Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Insights - The company has introduced a new retail format called "Super Brand Store," which features an 800 square meter shopping space, high-quality products, and a scene-based shopping experience, aiming to create a new model for sports retail [2]. - In Q1 2025, the main brand's offline revenue is expected to grow by 10%-15%, while the children's clothing segment is also projected to see a similar increase. Online revenue is anticipated to grow by 35%-40% [1][5]. - The company continues to innovate its product lineup, with new releases in the running and basketball categories, enhancing performance and design, which has garnered industry recognition [3][4]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are estimated at 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, respectively. Net profits are projected to be 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB for the same years [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.61 RMB, 0.69 RMB, and 0.79 RMB, with corresponding price-to-earnings (PE) ratios of 6x, 6x, and 5x [5].
361度（01361）：超品店提供新消费体验场景