14

Zhito Finance APP has learned that Huachuang Securities issued a research report, initiating coverage on SHEIN-W (00625.HK) with a "Recommended" rating and a target price of HK$49.14. The bank expects the company to achieve operating revenue of US$42.8/45.2/47.6 billion in 2026-2028, up +2.3%/+5.5%/+5.4% year on year; and achieve net profit attributable to the parent company of US$1.40/2.05/2.34 billion, up -32.3%/+46.5%/+14.4% year on year. With reference to the valuations of comparable companies, and taking into account that SHEIN has greater platform-based growth potential, it assigns a 13x PE based on 2027 forecasts. The bank believes that short-term trade policy disruptions will affect performance, while in the long term it is bullish on the supply chain and traffic barriers supporting platform-based growth.