Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported strong second-quarter performance, with offline retail for adult and children's apparel achieving approximately 10% growth, and e-commerce sales increasing by about 20%, reflecting the effectiveness of its high-quality products and improved operational capabilities [6][7] - The inventory level remains healthy with a stock-to-sales ratio of 4.5-5 times, and discount rates are stable, indicating robust operational quality [6] - The company is innovating in retail operations with the rollout of its "super product stores," which are designed to enhance customer experience and drive sales [6] - The company continues to deepen its product innovation strategy, launching popular items across various sports categories, which is expected to sustain growth [6] - Brand building efforts are ongoing, with high-profile sponsorships and events aimed at increasing brand visibility and engagement [6] - The company has been enhancing its operational efficiency and brand positioning, which is expected to lead to market share growth and outperform the industry [6] Financial Data and Profit Forecast - Projected revenue growth from RMB 84.23 billion in FY2023 to RMB 134.5 billion in FY2027, with a CAGR of approximately 12% [3][17] - Expected net profit growth from RMB 9.6 billion in FY2023 to RMB 15.8 billion in FY2027, with a CAGR of about 13% [3][17] - Earnings per share are projected to increase from RMB 0.46 in FY2023 to RMB 0.76 in FY2027 [3][17] - The company maintains a stable gross margin, projected to rise from 41.1% in FY2023 to 41.9% in FY2027 [3][17]
361度（01361）：二季度表现符合预期，超品店运营如期推进