Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Insights - The company has shown a positive trend in its Q4 performance, with significant improvements in both offline and online sales, particularly in the children's clothing segment and e-commerce [4][5] - The company is expected to maintain its profit forecasts for 2024-2026, with projected net profits of 1.14 billion, 1.35 billion, and 1.58 billion CNY respectively, indicating a strong growth trajectory [4][7] - The company is expanding its product matrix in professional sports categories, enhancing brand recognition through strategic partnerships and marketing initiatives [6][4] Financial Summary - Revenue is projected to grow from 8.423 billion CNY in 2023 to 11.850 billion CNY in 2025, reflecting a year-on-year growth rate of 17.4% [7] - Net profit is expected to increase from 961 million CNY in 2023 to 1.354 billion CNY in 2025, with a year-on-year growth rate of 19.1% [7] - The company's P/E ratio is projected to decrease from 7.94 in 2023 to 5.64 in 2025, indicating an attractive valuation [7]
361度：港股公司信息更新报告：Q4电商及儿童改善趋势明显，2025年订货趋势良好