Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong annual growth for 2024, with total revenue reaching 10.07 billion, a year-on-year increase of 19.6%, and net profit attributable to shareholders at 1.15 billion, also up by 19.5%. The cash dividend payout ratio increased to 45% [1] - The main brand, 361°, continues to lead the adult apparel segment with double-digit growth, driven primarily by volume increases. Footwear revenue reached 4.29 billion, up 22.1%, while apparel revenue was 3.09 billion, up 15.1% [2] - The children's clothing segment also showed strong growth, with revenue of 2.34 billion, a year-on-year increase of 19.5%. Footwear sales in this category reached 1.1 billion, up 17.5% [3] - E-commerce sales remained active, totaling 2.61 billion, a 12.2% increase, with a significant contribution from differentiated products [5] - The company is expected to see revenue growth of 13% in 2025, reaching 11.4 billion, and net profit growth of 14% to 1.38 billion, with a corresponding PE ratio of 6.9 [6] Summary by Sections Financial Performance - For 2024, the company reported total revenue of 10,073.5 million, a 19.59% increase, and net profit of 1,148.6 million, a 19.47% increase. The projected revenue for 2025 is 11,405.9 million, with a growth rate of 13.23% [12] - The gross profit margin for 2024 is expected to be 41.53%, with net profit margin at 11.84% [13] Product and Market Development - The company continues to innovate with new product lines, including advanced technology footwear and expanding its children's product line to cover ages up to 16 [4] - The company has increased its offline retail presence, with 5,750 stores and a focus on enhancing customer experience through new retail formats [2] E-commerce and Sales Channels - E-commerce sales accounted for 25.9% of total sales, with significant growth during promotional events, such as a 99% increase during the 618 shopping festival [5] Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenues of 12,737.8 million in 2026 and 14,191.4 million in 2027, alongside net profits of 1,470.7 million and 1,646.9 million respectively [12]
361度（01361）：年报亮丽增长，分红率提升