Investment Rating - The report maintains a "Buy" rating for the company, with a projected 2025 PE ratio of 6x [1] Core Views - The company is expected to achieve revenue and profit growth of 19% and 20% respectively in 2024, driven by product and channel optimization [1] - Net profit attributable to the parent company is forecasted to reach RMB 1.158 billion in 2024, RMB 1.362 billion in 2025, and RMB 1.580 billion in 2026 [1] - The company's performance growth is impressive, supported by its leading position in the sportswear industry [1] Business Performance Adult Business - Adult offline channel sales grew by approximately 10% in Q4 2024 [7] - The company optimized its offline store structure, with the number of adult stores increasing by 98 to 5,740 in H1 2024 [7] - The proportion of 9th-generation stores increased by 9.5 percentage points to 74% by the end of 2024 [7] Children's Business - Children's offline sales grew by 10%-15% YoY in Q4 2024, outperforming the adult segment [3] - The average store size for children's stores increased by 5㎡ to 108㎡ in H1 2024 [3] - The proportion of department stores in children's channels rose by 1.2 percentage points to 58.5% by the end of 2024 [3] E-commerce Business - E-commerce sales grew by 30%-35% YoY in Q4 2024, with strong performance during the "Double 11" shopping festival [3] - Sales of the Feiran series increased by 59% during the "Double 11" period, with over 300,000 pairs of running shoes sold across all channels [3] Financial Projections - Revenue is expected to grow from RMB 8.423 billion in 2023 to RMB 13.354 billion in 2026, with a CAGR of 15.1% [11] - Net profit attributable to the parent company is projected to increase from RMB 961 million in 2023 to RMB 1.580 billion in 2026 [11] - The company's ROE is expected to improve from 10.7% in 2023 to 12.1% in 2026 [11] Valuation - The company's P/E ratio is expected to decline from 7.9x in 2023 to 4.8x in 2026 [11] - The P/B ratio is projected to decrease from 0.8x in 2023 to 0.5x in 2026 [11] - EV/EBITDA is forecasted to drop from 3.6x in 2023 to 0.9x in 2026 [12]
361度：Q4线下销售稳健增长，电商表现优异