Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue reached 10.07 billion, with a gross margin of 41.5% and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength, optimizing store structure and maintaining a stable number of adult stores at 5,750 [2] Children's Business - The children's segment reported a revenue growth of 19.5% to 2.34 billion, supported by a rich product matrix and sponsorship of youth events [3] - The number of children's stores reached 2,548, with an average store area increase of 9 square meters to 112 square meters [3] E-commerce Business - E-commerce revenue grew by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer interaction [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the Spring Festival [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]
361度：2024年业绩增长优异，期待公司2025年靓丽表现-20250313