Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 10.074 billion yuan in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.149 billion yuan, also up by 19.5% [8] - The company plans to explore new retail formats by launching "super premium stores" in 2025, with a target of opening 100 stores [8] - The company continues to see strong growth in both adult and children's apparel, with adult clothing and children's clothing revenues growing by 16.5% and 18.0% respectively in 2024 [8] Financial Performance Summary - Total revenue for 2023 was 8.423 billion yuan, with a projected increase to 10.074 billion yuan in 2024, and further growth expected in subsequent years [1] - The company's net profit for 2023 was 961.43 million yuan, projected to rise to 1.149 billion yuan in 2024, with continued growth anticipated through 2027 [1] - The earnings per share (EPS) is expected to increase from 0.46 yuan in 2023 to 0.56 yuan in 2024, with a consistent upward trend projected through 2027 [1] Revenue Breakdown - Adult apparel accounted for 73% of total revenue, while children's apparel made up 29% in 2024 [8] - Online sales grew by 12.2%, while offline sales increased by 20.5%, with online sales contributing 26% and offline sales 74% to total revenue [8] - The average selling price (ASP) for adult footwear was 125.3 yuan, showing a slight increase of 1.4% year-on-year [8] Cost and Profitability Metrics - The gross margin improved to 41.53% in 2024, with specific margins for adult footwear and apparel at 42.9% and 41.3% respectively [8] - The net profit margin remained stable at 11.4% in 2024, despite challenges in accounts receivable and other income [8] - Operating cash flow was reported at 69.81 million yuan in 2024, reflecting a significant decrease due to increased procurement and supplier payments [8]
361度（01361）：2024年业绩点评：营收破百亿，期待超品店表现