Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong retail performance in Q1 2024, with the main brand achieving high double-digit growth in offline retail, children's clothing retail growing by 20%-25%, and e-commerce platforms also seeing a 20%-25% increase [2][3] - The company is optimistic about the medium to long-term growth driven by its professional sports series, children's clothing, and e-commerce [5] - The financial outlook remains positive, with expected net profits of 1.14 billion, 1.32 billion, and 1.53 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 18.0%, 16.4%, and 15.6% [5][6] Summary by Sections Retail Performance - In Q1 2024, the adult clothing line saw high double-digit growth, while children's clothing and e-commerce both recorded growth of 20%-25% [2][3] - The company aims to maintain a revenue growth expectation of 15%-20% for the year, with a target of reaching a revenue scale of 10 billion yuan [3] Product Development - The company continues to launch new professional sports products, including new colorways for marathon racing shoes and various professional running shoes to meet diverse needs [3] Financial Projections - The company forecasts revenues of 9.88 billion, 11.37 billion, and 12.97 billion yuan for 2024, 2025, and 2026, with respective growth rates of 17.3%, 15.0%, and 14.1% [6][9] - The expected net profit for 2024 is projected at 1.14 billion yuan, with a net profit margin of 12.5% [6][9] Valuation Metrics - The target price is set between 5.7 and 6.0 HKD, corresponding to a PE ratio of 9.5-10x for 2024 [5][6] - The company’s current PE ratio is 11.6 for 2022, decreasing to 7.6 for 2024E [7]
第一季度高基数上保持较快增长，积极发力专业产品