Investment Rating - The investment rating for the company is "Buy" [8][26]. Core Insights - The company reported strong retail performance in Q1 2025, with main brand offline sales growth of 10-15%, children's clothing offline sales growth of 10-15%, and e-commerce sales growth of 35-40%, reflecting a robust market presence [6][8]. - The company is actively innovating its store formats, launching the "Super Product Store" concept, with plans to expand from 10 to 50-100 stores by 2025, enhancing customer shopping experience [8]. - The company maintains a healthy inventory turnover ratio of 4.5-5 times, with a stable discount rate of around 30% in Q1 2025, indicating effective inventory management [8]. Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 84.23 billion RMB - FY2024: 100.7 billion RMB (20% YoY growth) - FY2025E: 113.0 billion RMB (12% YoY growth) - FY2026E: 123.8 billion RMB (10% YoY growth) - FY2027E: 134.5 billion RMB (9% YoY growth) [7][17]. - Net profit forecasts for the same period are: - FY2023: 9.6 billion RMB - FY2024: 11.5 billion RMB (20% YoY growth) - FY2025E: 13.0 billion RMB (13% YoY growth) - FY2026E: 14.5 billion RMB (12% YoY growth) - FY2027E: 15.8 billion RMB (9% YoY growth) [7][17]. - The company’s gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [7][17]. Market Position and Strategy - The company has over 700 sales points in Europe and North America, with a focus on Southeast Asia and Belt and Road countries for future expansion, indicating a strategic approach to international markets [8]. - The management expresses confidence in achieving a sales growth of 10-15% in 2025, primarily driven by volume growth [8].
361度（01361）：一季度零售表现亮眼，新店型超品店加速拓店