Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company achieved impressive revenue and profit growth in 2024, with total revenue reaching 10.07 billion RMB, a year-on-year increase of 19.6%, and net profit of 1.15 billion RMB, also up 19.5% year-on-year [5][8] - The online business showed significant growth, contributing to the overall performance, with e-commerce revenue of 2.61 billion RMB, accounting for 25.9% of total revenue, and a year-on-year growth of 12.2% [5][8] - The company is expected to continue its growth trajectory with a focus on product innovation and channel expansion, particularly in the online segment [8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.07 billion RMB, a 19.6% increase year-on-year, and a net profit of 1.15 billion RMB, reflecting a 19.5% growth [5][8] - The gross profit margin was 41.5%, an increase of 0.4 percentage points from the previous year, while the net profit margin remained stable at 11.4% [5][8] Business Segmentation - By product category, adult footwear revenue was 4.3 billion RMB, up 22.1% year-on-year, while adult apparel revenue reached 3.1 billion RMB, a 15.1% increase [5] - Children's footwear and apparel also saw growth, with revenues of 1.1 billion RMB (up 17.5%) and 1.2 billion RMB (up 22.6%) respectively [5] Cost Management and Expansion - The company maintained good cost control, with advertising and promotional expenses accounting for 12.8% of revenue, and R&D expenses at 3.4% [5] - As of the end of 2024, the company had 5,750 stores in mainland China, with a net increase of 16 stores year-on-year, indicating an active expansion strategy [5][8] Future Projections - Revenue is projected to grow to 11.33 billion RMB in 2025, with a year-on-year growth rate of 13%, and net profit is expected to reach 1.29 billion RMB, also reflecting a 13% increase [7][8] - The company is anticipated to maintain a stable ROE of 12% over the next few years, with P/E ratios decreasing from 7.8 in 2024 to 6.0 by 2027 [7][8]
361度（01361）：2024年业绩点评：2024年业绩亮眼，线上业务高增