Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Insights - The company has achieved significant growth in Q1 2024, with main brand retail (offline channels) experiencing high double-digit year-on-year growth, children's clothing retail (offline channels) growing by 20-25%, and e-commerce retail also increasing by 20-25% [1][2] - The company continues to innovate with new product launches, including the "Flying Burn 3" marathon racing shoes and the "Wind Family" series, enhancing its brand image in the running sector [2] - The company is focusing on e-commerce channel development, launching various marketing campaigns to stimulate online consumer engagement and build a differentiated competitive advantage [2] Summary by Sections Financial Projections - The company expects revenues of RMB 10.09 billion, RMB 11.69 billion, and RMB 13.45 billion for the years 2024, 2025, and 2026 respectively, with net profits of RMB 1.16 billion, RMB 1.42 billion, and RMB 1.61 billion for the same years [3] - Earnings per share (EPS) are projected to be RMB 0.56, RMB 0.66, and RMB 0.70, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 times [3] Market Position - The company is positioned in the non-essential consumer goods sector, specifically in textiles and apparel, with a total market capitalization of approximately HKD 10.03 billion [4] - The company has a total share capital of 2,067.68 million shares and a current share price of HKD 4.85 [4]
2024取得靓丽开局