Gelonghui, May 22 | Haitong Securities Research Report indicates that Bull Group (603195.SH)'s business has grown across the board for over 23 years, and 24Q1 revenue and profit have maintained a high increase. For reference, comparable companies gave the company a 24-year PE valuation of 28 to 30 times, corresponding to a reasonable value range of 138.88 to 148.80 yuan, giving it a “superior to the market” rating. The company launched the construction layout of all categories of flagship stores in '23. In '24, it will make every effort to promote construction, actively use new retail models to empower terminal flagship stores, accelerate the all-round construction of a channel service system, and provide consumers with a more convenient and secure purchasing and use experience. It also seizes the rise of e-commerce in Southeast Asia and actively lays out emerging e-commerce platforms.