Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][9] Core Views - The company reported a steady growth in retail performance for Q3 2024, with a 10% increase in offline retail sales for both the main brand and children's clothing, and a 20% increase in e-commerce sales [3][4] - The company is expected to maintain its leading growth rate in the industry, driven by the launch of competitive new running shoe products and a brand revitalization plan that has shown initial positive results [4][7] Summary by Relevant Sections Retail Performance - In Q3 2024, the adult apparel offline sales grew by 10%, children's apparel offline sales also grew by 10%, and e-commerce sales increased by 20% [4][5] - Monthly performance showed improvement from July to September, with further acceleration during the National Day holiday, where online sales growth exceeded 30% and offline sales growth surpassed 20% [5] Product Development - The company continues to launch new professional running products, including the "FUTURA S Outdoor Running Shoes," "Feibiao 2," and "Rain Shield 8th Generation," which utilize high-quality materials and proprietary technology to enhance the running experience [5][6] Inventory and Discount Rates - The inventory-to-sales ratio is stable at 4.5-5, with retail discounts around 71%, maintaining stability compared to the previous quarter and showing improvement year-on-year [5][6] Financial Forecasts - The company maintains its profit forecasts, expecting net profits of 1.14 billion, 1.32 billion, and 1.53 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18.1%, 16.5%, and 15.6% [4][8] - The target price is maintained at 4.5-5.1 HKD, corresponding to a PE ratio of 7.5-8.5x for 2024 [4][8]
361度：第三季度流水增长稳健，库销比与折扣率保持稳定