滔搏：2024财年业绩点评：规模重回增长，重视股东回报

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.8 [1]. Core Views - The company has returned to a growth trajectory with a revenue increase of 6.9% year-on-year, reaching HKD 28.93 billion, and a net profit growth of 20.5%, amounting to HKD 2.21 billion [1]. - The company emphasizes shareholder returns, declaring a final dividend of RMB 0.05 per share and a special dividend of RMB 0.15 per share [1]. - The brand matrix has been expanded, with significant partnerships established, including a strategic alliance with the Canadian brand Norda and collaboration with Fanatics for sports IP commercialization in Greater China [1]. - The company has optimized its retail layout, with improvements in store efficiency and sales per square meter, despite a net decrease in total store count [1]. - Profitability has improved, with a gross margin of 41.8% and a net profit margin of 7.6% [1]. Financial Summary - For FY2024, total revenue is projected at HKD 28.95 billion, with a year-on-year growth rate of 6.9% [2]. - The net profit for FY2024 is estimated at HKD 2.21 billion, reflecting a growth rate of 20.5% [2]. - The earnings per share (EPS) for FY2024 is projected at RMB 0.36, with a price-to-earnings (P/E) ratio of 13.0 [2]. - The company plans to maintain a high dividend payout ratio, with a total dividend of RMB 0.36 per share for FY2024 [1][2].