滔搏：零售渠道及多品牌复苏，全年高质量业绩增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8 HKD based on a 20x PE for FY2025 [1][4]. Core Insights - The company achieved a revenue of 28.93 billion RMB for FY2024, reflecting a year-on-year growth of 6.9%. The gross margin improved by 0.1 percentage points to 41.8%, and the net profit attributable to shareholders increased by 20.5% to 2.21 billion RMB [1][2]. - The retail and multi-brand recovery has driven sales growth, with the main brands (Nike and Adidas) generating a revenue increase of 6.5% to 24.83 billion RMB, while non-main brands saw a growth of 10.5% to 3.89 billion RMB [1][2]. - The retail business grew by 8.9% to 24.7 billion RMB, while wholesale business declined by 3.3% to 4.02 billion RMB, indicating a strong recovery in retail channels [1][2]. Financial Performance Summary - Revenue for FY2024 is reported at 28.93 billion RMB, with a growth rate of 6.9% compared to the previous year [3]. - The net profit attributable to shareholders for FY2024 is 2.21 billion RMB, showing a growth rate of 20.5% [3]. - The gross margin for FY2024 is 41.8%, with a net profit margin of 7.6% [3][11]. - The forecasted EPS for the next three fiscal years is 0.38, 0.43, and 0.48 RMB respectively [2][3]. Operational Developments - The company has reduced its store count by 421 to a total of 6,565 stores, aligning with the recovery in consumer traffic post-pandemic [2]. - The company is expanding its presence in the professional sports sector, with a notable increase in the number of stores for brands like The North Face and HOKA [2]. - The online business segment has been diversified, with direct online sales accounting for 20-30% of total sales, and over 2,000 mini-program stores established [2]. Future Outlook - The company is expected to continue its steady growth trajectory in the retail sector, with projected revenues of 30.91 billion RMB for FY2025, reflecting a growth rate of 6.8% [3][8]. - The net profit for FY2025 is estimated to be 2.38 billion RMB, with a growth rate of 7.4% [3][8]. - The gross margin is anticipated to further improve to 41.9% by FY2025 [3][11].