Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 4.82 HKD [1][10]. Core Insights - The company achieved a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, and a net profit of 1.15 billion HKD, also up by 19.5% [4][10]. - The company is expected to benefit from the expansion of its "super premium" stores, which are anticipated to contribute additional revenue in 2025 [1][10]. - The company is positioned as the fourth largest domestic sports brand in China, focusing on technology-driven professional sports products and enhancing its competitive edge in children's apparel [8][10]. Revenue Breakdown - Adult footwear and apparel revenue grew by 22% and 15% respectively, reaching 4.3 billion and 3.1 billion HKD, driven by new product launches and sponsorships [5]. - Children's footwear and apparel revenue increased by 18% and 23% respectively, totaling 1.1 billion and 1.2 billion HKD, capitalizing on diverse consumer needs [5]. - Offline revenue rose by 23% to 7.3 billion HKD, with a total of 8,298 stores by the end of 2024, while e-commerce revenue grew by 12% to 2.6 billion HKD [5]. Store Expansion and Operations - The company is actively exploring new store formats, with plans to open 100 "super premium" stores in 2025, enhancing the shopping experience [6][10]. - Currently, five stores are operational, with plans to increase to ten by the end of March and approximately fifty by June [6]. Financial Metrics and Forecast - The gross profit margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [7]. - The company forecasts a sales growth of 10%-15% in 2025, with a gross margin expected to be between 40-42% [7]. - Projected net profits for 2025, 2026, and 2027 are 1.32 billion, 1.50 billion, and 1.65 billion HKD respectively, with corresponding EPS of 0.64, 0.72, and 0.80 HKD [11][10].
361度（01361）：24年财报点评：营收破百亿，25年布局超品店有望带来新增量