Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 10.074 billion yuan for 2024, representing a year-on-year increase of 19.6%, and a net profit of 1.149 billion yuan, also up by 19.5% year-on-year [8] - The company is focusing on expanding its "super product stores" and aims to open 100 new stores in 2025, which is expected to contribute to growth [8] - The company maintains a strong position in the domestic sportswear market, driven by its adult and children's apparel segments, as well as e-commerce initiatives [8] Financial Performance Summary - Total revenue for 2023 was 8.423 billion yuan, with a projected increase to 10.074 billion yuan in 2024, and further growth expected in subsequent years [1] - The net profit for 2023 was 961.43 million yuan, with projections of 1.149 billion yuan for 2024, and continued growth anticipated through 2027 [1] - The earnings per share (EPS) is expected to rise from 0.46 yuan in 2023 to 0.56 yuan in 2024, with a steady increase projected through 2027 [1] Revenue Breakdown - Adult apparel revenue grew by 16.5% year-on-year, while children's apparel revenue increased by 18.0% year-on-year, contributing to 73% and 29% of total revenue respectively [8] - The revenue from adult footwear reached 4.29 billion yuan, up 22.1% year-on-year, while children's footwear revenue was 1.1 billion yuan, up 17.5% year-on-year [8] Online and Offline Sales Performance - Online sales increased by 12.2% year-on-year, while offline sales grew by 20.5% [8] - The company emphasizes differentiated products online, achieving a 99% increase in sales during the "618" shopping festival [8] Profitability and Cash Flow - The gross margin improved by 0.43 percentage points to 41.53% in 2024, with net profit margin remaining stable at 11.4% [8] - Operating cash flow for 2024 was reported at 69.81 million yuan, a decrease of 83% year-on-year due to increased procurement and supplier payments [8]
361度：2024年业绩点评：营收破百亿，期待超品店表现-20250318