Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong retail performance in Q4, with expectations for sales to be catalyzed by the upcoming Winter Asian Games [6] - The company has been focusing on product innovation and brand enhancement, which is expected to drive growth in the coming years [6] - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with a projected net profit of 10.9 billion RMB in FY2024 [6][17] Financial Data and Profit Forecast - Revenue (in billion RMB): FY2022: 69.6, FY2023: 84.23, FY2024E: 97.8, FY2025E: 111.3, FY2026E: 125.0 [3][17] - Year-on-year growth rate for revenue: FY2022: 17%, FY2023: 21%, FY2024E: 16%, FY2025E: 14%, FY2026E: 12% [3] - Net profit (in billion RMB): FY2022: 7.5, FY2023: 9.6, FY2024E: 10.9, FY2025E: 12.5, FY2026E: 14.2 [3][17] - Year-on-year growth rate for net profit: FY2022: 24%, FY2023: 29%, FY2024E: 13%, FY2025E: 15%, FY2026E: 13% [3] - Earnings per share (in RMB): FY2022: 0.36, FY2023: 0.46, FY2024E: 0.53, FY2025E: 0.61, FY2026E: 0.69 [3] Retail Performance - The company's main brand saw a 10% growth in offline sales in Q4, while children's clothing grew by 10-15% [6] - E-commerce sales increased by 30-35%, showing a significant acceleration compared to the previous quarter [6] - The inventory turnover ratio improved, with inventory levels decreasing to 4-4.5 months [6] Product and Brand Development - The company launched several successful products in Q4, including signature shoes and high-performance apparel [6] - As an official partner of the upcoming Winter Asian Games, the company is expected to enhance brand recognition and drive sales [6] Market Position and Future Outlook - The company has been deepening its operational capabilities in product, brand, and channel management over the past few years [6] - The focus on high cost-performance products and strong functionality is expected to help the company gain market share and achieve growth faster than the industry average [6]
361度：四季度零售表现亮眼，亚冬会在即有望催化销售