Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a robust retail operation data for Q1 2025, with offline retail sales growth of 10%-15%, children's clothing sales growth of 10%-15%, and e-commerce sales growth of 35%-40%, outperforming peers [6][8]. - The company has maintained a stable discount and inventory level, with an estimated discount rate of around 70% and a stock-to-sales ratio of 4.5-5 months [8]. - The company has opened 10 super stores, each with an area of no less than 800 square meters, which are expected to contribute to future retail growth through high-quality products and enhanced shopping experiences [8]. - The company anticipates strong performance in the 2025 ordering session, with a high certainty of revenue growth for the year. The product matrix and product strength are expected to continue improving, with ongoing channel structure optimization [8]. - The company is projected to achieve net profits of 1.31 billion, 1.48 billion, and 1.65 billion yuan for 2025-2027, with corresponding P/E ratios of 6, 5, and 5 times, significantly lower than other sports goods companies [8][10]. Summary by Sections Retail Performance - The company reported a year-on-year growth of 10%-15% in offline retail and children's clothing sales, and a 35%-40% increase in e-commerce sales for Q1 2025, leading the industry [6][8]. Inventory and Discount Management - The company maintains a stable discount rate of approximately 70% and a stock-to-sales ratio of 4.5-5 months, indicating effective inventory management [8]. New Store Development - The establishment of 10 super stores is expected to enhance retail performance by providing high-quality products and improved shopping experiences [8]. Financial Projections - The company forecasts net profits of 1.31 billion, 1.48 billion, and 1.65 billion yuan for 2025-2027, with P/E ratios significantly lower than industry peers, indicating a strong investment opportunity [8][10].
361度（01361）：运营数据稳健，新业态延展渠道