Investment Rating - The investment rating for the company is "Accumulate" [1][5]. Core Views - The company is positioned as a leading sportswear brand targeting the lower-tier market in China, with a strong revenue growth rate in 2024, outperforming the industry. The high cost-performance ratio aligns with current sales trends, and there is strong enthusiasm for the Spring 2025 ordering session [5]. - Q2 revenue met expectations, maintaining high operational quality. Offline sales for large apparel grew by 10% year-on-year, children's clothing by 15%, and e-commerce by 30-35%, all in line with expectations [5]. - The company achieved impressive performance during the 618 shopping festival, with e-commerce channel growth reaching 99%, the highest in the industry. Total sales exceeded 240,000 units, a year-on-year increase of 167% [5]. - The Spring 2025 ordering session showed high enthusiasm, with expected volume growth as the main driver and a price increase of around 7%. The company has received additional orders for popular products [5]. Financial Summary - Revenue projections for the company are as follows (in million RMB): - 2023: 8,423 - 2024E: 10,004 - 2025E: 11,541 - 2026E: 13,155 - Net profit projections are as follows (in million RMB): - 2023: 961 - 2024E: 1,129 - 2025E: 1,318 - 2026E: 1,521 - The company is expected to maintain a PE ratio of 7, 6, and 5 for the years 2024, 2025, and 2026 respectively [4][5].
361度2024Q2经营数据点评：Q2流水如期高增，期待2025春季订货会表现