Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 1.15 billion, also up by 19.5%. The dividend payout ratio increased to 45% [2][4]. - For the second half of 2024, the company achieved a revenue of 4.93 billion, a year-on-year growth of 20.0%, with a net profit of 360 million, marking a significant increase of 39.2% [2][4]. - The revenue performance met expectations, while the profit performance slightly exceeded expectations [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 10.07 billion, with a year-on-year growth of 19.6%. The net profit attributable to shareholders was 1.15 billion, also reflecting a growth of 19.5%. The dividend payout ratio was raised to 45% [2][4]. - The second half of 2024 saw revenues of 4.93 billion, up 20.0% year-on-year, and a net profit of 360 million, which is a 39.2% increase compared to the previous year [2][4]. Future Outlook - The company is exploring new business models, with the opening of "super stores" expected to contribute to future retail growth. The first super store opened in Shijiazhuang, Hebei, with plans for further openings in Huizhou, Guangdong, Chengdu, Sichuan, and Nanning, Guangxi [8]. - The company anticipates strong performance in the first three quarters of 2025, with a high certainty of continued revenue growth. The product matrix is improving, and the channel structure is being optimized [8]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.31 billion, 1.48 billion, and 1.65 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 6.69, 5.93, and 5.31, which are significantly lower than other sports goods companies [10].
361度（01361）：营运指标有待改善，超品大店后续可期