Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Viewpoints - The company is expected to achieve a revenue of 10.07 billion RMB in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion RMB, also up by 19.5% [1] - The gross margin is reported at 41.5%, an increase of 0.4 percentage points, while the net profit margin remains stable at 11.4% [1] - The company has established a leading position in children's sportswear, leveraging professional layouts and product innovations to achieve resilient growth [2] - The offline retail performance is strong, with a high double-digit growth in Q1 and a steady 10% growth in subsequent quarters [1][2] - E-commerce sales reached 2.61 billion RMB, marking a 12.2% increase, with online exclusive products accounting for 83.6% of total retail [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.07 billion RMB and a net profit of 1.15 billion RMB, both reflecting a growth of approximately 19.6% and 19.5% respectively [1] - Earnings per share (EPS) is projected at 0.556 RMB, with a dividend payout of 0.265 HKD, representing a payout ratio of 45% [1] Product and Market Development - The children's segment generated 2.34 billion RMB, accounting for 23.2% of total revenue, with children's footwear and apparel growing by 17.4% and 22.6% respectively [2] - The company has expanded its product line to cater to the 16-year-old demographic and has launched a children's racing series to meet market demands [2] Channel Optimization - The company operates 5,750 stores with an average size of 149 square meters, focusing on expanding in lower-tier cities [3] - The introduction of the 361º Super Store format aims to enhance customer experience and capture new market opportunities [3]
361度（01361）：童装、线上及超品或贡献收入增量