Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Views - The company reported a revenue of 4.8 billion with a year-on-year growth of 30% and a net profit of 0.79 billion, reflecting a 64% increase [1]. - The growth in Q1 is attributed to the recovery of orders since Q4 2023, operational improvements, and a low base in Q1 2023 [1][2]. - The gross margin for Q1 is 28.4%, up 5 percentage points year-on-year, indicating effective operational enhancements and increased capacity utilization [2]. - The company is expanding its production capacity to meet demand, with new factories in Vietnam and Indonesia already operational [3]. Financial Performance Summary - Revenue projections for 2024-2026 are adjusted to 24 billion, 27.6 billion, and 31 billion respectively, with net profits expected to be 3.9 billion, 4.5 billion, and 5.1 billion [4]. - Earnings per share (EPS) estimates for 2024-2026 are revised to 3.35, 3.86, and 4.35 yuan per share, with corresponding price-to-earnings (P/E) ratios of 20, 17, and 15 times [4]. - The company’s financial metrics show a gross margin of 28.4% and a net margin of 16.5% for Q1, reflecting strong profitability [2][4].
期待耐克份额继续提升