港股公司信息更新报告：2024Q1新品及电商带动流水，经营指标持续改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - In Q1 2024, the main brand's revenue achieved high single-digit growth despite a high base (20%+ growth in Q1 2023), driven mainly by e-commerce and functional products. Monthly revenue showed growth in January-February and accelerated in mid-March due to new products 360X and 260, with double-digit growth expected in early April. The full-year revenue is anticipated to achieve double-digit growth [3] - The company maintains its profit forecast, expecting net profit attributable to shareholders to be CNY 1.15 billion, CNY 1.34 billion, and CNY 1.55 billion for 2024-2026, with corresponding EPS of CNY 0.4, CNY 0.5, and CNY 0.6. The current stock price corresponds to P/E ratios of 9.3, 8.0, and 6.9 times for the respective years [3] Revenue and Profitability Metrics - Revenue (CNY million) for the years 2022A to 2026E is projected as follows: - 2022A: 12,930 - 2023A: 14,346 - 2024E: 15,879 - 2025E: 17,694 - 2026E: 19,596 - Year-over-year (YOY) growth rates are expected to be 29.1%, 10.9%, 10.7%, 11.4%, and 10.7% respectively [6] - Net profit (CNY million) is projected as follows: - 2022A: 922 - 2023A: 1,030 - 2024E: 1,146 - 2025E: 1,342 - 2026E: 1,554 - YOY growth rates for net profit are expected to be 1.5%, 11.8%, 11.3%, 17.1%, and 15.8% respectively [6] Brand Performance - The main brand's online growth is strong, with e-commerce revenue increasing by over 25% in Q1 2024, while offline revenue showed low single-digit growth. The trend is expected to continue into April [4] - The children's clothing segment saw approximately 10% revenue growth in Q1 2024, outperforming adult clothing, which had a higher base of over 30% growth in Q1 2023 [4] - New products launched in collaboration with the Chinese Athletics Association, such as the 360X running shoes, are expected to stabilize average selling prices (ASP) while driving sales growth [4] New Brand Performance - In Q1 2024, all four new brands experienced over 50% revenue growth in the domestic market. The performance of Saucony exceeded expectations, with the new product ENDORPHIN PRO expected to boost April sales [5] - The company plans to open 30-50 new stores for S&M in 2024, with revenue growth projected at 30-40% [5]