Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [4][8]. Core Views - The company reported a revenue increase of 19.6% year-on-year to 10.07 billion yuan and a net profit increase of 19.5% to 1.15 billion yuan for the year 2024 [1][3]. - The company continues to outperform the industry in terminal performance, with significant growth in adult footwear and apparel, as well as children's clothing [1][2]. - The company has successfully upgraded its store image and introduced a new super product store format, enhancing its brand presence [2][3]. - The company's gross margin improved by 0.4 percentage points to 41.5%, attributed to effective cost control and pricing strategies [2][3]. - The company is expected to achieve revenue growth of 13.8%, 11.1%, and 10.1% in the years 2025 to 2027, with corresponding net profit growth of 15.2%, 11.2%, and 10.4% [3][4]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 10.07 billion yuan, a 19.6% increase from the previous year, and a net profit of 1.15 billion yuan, also up by 19.5% [1][3]. - The company plans to distribute a dividend of 0.265 HKD per share, with a payout ratio of 45% [1]. Operational Highlights - The company added 16 adult stores, bringing the total to 5,750, with an average store size increase of 11 square meters [2]. - E-commerce revenue grew by 12.2% to 2.61 billion yuan, accounting for 25.9% of total revenue [2]. Future Projections - The company forecasts revenue of 11.47 billion yuan in 2025, 12.74 billion yuan in 2026, and 14.03 billion yuan in 2027, with net profits projected at 1.32 billion yuan, 1.47 billion yuan, and 1.62 billion yuan respectively [3][4].
361度（01361）：2024年报点评：终端表现领先行业，盈利能力保持稳健