Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6 HKD [1][4][2] Core Insights - The company has shown strong growth in Q2 2024, with adult offline sales increasing by approximately 10% year-on-year and children's clothing sales growing in the mid-double digits. E-commerce sales have surged by 30-35% year-on-year, with a notable 94% increase during the 618 shopping festival [1][2] - The company is expected to achieve EPS of 0.56, 0.64, and 0.72 CNY for the years 2024, 2025, and 2026 respectively, reflecting a solid growth trajectory [2][3] - The company is focusing on product iteration and leveraging celebrity endorsements to enhance brand influence, particularly targeting younger consumers [1][2] Financial Performance Summary - Revenue is projected to grow from 8,423 million CNY in 2023 to 10,034 million CNY in 2024, representing a growth rate of 19.1% [3][8] - Net profit attributable to shareholders is expected to rise from 961 million CNY in 2023 to 1,148 million CNY in 2024, with a growth rate of 19.4% [3][8] - The gross margin is forecasted to improve slightly from 41.1% in 2023 to 41.4% in 2024, indicating stable profitability [3][11] Market Position and Strategy - The company has been included in the Hong Kong Stock Connect, which has increased market attention and liquidity [2] - The company is expected to continue launching new products that emphasize quality, functionality, and technology to capture more market share [2][1] - The average store efficiency for adult stores is nearing 2 million CNY, while children's stores are expected to improve as the proportion of upgraded stores increases [1][2]
361度：Q2电商维持高增速，门店持续扩张