TOPSPORTS(HK:06110) Guotai Junan Securities·2024-05-24 03:02Investment Rating - The investment rating for the company is "Buy" [5]. Core Views - The company's FY2024 revenue and profit met expectations, with a revenue of 28.93 billion RMB, a year-on-year increase of 6.9%, and a net profit of 2.21 billion RMB, a year-on-year increase of 20.5% [3]. - The gross profit margin improved to 41.8%, up 0.1 percentage points year-on-year, while the net profit margin increased to 7.6%, up 0.8 percentage points year-on-year [3]. - The company maintained a high dividend payout ratio of over 100%, with a total dividend of 0.20 RMB per share for FY2024 [3]. Financial Summary - FY2024 revenue: 28,933 million RMB, +6.9% YoY [2]. - FY2024 net profit: 2,211 million RMB, +20.5% YoY [2]. - FY2024 gross profit margin: 41.8%, +0.1 percentage points YoY [3]. - FY2024 net profit margin: 7.6%, +0.8 percentage points YoY [3]. - FY2025-2027 net profit forecasts adjusted to 2,480 million, 2,780 million, and 3,100 million RMB respectively [3]. Market Performance - The stock price has ranged between 4.91 and 7.43 HKD over the past 52 weeks, with a current market capitalization of 35,347 million HKD [4].