Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.32 [7][8]. Core Views - The company achieved a revenue of RMB 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit of RMB 1.15 billion, also up by 19.5%, aligning with previous expectations [1]. - The company is focusing on enhancing brand competitiveness and expanding into children's clothing, e-commerce, and overseas markets, which are expected to drive growth [1][2]. - The company plans to open approximately 100 new "super stores" in 2025, positioning itself as the "Uniqlo" of sports apparel, which is anticipated to significantly boost sales [2]. Summary by Sections Financial Performance - The company reported a gross margin of 41.5%, an increase of 0.4 percentage points year-on-year, attributed to effective cost control and pricing strategies [3]. - Advertising and promotional expenses increased to 12.8% of revenue, primarily due to sponsorship of events like the Asian Games [3]. - The company’s net profit margin remained stable at 11.4% [3]. Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to RMB 11.37 billion, with a net profit forecast of RMB 1.31 billion, reflecting increases of 12.83% and 13.62% respectively [4]. - The report introduces a new net profit expectation for 2027 at RMB 1.66 billion [4]. Valuation Metrics - The company’s projected PE ratio for 2025 is 7.8x, which is lower than the average of comparable companies at 13.8x [4]. - The report highlights the company’s low valuation and high dividend yield, which exceeds 6% [1][4]. Market Position and Strategy - The company is expanding its product matrix in running and basketball categories, with new product launches contributing to growth [2]. - The children's segment showed strong performance with a revenue increase of 19.5% to RMB 2.34 billion [2]. - Online sales accounted for 25.9% of total revenue, growing by 12.2% year-on-year [2]. Operational Efficiency - Inventory levels increased by 56.2% to RMB 2.11 billion, mainly due to early preparations for the Spring Festival [3]. - The accounts receivable turnover days remained healthy at 149 days [3]. Overall Market Outlook - The company is well-positioned to capitalize on the growing demand for sports apparel, particularly in the children's segment and through its e-commerce initiatives [1][2].
361度（01361）：突破百亿规模，超品店布局可期