Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 4.82 HKD [1][10]. Core Insights - The company achieved a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, and a net profit of 1.15 billion HKD, also up by 19.5% [4][10]. - The company is expected to expand its "super premium" store format, which is anticipated to contribute additional revenue in 2025 [1][10]. - The company is positioned as the fourth largest domestic sports brand in China, focusing on technology-driven professional sports products and enhancing its competitive edge in children's apparel [8][10]. Financial Performance - Revenue breakdown shows adult footwear and apparel revenue grew by 22% and 15% respectively, while children's footwear and apparel increased by 18% and 23% [5]. - The offline revenue increased by 23% to 7.3 billion HKD, with a total of 8,298 stores by the end of 2024 [5]. - The gross margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [7]. Future Outlook - The company forecasts a sales growth of 10%-15% for 2025, with a gross margin expected to be between 40%-42% [7]. - The projected net profit for 2025 is 1.32 billion HKD, with an estimated earnings per share (EPS) of 0.64 HKD [11][10]. - The company plans to open approximately 100 new "super premium" stores in 2025, enhancing customer shopping experience [6][10].
361度：24年财报点评：营收破百亿，25年布局超品店有望带来新增量-20250318