Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company reported a resilient performance in Q3 2024, with adult and children's offline sales both growing approximately 10%, and e-commerce sales increasing by over 20%. The Golden Week saw online sales growth exceeding 30% and offline sales up by over 20%. The trend is expected to continue into Q4 due to the e-commerce peak season. The profit forecast for 2024-2026 is estimated at 1.14 billion, 1.35 billion, and 1.58 billion yuan respectively, with current PE ratios of 6.8, 5.7, and 4.9 times [2][4][6]. Summary by Sections Financial Performance - In Q3 2024, the company maintained a healthy inventory-to-sales ratio of 4.5-5, with discounts averaging around 71%. The new product sell-through rate was 75%. The offline sales benefited from outlet store formats and store expansions, with children's store area increasing by 2 square meters to 110 square meters and adult store area increasing by 4 square meters to 147 square meters [6][7]. Product and Marketing Strategy - The company continues to enhance its professional product offerings in the running category, launching new outdoor running shoes with prices ranging from 499 to 999 yuan. Marketing efforts include leveraging celebrity endorsements to boost brand exposure, with partnerships for major events like the 2026 Nagoya Asian Games and the 2024 Fuzhou Marathon to enhance global brand recognition [7][8]. Revenue and Profit Projections - The projected revenue for the company is expected to grow from 8.423 billion yuan in 2023 to 10.09 billion yuan in 2024, reflecting a year-on-year growth of 19.8%. Net profit is projected to increase from 961 million yuan in 2023 to 1.137 billion yuan in 2024, with a net profit margin of approximately 11.3% [8].
361度：港股公司信息更新报告：2024Q3流水及经营稳健，黄金周表现亮眼