Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [2][7] Core Views - The company achieved strong revenue growth in 2023, with total revenue reaching 8.42 billion RMB, a year-on-year increase of 21.0%, and net profit of 0.96 billion RMB, up 28.7% year-on-year [3][4] - The e-commerce segment showed remarkable growth, with revenue from online sales amounting to 2.33 billion RMB, representing a 38% increase year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 9.92 billion RMB, 11.47 billion RMB, and 13.02 billion RMB for 2024, 2025, and 2026 respectively, reflecting growth rates of 17.7%, 15.5%, and 13.5% [7][8] Summary by Sections Financial Performance - In 2023, the company reported a net profit margin of 11.4%, an increase of 0.7 percentage points from the previous year, and a gross profit margin of 41.1%, up 0.6 percentage points year-on-year [3][4] - Revenue breakdown by category shows footwear sales of 3.51 billion RMB (up 23.0%), apparel sales of 2.69 billion RMB (up 9.8%), and children's products sales of 1.96 billion RMB (up 35.7%) [4] Business Segmentation - The company’s e-commerce business accounted for 27.6% of total revenue, while offline sales made up 72.4% [4] - The company expanded its store network, with a total of 5,734 stores in mainland China by the end of 2023, an increase of 254 stores year-on-year [4][7] Future Outlook - The report anticipates continued growth in the company's product lines and market presence, particularly in the children's apparel segment [4][7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.55 RMB, 0.65 RMB, and 0.75 RMB respectively, with a corresponding price-to-earnings (P/E) ratio of 7.5, 6.4, and 5.6 [8]
2023年业绩点评报告：2023年业绩增长强劲，线上业务高增