Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.12 HKD, compared to the last closing price of 4.34 HKD [1][3]. Core Insights - The company's performance in 2023 exceeded expectations, with revenue reaching 8.423 billion HKD, a year-on-year increase of 21.0%, and a net profit of 961 million HKD, up 28.7% year-on-year. The dividend payout ratio was 40.2%, with a dividend of 0.204 HKD per share, slightly above expectations [1][3]. - The growth in children's clothing was particularly strong, with revenue from adult and children's clothing increasing by 17.4% and 35.7% respectively, reaching 6.33 billion HKD and 1.96 billion HKD [1][3]. - The company is expected to achieve revenue exceeding 10 billion HKD in 2024, with a projected growth rate of 15%-20% for the year [3][4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 8.423 billion HKD, a 21% increase year-on-year, and a net profit of 961 million HKD, reflecting a 29% increase [4]. - The diluted earnings per share for 2024, 2025, and 2026 are projected to be 0.46, 0.56, and 0.65 HKD respectively, with corresponding price-to-earnings ratios of 9.1, 7.5, and 6.5 [4]. Market Position and Strategy - The company has been focusing on enhancing its core product offerings and optimizing its distribution channels, which has led to a significant increase in market share within the domestic sportswear industry [3][4]. - The report highlights the company's strategic initiatives in e-commerce and the expansion of its children's clothing line as key drivers for future growth [3][4]. Future Outlook - The company anticipates a strong start to 2024, with expectations of double-digit growth in sales driven by successful product launches and marketing strategies [3][4]. - The report projects net profits for 2024, 2025, and 2026 to be 1.162 billion HKD, 1.348 billion HKD, and 1.556 billion HKD respectively, indicating a positive growth trajectory [4].
2023年业绩点评：业绩表现超预期，24年收入有望破百亿