Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Insights - The company has demonstrated strong resilience in the retail environment, achieving approximately 10% year-on-year growth in both its main brand and children's clothing lines, with e-commerce sales growing around 20% [8]. - The company is expanding its offline presence through innovative channel strategies, including the rapid rollout of "super stores," which have shown significant growth potential [8]. - The product matrix continues to evolve with new iterations in core categories, showcasing technological advancements and innovation [8]. - The One Way brand is being revitalized with a focus on the mid-to-high-end outdoor market, with new store openings and a refreshed product line [8]. - The company is expected to maintain a strong growth trajectory, with projected net profits of 12.6 billion, 13.9 billion, and 15.1 billion RMB for FY2025E, FY2026E, and FY2027E respectively, corresponding to price-to-earnings ratios of 9, 8, and 7 [8]. Financial Data and Earnings Forecast - Revenue projections are as follows: - FY2023: 84.23 billion RMB - FY2024: 100.7 billion RMB - FY2025E: 111.8 billion RMB - FY2026E: 121.4 billion RMB - FY2027E: 130.8 billion RMB - Year-on-year growth rates for revenue are projected at 21% for FY2023, 20% for FY2024, and gradually decreasing to 8% by FY2027 [7][18]. - The net profit forecast is as follows: - FY2023: 9.6 billion RMB - FY2024: 11.5 billion RMB - FY2025E: 12.6 billion RMB - FY2026E: 13.9 billion RMB - FY2027E: 15.1 billion RMB - The gross margin is expected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [7][18].
361度（01361）：流水延续双位数增长，One Way加快线下布局