Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong annual performance for 2024, with total revenue of 10.07 billion, a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 1.15 billion, also up 19.5%. The cash dividend payout ratio increased to 45% [1][6] - The main brand, 361°, continues to lead the adult apparel segment with double-digit growth, driven primarily by volume increases. The footwear segment generated revenue of 4.29 billion, up 22.1%, while the apparel segment reached 3.09 billion, up 15.1% [2] - The children's apparel segment also showed strong growth, with revenue of 2.34 billion, a year-on-year increase of 19.5%. The footwear category contributed 1.1 billion, up 17.5%, while the apparel category reached 1.21 billion, up 22.6% [3][4] - E-commerce sales remained active, totaling 2.61 billion, a year-on-year increase of 12.2%, accounting for 25.9% of total sales. The company ranked among the top five footwear brands during major sales events [5] Financial Summary - The company forecasts revenue growth of 13% in 2025, 12% in 2026, and 11% in 2027, reaching 11.4 billion, 12.7 billion, and 14.2 billion respectively. Net profit is expected to grow by 14% in 2025, 12% in 2026, and 12% in 2027, reaching 1.38 billion, 1.47 billion, and 1.65 billion respectively [6][12] - The projected P/E ratios for 2025, 2026, and 2027 are 6.9, 6.1, and 5.5 respectively, indicating a favorable valuation for a leading player in the sportswear market [6][12]
361度点评报告：年报亮丽增长，分红率提升