Investment Rating - The report maintains a "Buy" rating for the company, which is positioned as a leading player in the domestic sports footwear and apparel market targeting lower-tier cities [3][5]. Core Views - The company is expected to achieve significant revenue and profit growth in 2024, driven by strong performance in Q1 and positive results from the ordering sessions in Q1-Q3 [3]. - The company is enhancing its brand influence through collaborations with NBA stars and is expected to develop a second growth curve through children's apparel [3]. - The financial forecasts for net profit from 2024 to 2026 are projected at 1.13 billion, 1.32 billion, and 1.52 billion RMB, corresponding to PE ratios of 8, 7, and 6 times respectively [3]. Financial Summary - Revenue is projected to grow from 5.127 billion RMB in 2023 to 13.155 billion RMB by 2026, with annual growth rates of 21%, 19%, 15%, and 14% respectively [2]. - Gross profit is expected to increase from 3.462 billion RMB in 2023 to 5.496 billion RMB by 2026 [2]. - Net profit is forecasted to rise from 747 million RMB in 2024 to 1.521 billion RMB in 2026, with growth rates of 29%, 17%, and 17% respectively [2]. Market Performance - The company's stock price is currently at 4.64 HKD, with a market capitalization of 9.594 billion HKD and a total share count of 2.068 billion [4][5]. - The stock has traded within a range of 3.23 to 5.15 HKD over the past 52 weeks [4].
2024Q1经营数据点评：Q1流水靓丽高增，期待全年业绩表现