Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15][19] Core Views - The company achieved a revenue of 5.141 billion HKD in H1 2024, representing a year-on-year increase of 19.2%, and a net profit of 790 million HKD, up 12.2% year-on-year. The interim dividend declared is 16.5 HKD cents per share, with a payout ratio of 40.3% [7][15] - The company maintains its profit forecast, projecting net profits of 1.14 billion, 1.35 billion, and 1.58 billion HKD for 2024-2026, with corresponding PE ratios of 5.8, 4.9, and 4.2 times [15] - The company focuses on enhancing its product matrix in running and basketball, expanding its store efficiency, and enriching brand resources through marketing, while experiencing rapid growth in e-commerce and children's clothing [15] Summary by Sections Revenue Growth and Performance - In H1 2024, the company reported a revenue of 5.141 billion HKD, with significant contributions from children's clothing and e-commerce, which saw terminal sales growth of 20-25% in Q1 and 30-35% in Q2 [7][9] - Revenue breakdown for H1 2024 includes footwear at 2.283 billion HKD (+20.1%), apparel at 1.576 billion HKD (+15.7%), accessories at 78 million HKD (+13.0%), and children's clothing at 1.132 billion HKD (+24.2%) [9][10] Profitability and Margins - The gross margin for H1 2024 was 41.3%, a slight decrease of 0.4 percentage points, primarily due to lower margins in footwear and children's clothing [10][12] - The operating profit margin was 20.6%, down 2.4 percentage points, influenced by a decrease in other income and an increase in accounts receivable impairment provisions [13][14] Operational Efficiency - As of June 2024, inventory amounted to 1.456 billion HKD, with a turnover period of 85 days, reflecting effective retail management [14] - The company reported a net cash flow from operations of 160 million HKD, with cash and cash equivalents totaling 3.41 billion HKD [14] Store Expansion and Market Presence - The company operates 7,037 stores globally, with 5,740 in mainland China, and has seen a steady increase in the proportion of its ninth-generation stores [10][11] - The children's clothing segment has 2,550 stores, with a similar increase in average store size [10][11]
361度：港股公司信息更新报告：2024H1聚焦质价比优势驱动收入增长，营运稳健