Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.12 HKD, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [5][6]. Core Insights - The company has shown steady operational performance, with Q3 2024 retail data indicating a year-on-year growth of approximately 10% in offline large apparel and children's clothing sales, and over 20% growth in e-commerce sales. This performance aligns with expectations [3][4]. - The company is on track to achieve its goal of over 10 billion HKD in revenue for the year, supported by strong sales during the National Day holiday, with online sales increasing by over 30% and offline sales by 20% year-on-year [3][4]. - The product matrix is continuously upgraded, with new core products launched from July to September, enhancing the brand's appeal and consumer recognition [3][4]. Summary by Sections Company Overview - The total share capital is 2.068 billion shares, with a total market capitalization of 8.54 billion HKD. The stock has seen a 12-month high of 4.85 HKD and a low of 3.15 HKD [3]. Financial Projections - The company is projected to achieve revenues of 8,423 million HKD in 2024, with a growth rate of 21%. Net profit is expected to reach 961 million HKD, reflecting a growth rate of 29% [4]. - For the years 2025 and 2026, revenues are forecasted to be 10,080 million HKD and 11,463 million HKD, with corresponding net profits of 1,162 million HKD and 1,348 million HKD, indicating continued growth [4]. Market Position - The company is expected to outperform its peers in a challenging domestic consumption environment, maintaining healthy inventory and discount levels, which positions it favorably for future growth [3][4].
361度：24Q3经营数据点评：运营持续稳健，国庆表现强劲，看好全年百亿收入目标达成