Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4][7] - The company is actively exploring new business formats, such as super specialty stores, to enhance customer experience and improve inventory management [6][4] - The company has a strong product matrix focusing on professional categories like running and basketball, with significant growth in both adult and children's segments [5][4] Financial Summary - For 2024, the projected revenue is 10,074 million HKD, with a year-on-year growth of 19.6% [7] - The net profit for 2024 is estimated at 1,149 million HKD, reflecting a year-on-year increase of 19.5% [7] - The gross margin is expected to remain stable at 41.5% for 2024, with a net margin of 11.4% [7] - The company plans to maintain a dividend payout ratio of 45%, which is an increase of nearly 5 percentage points year-on-year [4][7] Growth Drivers - Adult segment revenue is projected to grow by approximately 19.1%, with running category revenue increasing by about 30% [5][4] - Children's segment revenue is expected to rise by 19.5%, with a notable increase in both children's shoes and clothing [5][4] - E-commerce revenue is anticipated to grow by 12.2%, with significant growth rates projected throughout 2024 [5][4] Strategic Initiatives - The company is focusing on opening super specialty stores in high-traffic areas, with plans to increase the number of such stores to 100 by the end of 2025 [6][4] - The product assortment strategy includes a mix of seasonal, age-diverse products, emphasizing high-quality and cost-effective options [6][4] - The company aims to enhance brand resources and marketing efforts to support its growth strategy [4][6]
361度（01361）：港股公司信息更新报告：2024年营收破百亿，布局超品店积极探索新业态