Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of USD 340 million in Q1, representing a year-on-year growth of 18.9%, with the manufacturing segment leading the growth at 17.6% [6] - The recovery of sports orders has significantly boosted shipment volumes, which reached 11.7 million pairs in Q1, a 21.9% increase year-on-year [6] - The average selling price (ASP) decreased to USD 27.8 per pair, down 3.5% year-on-year, primarily due to a higher proportion of lower-priced sports and leisure products [6] - The company is expected to maintain a high dividend yield, with a projected payout ratio of 70%, leading to an estimated yield of 8% based on the closing price on April 26 [6] - Net profit forecasts for 2024-2026 are USD 161 million, USD 180 million, and USD 199 million, respectively, indicating growth rates of 13.8%, 11.9%, and 10.5% [7] Financial Summary - The company reported a revenue of 1,631 million HKD in 2022, with a projected revenue of 1,493 million HKD in 2024, reflecting a year-on-year decrease of 8% [8] - The net profit for 2023 is expected to be 141 million HKD, increasing to 161 million HKD in 2024, which represents a growth of 14% [8] - The gross margin is projected to improve from 24.6% in 2023 to 25.1% in 2026 [10] Valuation - The company is assigned a PE valuation of 10-11X for 2024, with a corresponding fair value range of HKD 15.75 to HKD 17.33 per share [7] - The average PE ratio for comparable companies is around 20.30 for 2024E [9] Operational Efficiency - The company has maintained a high dividend payout ratio of over 70% from 2015 to 2023, excluding the impact of the pandemic in 2020 [6] - The company’s operating efficiency is expected to improve, contributing to higher profit levels in 2024 [6]
公司公告点评：24Q1收入增速领跑同业，运动订单恢复拉动出货量