Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q3 2024 retail operational data, showing approximately 10% year-on-year growth in offline large-scale sales and children's clothing sales, with e-commerce sales growing over 20%, aligning with expectations [5][6]. - The company experienced steady sales growth with stable discount inventory levels, expecting a discount rate of around 71% and a stock-to-sales ratio of 4.5 to 5 months [5]. - Continuous product iteration and channel structure upgrades were noted, with new outdoor running shoes and professional racing shoes launched between July and September [5]. - The company anticipates strong performance in the upcoming seasonal order meeting, with replenishment orders indicating sustained consumer recognition of products [5]. - The company is projected to achieve net profits of 1.09 billion, 1.23 billion, and 1.37 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios significantly lower than other sports goods companies [5][8]. Summary by Sections Retail Performance - Q3 2024 offline large-scale sales and children's clothing sales both grew by approximately 10% year-on-year, while e-commerce sales increased by over 20% [5]. - The overall inventory discount level is stable, with an expected discount rate of around 71% [5]. Product Development - New products launched include outdoor running shoes and professional racing shoes, enhancing consumer perception [5]. - The number of large-scale and children's clothing stores is expected to slightly increase, with improvements in store area [5]. Financial Projections - Projected total revenue for 2024 is 10.018 billion yuan, with a year-on-year growth of 19% [8]. - Expected net profits for 2024, 2025, and 2026 are 1.09 billion, 1.23 billion, and 1.37 billion yuan respectively, with P/E ratios of 7.16, 6.33, and 5.72 [8].
361度：零售领跑行业，产品渠道升级