Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7][19]. Core Insights - The company has demonstrated strong revenue growth, with a projected increase in operating income from 84.23 billion RMB in FY2023 to 130.8 billion RMB by FY2027, reflecting a compound annual growth rate (CAGR) of approximately 8% [7][19]. - The net profit attributable to shareholders is expected to grow from 9.6 billion RMB in FY2023 to 15.1 billion RMB in FY2027, with a steady growth trajectory [7][19]. - The company has successfully expanded its "super premium" store concept, with 126 stores opened by the end of 2025, exceeding expectations and contributing to its revenue growth [7][19]. - The company has maintained a stable discount rate of 7-7.1, indicating effective inventory management and pricing strategy [7][19]. - The introduction of new product lines and strategic marketing partnerships has enhanced brand visibility and sales performance, particularly in the running and basketball segments [7][19]. Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 84.23 billion RMB, 100.7 billion RMB, 111.8 billion RMB, 121.4 billion RMB, and 130.8 billion RMB, respectively, with corresponding growth rates of 21%, 20%, 11%, 9%, and 8% [7][19]. - Net profit forecasts for the same period are 9.6 billion RMB, 11.5 billion RMB, 12.6 billion RMB, 13.9 billion RMB, and 15.1 billion RMB, with growth rates of 29%, 20%, 10%, 10%, and 9% [7][19]. - The company's gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027, indicating efficient cost management [7][19].
361度（01361）：流水延续双位数增长，超品店拓店超额完成：361度