流水符合预期，H1预计承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's Q1 2024 all-channel revenue data was released, showing a low single-digit year-on-year growth, which is in line with expectations. The revenue from direct sales, wholesale, and e-commerce channels experienced a mid-single-digit growth, a mid-single-digit decline, and a low 20%-30% growth respectively. Same-store sales showed a low single-digit decline for direct sales, a mid-double-digit decline for wholesale, and a low 20%-30% growth for e-commerce [5]. - E-commerce channels performed well, driven by outlet stores boosting direct sales growth. The e-commerce revenue grew in the low 20%-30% range year-on-year, attributed to a low base in Q1 2023 and the high growth of emerging e-commerce platforms [5]. - Inventory levels improved year-on-year, but discount levels remain to be repaired. The company’s all-channel inventory turnover ratio is slightly above 4, showing improvement. However, with revenue growth lagging behind peers, the expected offline discount level is in the high 60%-70% range, which is still weaker than competitors [5]. - The running shoe category continues to see high growth, while the basketball segment requires adjustments. The classic running series products drove sales, with expected year-on-year revenue growth of over 20% for the running category. However, the basketball shoe market remains weak, posing challenges for the company [5]. - In the short term, monthly retail improvements need time to validate, with expectations of continued revenue weakness in Q2 due to high base effects. However, as the retail base decreases in H2, there is potential for revenue acceleration through store transformations and inventory management [5]. - The company is projected to achieve net profits of 3.24 billion, 3.65 billion, and 4.05 billion yuan from 2024 to 2026, with year-on-year growth rates of 2%, 13%, and 11% respectively. The corresponding P/E ratios are 14, 13, and 12, indicating that the valuation is at a bottom position [5][8].