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 shown strong performance in various product categories, with children's clothing revenue growing by 19.5% and accessories by 27% [1] - The e-commerce segment has also demonstrated resilience, with online sales reaching 2.61 billion RMB, a year-on-year increase of 12.2% [2] Revenue and Profit Forecast - The company forecasts revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB for the years 2025 to 2027, respectively [4] - Corresponding net profits are expected to be 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB for the same years [4] - The earnings per share (EPS) are projected to be 0.61 RMB, 0.69 RMB, and 0.79 RMB for 2025 to 2027 [9] Channel Structure Optimization - The company operates 5,750 stores with an average store size of 149 square meters, showing a net increase of 11 square meters year-on-year [3] - Approximately 75.9% of the stores are located in third-tier cities or below, indicating a strategic focus on expanding in less saturated markets [3] - The introduction of the new "super product" store format aims to enhance customer experience and capture new market opportunities [3]
361度：童装、线上及超品或贡献收入增量-20250316