Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported better-than-expected performance for FY2024, with revenue increasing by 19.6% to RMB 10.07 billion and net profit rising by 19.5% to RMB 1.15 billion [3][4] - The dividend payout ratio has increased from 40% in FY2023 to 45% in FY2024, reflecting a commitment to returning value to shareholders [3] - The company has shown continuous improvement in operational efficiency across its children's and adult clothing segments, with children's clothing revenue reaching RMB 2.34 billion and adult clothing revenue at RMB 7.38 billion, both growing around 19% [3][4] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: RMB 8.42 billion (FY2023), RMB 10.07 billion (FY2024), RMB 11.30 billion (FY2025E), RMB 12.38 billion (FY2026E), and RMB 13.45 billion (FY2027E), with growth rates of 21%, 20%, 12%, 10%, and 9% respectively [2] - Net profit forecasts are RMB 0.96 billion (FY2023), RMB 1.15 billion (FY2024), RMB 1.30 billion (FY2025E), RMB 1.45 billion (FY2026E), and RMB 1.58 billion (FY2027E), with growth rates of 29%, 20%, 13%, 12%, and 9% respectively [2] - The company’s gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [2] Operational Efficiency - The company has optimized its accounts receivable turnover, maintaining an average of 149 days, with an increase in the proportion of receivables collected within 90 days from 59.3% to 62.5% [3] - Inventory turnover days increased to 107 days, attributed to a strategic increase in finished goods to meet e-commerce demand during the Spring Festival [3] - The company has reduced its payable turnover days to 88 days, down by 22 days, due to partnerships with new quality suppliers [3] Market Outlook - Management expresses confidence in achieving a sales growth of 10-15% in 2025, primarily driven by volume growth [3] - The company aims to maintain a gross margin of 40-42% and a net profit margin of 10-12% in the upcoming years [3] - The company has been focusing on product, brand, and channel enhancements, which are expected to yield faster growth than the industry average [3]
361度（01361）：业绩表现超预期，分红率稳步提升