Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [7][24]. Core Views - The company achieved a revenue of 10.07 billion RMB for the fiscal year, reflecting a year-on-year growth of 19.6%, with a net profit attributable to shareholders of 1.15 billion RMB, also up by 19.5%, meeting expectations [2][7]. - The company increased its dividend payout ratio to 45%, up by 4.8 percentage points year-on-year, signaling confidence in its financial health [2]. Financial Performance - The adult apparel segment generated revenues of 4.29 billion RMB and 3.09 billion RMB for footwear and apparel respectively in 2024, with growth rates of 22% and 15% year-on-year, driven by increased sales volume [4]. - The children's apparel segment saw a revenue increase of 19.5% to 2.34 billion RMB, with footwear and apparel growing by 18% and 23% respectively, indicating strong market demand [4]. - The company's gross margin improved by 0.4 percentage points to 41.5% in 2024, supported by effective cost control and pricing strategies [6]. Operational Insights - As of the end of 2024, the company operated 5,750 adult apparel stores and 2,548 children's apparel stores, with a 10% increase in sales for both segments in Q3 and Q4 [5]. - The company has introduced innovative retail formats, including 10th generation and super stores, which are expected to enhance brand image and inventory management [5]. - E-commerce revenue reached 2.61 billion RMB in 2024, growing by 12.2% year-on-year, with online exclusive products accounting for 83.6% of sales [5]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.30 billion RMB, 1.50 billion RMB, and 1.72 billion RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 13%, 15%, and 15% [7][13]. - The current stock price corresponds to a 7x price-to-earnings ratio for 2025, reinforcing the "Buy" rating [7].
361度：24年业绩点评：全年派息比例提高，超品新店型放量可期-20250317