Shenwan Hongyuan: Maintain a buy rating on Yue Yuen Group (00551.HK) Retail business profit rebound

According to the Wisdom Financial APP, Shenwan Hongyuan released a research report stating that Yue Yuen Group (00551.HK) is an international sports shoe manufacturer and also owns a large domestic sports goods retailer, deeply laying out the global sports industry chain. Considering the low visibility of manufacturing business orders, the bank lowered its profit forecast, expecting the net profit attributable to mother in 2026-2028 to be 330/380/410 million US dollars (originally 370/390/420 million US dollars), corresponding to a PE ratio of 9/8/7 times. Based on the average PE of footwear and clothing manufacturing companies, Yue Yuen Group was given a 12 times PE for 2026, optimistic about the recovery of manufacturing business orders and the rebound of terminal demand, expecting the company to release profit elasticity, and maintaining a buy rating.