Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [4][10]. Core Insights - The company reported a high-quality growth in terminal sales, with a notable performance in the e-commerce channel, achieving a year-on-year growth of 30-35% [4]. - The company is expected to benefit from upcoming sports events, leveraging marketing and product innovation to enhance brand visibility and sales [5]. - The company has maintained healthy inventory levels and improved discount rates, indicating effective inventory management [4]. Financial Performance Summary - Revenue is projected to grow from 84.2 billion RMB in FY2023 to 100.1 billion RMB in FY2024, reflecting a year-on-year growth rate of 19% [3][7]. - Net profit is expected to increase from 9.6 billion RMB in FY2023 to 11.5 billion RMB in FY2024, with a corresponding growth rate of 19% [3][7]. - The company's gross margin is forecasted to improve slightly from 41.1% in FY2023 to 41.5% in FY2024 [3][7]. Retail Performance Overview - The company's retail sales growth for adult apparel in Q2 2024 was 10% year-on-year, while children's apparel saw double-digit growth [4]. - E-commerce sales during the 618 shopping festival increased by 94%, with product sales growth reaching 99%, marking the highest growth in the industry [4][6]. - The company is actively optimizing its offline store strategy, focusing on larger store formats to enhance customer experience [4].
361度：终端流水高质量增长，618电商渠道表现亮眼