Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.35, corresponding to a 10x PE for 2025 [2][12]. Core Insights - The company has shown strong turnover growth across all categories, particularly in children's wear and e-commerce, with e-commerce turnover growing 30-35% YoY in 24Q4 [8][9]. - E-commerce has been the fastest-growing channel since 2023, with expectations for improved profitability due to cost control and exclusive online products [9][10]. - The company is enhancing store efficiency and has opened its first direct store in Southeast Asia, indicating a strategic expansion [10][11]. - Continuous product innovation is expected to drive turnover, with several new product launches planned for 24Q4 [10][11]. - Brand popularity is being enhanced through events and collaborations, which are expected to increase consumer engagement [11]. Financial Data and Forecast - Revenue is projected to grow from RMB 8,423 million in 2023 to RMB 13,000 million by 2026, with a CAGR of approximately 13.9% [2][6]. - Net profit attributable to shareholders is expected to increase from RMB 961 million in 2024 to RMB 1,475 million in 2026, reflecting a strong growth trajectory [2][6]. - The gross margin is forecasted to improve gradually from 41.1% in 2023 to 42% in 2026, indicating effective cost management [2][6].
361度：公司公告点评：24Q4童装及电商提速，看好电商盈利水平提升