Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expected to achieve significant revenue growth driven by volume increases in both adult and children's footwear and apparel, with a projected revenue increase of 19.6% to 10.074 billion yuan in 2024 [6] - The company has shown a stable profit level, with net profit expected to grow by 19.5% to 1.149 billion yuan in 2024, maintaining a net profit margin of 11.4% [6] - The company is focusing on expanding its store network and optimizing its channel structure, with a particular emphasis on the new "super product" stores aimed at capturing market opportunities [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 8.423 billion yuan - 2024: 10.074 billion yuan - 2025E: 11.486 billion yuan - 2026E: 12.914 billion yuan - 2027E: 14.355 billion yuan - Year-over-year revenue growth rates are projected at 21.0% for 2023, 19.6% for 2024, 14.0% for 2025, 12.4% for 2026, and 11.2% for 2027 [5] - Net profit projections are as follows: - 2023: 961 million yuan - 2024: 1.149 billion yuan - 2025E: 1.292 billion yuan - 2026E: 1.501 billion yuan - 2027E: 1.672 billion yuan - Year-over-year net profit growth rates are projected at 28.7% for 2023, 19.5% for 2024, 12.5% for 2025, 16.2% for 2026, and 11.3% for 2027 [5] - The company plans to pay a final dividend of 0.10 HKD per share, with a total payout ratio of 45%, an increase of 4.8 percentage points year-over-year [6] Market Performance - The company's stock closed at 4.52 HKD on March 24, 2025, with a 52-week price range of 3.02-4.98 HKD [2] - The company has shown an absolute price increase of 13.3% over the past month and a relative increase of 10.9% compared to the Hang Seng Index [4] Strategic Initiatives - The company is expanding its online sales channels, with e-commerce revenue expected to grow by 12.2% in 2024, while also making progress in overseas market development [6] - The introduction of new product lines and the optimization of the store network are expected to enhance store efficiency significantly [6]
361度（01361）：24年量增驱动收入高增，看好超品拓店潜力