Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Viewpoints - The company is expected to achieve a revenue of 10.07 billion RMB in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion RMB, also up by 19.5% [1] - The gross margin is reported at 41.5%, an increase of 0.4 percentage points, while the net profit margin remains stable at 11.4% [1] - The company has established a leading position in children's sportswear, leveraging professional layouts and product innovations to achieve resilient growth [2] - The offline retail performance is strong, with a high double-digit growth in Q1 and a steady 10% growth in subsequent quarters [1][2] - E-commerce sales reached 2.61 billion RMB, marking a 12.2% increase, with online exclusive products accounting for 83.6% of total retail [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.07 billion RMB and a net profit of 1.15 billion RMB, both reflecting a growth of approximately 19.5% year-on-year [1] - Earnings per share (EPS) is projected at 0.556 RMB, with a dividend payout of 0.265 HKD, representing a payout ratio of 45% [1] Product and Market Development - The children's segment generated 2.34 billion RMB, accounting for 23.2% of total revenue, with children's footwear and apparel growing by 17.4% and 22.6% respectively [2] - The company has expanded its product line to cater to the 16-year-old demographic and introduced a competitive children's racing series [2] Channel Optimization - The company operates 5,750 stores with an average store size of 149 square meters, with a significant presence in lower-tier cities [3] - The introduction of the 361º Super Store format aims to enhance customer experience and capture new market opportunities [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are set at 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB respectively, with net profits expected to reach 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB [4]
361度：童装、线上及超品或贡献收入增量-20250315