Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has shown strong performance in children's clothing and e-commerce in 2023, indicating robust momentum in specialized categories [1]. - The revenue for 2023 reached 84.23 billion HKD, representing a year-on-year increase of 21%, with net profit growing by 28.7% to 9.6 billion HKD [5]. - The company is expected to continue benefiting from the growth in e-commerce and children's clothing, with projections for net profit of 11.4 billion HKD in 2024, 13.5 billion HKD in 2025, and 15.8 billion HKD in 2026 [5]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 84.23 billion HKD and a net profit of 9.6 billion HKD, with respective year-on-year growth rates of 21% and 28.7% [5]. - For the second half of 2023, revenue was 41.1 billion HKD, up 24%, and net profit was 2.6 billion HKD, up 31% [5]. - The company maintained a dividend payout ratio of 40.2% for the year [5]. Product and Market Performance - Revenue by category in 2023 included shoes at 35.1 billion HKD (+23%), clothing at 26.9 billion HKD (+9.8%), accessories at 1.37 billion HKD (+42.9%), and children's clothing at 19.6 billion HKD (+35.7%) [5]. - The company has expanded its product matrix to include specialized products for running and basketball, with significant growth in children's clothing and e-commerce [5]. Future Projections - The company expects continued strong performance in Q1 2024, with projected revenue growth of 10-15% for adult clothing and over 20% for children's clothing [6]. - The gross profit margin for 2023 was reported at 41.1%, with expectations for a slight increase in future years [7]. - The company plans to open an additional 100-200 stores in 2024, indicating ongoing expansion in the domestic market [5].
港股公司信息更新报告：2023年童装及电商亮眼，专业品类体现强劲势能