Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth momentum with double-digit revenue growth, particularly in the fourth quarter of 2025, where both adult and children's apparel retail sales increased by approximately 10% year-on-year [7] - The expansion of super stores has exceeded expectations, with a total of 126 super stores opened by the end of 2025, including 21 children's clothing stores, contributing significantly to offline growth [7] - The company maintains a healthy inventory level with a stable discount rate, indicating robust operational performance [7] - Product innovation and enhanced marketing strategies are driving brand strength, with new product launches in running and basketball categories [7] - The company is also expanding its outdoor brand "One Way," which is expected to capitalize on the growing outdoor trend [7] - The financial forecasts indicate a steady increase in revenue and net profit, with projected net profits of 12.6 billion, 13.9 billion, and 15.1 billion RMB for FY2025, FY2026, and FY2027 respectively [6][18] Financial Data and Profit 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 - Net profit projections are 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 company’s gross margin is expected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [6][18]
361度（01361）：流水延续双位数增长，超品店拓店超额完成