Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [1] Core Insights - The company reported better-than-expected performance for FY2024, with revenue growth of 19.6% to RMB 10.07 billion and net profit growth of 19.5% to RMB 1.15 billion [6][7] - The dividend payout increased to HKD 0.265 per share, with a payout ratio of 45%, up from 40% in FY2023 [6] - The company has shown continuous improvement in operational efficiency and revenue growth across its children's and adult clothing segments [6] Financial Data and Earnings Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: RMB 8.42 billion - FY2024: RMB 10.07 billion - FY2025E: RMB 11.30 billion - FY2026E: RMB 12.38 billion - FY2027E: RMB 13.45 billion - Net profit projections for the same period are: - FY2023: RMB 0.96 billion - FY2024: RMB 1.15 billion - FY2025E: RMB 1.30 billion - FY2026E: RMB 1.45 billion - FY2027E: RMB 1.58 billion [5][15] - The company expects sales growth of 10-15% in 2025, driven primarily by volume growth [6] Business Performance - The children's clothing segment generated RMB 2.34 billion in revenue, a 19.5% increase, while the adult clothing segment reached RMB 7.38 billion, also up by 19% [6] - The gross margin improved to 41.5%, with a slight increase in operating efficiency reflected in reduced expense ratios [6][11] - The company has been focusing on enhancing its brand and channel efficiency, which is expected to lead to market share growth [6]
361度：业绩表现超预期，分红率稳步提升-20250314