Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, indicating a potential upside of 26.3% from the current price of HKD 4.49 [4][12]. Core Insights - The company reported a FY24 net profit of RMB 1.15 billion, a year-on-year increase of 15.4%, with a net profit margin of 11.4%, slightly down by 0.4 percentage points from FY23 [1]. - Revenue for FY24 reached RMB 10.07 billion, reflecting a 19.1% year-on-year growth, driven by increases in both adult and children's product sales [1]. - The company plans to expand its store network by adding 124 new outlets in 2024, with a focus on enhancing the shopping experience through the introduction of "super stores" [3]. Financial Performance Summary - FY24 revenue: RMB 10,074 million, up 19.1% from FY23 [5] - FY24 net profit: RMB 1,149 million, up 15.4% from FY23 [5] - FY25 projected revenue: RMB 11,869 million, a 17.8% increase [5] - FY25 projected net profit: RMB 1,332 million, a 16.0% increase [5] - FY24 dividend per share: HKD 0.1, with a payout ratio of 45% [1][5]. Inventory and Cash Flow - As of the end of 2024, inventory rose to RMB 2.11 billion, a 56.2% increase, leading to an increase in inventory turnover days from 93 to 107 days [2]. - Operating cash flow decreased to RMB 56 million due to increased inventory levels [2]. Store Expansion Strategy - The company is set to increase the number of "super stores" from 5 to 100 by the end of 2025, with an expected average store efficiency of RMB 10 million per year [3]. - The product mix in these stores will consist of 30% premium products, 20% off-season products, and 30% cost-effective products [3].
361度（01361）：年度派息提升；2025 布局超品店