滔搏：一季度表现符合预期，经营质量稳步提升

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 performance for FY2024/25 met expectations, with sales declining by mid-single digits year-over-year [4] - E-commerce channels showed faster growth, with online direct sales accounting for over 30% of total direct sales in Q1 FY2024/25, up from 20%-30% in the previous fiscal year [4] - The company is focusing on improving the quality of its retail operations rather than expanding the number of stores, with total sales area of offline direct stores decreasing by 1.4% quarter-over-quarter and 0.5% year-over-year as of May 31, 2024 [4] - Inventory levels remained healthy, with a stock-to-sales ratio of 4-5 months, consistent with the previous year [4] - The company is advancing strategic partnerships with brands like Fanatics, Norda, and Columbia, aiming to explore new growth opportunities [4] - The company is expected to achieve net profits of 2.38 billion, 2.62 billion, and 2.84 billion yuan for FY2025-2027, with corresponding P/E ratios of 10x, 9x, and 8x [4] Financial Performance Summary - Revenue for FY2024 is projected to grow by 7% year-over-year, with further growth of 6%, 8%, and 8% expected for FY2025-2027 [5] - Net profit attributable to shareholders is expected to grow by 20% in FY2024, followed by 8%, 10%, and 8% growth in FY2025-2027 [5] - Gross margin improved slightly to 41.8% in FY2024, while net profit margin increased by 0.9 percentage points to 7.6% [6] - Sales expenses decreased by 0.8 percentage points to 28.9% in FY2024, and management expenses decreased by 0.2 percentage points to 3.9% [6] Operational Highlights - In FY2024, the company achieved a 6.9% year-over-year growth in sales, with Q1 FY2025 sales declining by mid-single digits [8] - The company's direct store sales area decreased by 1.4% quarter-over-quarter and 0.5% year-over-year in Q1 FY2025 [8] - The company is implementing a "one store, seven openings" strategy, integrating physical stores with digital platforms like TikTok live streaming and mini-programs [4] Strategic Initiatives - The company is deepening its partnership with Norda, planning to build offline experience stores and serve existing wholesale customers [4] - A strategic collaboration with Columbia is expected to expand the company's presence in the outdoor market [4] - The company is focusing on high-quality growth in omnichannel retail, improving efficiency, and enhancing shareholder returns [4]