3月28日开盘前，中国运动服饰巨头李宁公司（HK：02331）公布2024年全年业绩，收入上 升3.9%至286.76亿元，毛利率提升至49.4%，经营现金净流入上升12.4%至52.68亿元，净利 润为30.13亿元，净利率10.5%。至此，国内四大运动服饰集团都已交出2024年的年度答卷。 安踏集团稳坐行业龙头地位，2024年全年营收达708.26亿元，同比增长13.6%。若加上旗下亚玛芬体育 的收入，安踏系总营收首次突破千亿大关，达到1080.86亿元，成为继耐克、阿迪达斯之后全球第三家 迈入"千亿俱乐部"的体育用品集团。特步在2024年实现了收入同比增长6.5%至135.77亿元，净利润达 12.38亿元，同比增长20.2%，创历史新高。361度在2024年实现了营收的重大突破，全年营收达到100.7 亿元，首次超过百亿大关，同比增长19.5%，增速位居"四大"之首。 李宁财报主要强调了集团持续聚焦"单品牌、多品类、多渠道"战略，产品创新方面，专业跑鞋核心IP销 售突破1060万双。2024年研究及产品开发费用提升至6.76亿元，占集团营收比重由2.2%提升至2.4%；品 牌建设方面，推出"以我为名" ...

近期，国产运动品牌361°、特步、安踏和李宁这四家头部企业的2024年年报相继出炉，业绩表现超出市 场预期，品牌博弈上升至百亿战场。其中361°以19.6%的营收增速领跑行业，强势成为"百亿级第一梯 队"新队员。特步通过战略重组聚焦核心业务，净利润达12.38亿元创历史新高。安踏凭借708亿元营 收，稳居行业龙头。李宁业绩增长3.9%至286.8亿元，但增长背后也面临着增速放缓压力。 从整体来看，361°通过连续4年营收双位数稳健增长的亮眼成绩跻身行业第一梯队，成功完成"质变"， 有望进一步提升国产运动品牌在国内乃至全球体育行业的核心竞争力，也宣告着国产运动品牌即将全面 打响市场"反击战"。 与此同时,"三大创新"战略呈现"科技-渠道-场景"的协同效应，形成可持续的增长闭环。其中，被众多机 构看好的"超品店"新业态，以800㎡超大空间为消费者提供一站式购物体验，有望捕捉高质价比运动产 品自选的市场机会，为集团持续贡献零售增量。有券商机构指出361°"技术研发-赛事验证-产品迭代"的 正向循环模式，验证了高质价比与规模扩张的兼容性，为大众市场品牌提供了可复制的增长范式。 2024年作为名副其实的"体育大年"，以 ...

361º 品牌創立於2003年，於2009年在香港聯交所主板成功上市（股份代碼為01361.HK）。 作為中華人民共和國（「中國」）領先體育用品品牌， 361º 以「專業化、年輕化、國際化」為品牌 定位，是一家集品牌、研究與開發（「研發」）、設計、生產及經銷為一體的綜合性體育用品公 司，致力以高價值、多品類的體育運動產品，將「多一度熱愛」的品牌精神傳遞給更多消費者。 361º 聚焦發展 361º 品牌及 361º 兒童品牌。 361º 品牌專注產品的專業運動功能性，主打跑步、 籃球及運動生活等核心品類，全面滿足大眾運動消費群體日益多元化的需求。 361º 兒童延續 專業運動基因，定位於「青少年運動專家」，以專業功能性、健康科技性及童趣時尚性形成差 異化競爭優勢，滿足兒童及青少年各類運動裝備需求。 目前， 361º 暢銷中國各主要城市和地區，並逐步進軍海外市場形成強大的市場影響力。 目錄 | 品牌里程碑 | 02 | | --- | --- | | 獎項 | 04 | | 財務及運營回顧 | 06 | | 五年財務概要 | 08 | | 主席報告 | 10 | | 管理層討論及分析 | 16 | | 董事會報告 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 361 度（1361）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 4.52 | | --- | --- | | 52 周股价波动（港元） | 3.02-4.98 | | 总股本（百万股） | 2068 | | 总市值（百万港元） | 9346 | | 相关研究 | | | [Table_ReportInfo] 《24Q4 童装及电商提速，看好电商盈利水平 | | | 提升》2025.1.17 | | 《24H1 童装量增驱动高增，店效提升》 2024.8.16 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M | 绝对涨幅（%） | 13.3% | 13.3% | 7.4% | | --- | --- | --- | --- | | 相对涨幅（%） | 10.9% | -5.9% | -11.6% | | 资料来源：海通证券研究所 | | | | 分 ...

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].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, indicating a potential upside of 26.3% from the current price of HKD 4.49 [4][12]. Core Insights - The company reported a FY24 net profit of RMB 1.15 billion, a year-on-year increase of 15.4%, with a net profit margin of 11.4%, slightly down by 0.4 percentage points from FY23 [1]. - Revenue for FY24 reached RMB 10.07 billion, reflecting a 19.1% year-on-year growth, driven by increases in both adult and children's product sales [1]. - The company plans to expand its new retail format, "super premium stores," from 5 to 100 by the end of 2025, aiming to enhance customer shopping experiences and improve inventory turnover [3]. Financial Performance Summary - FY24 revenue: RMB 10,074 million, up 19.1% from FY23 [5] - FY24 net profit: RMB 1,149 million, up 15.4% from FY23 [5] - FY25 projected revenue: RMB 11,869 million, a 17.8% increase [5] - FY25 projected net profit: RMB 1,332 million, a 16.0% increase [5] - FY24 dividend per share: HKD 0.1, with a payout ratio of 45% [1][5] Inventory and Cash Flow - As of the end of 2024, inventory rose to RMB 2.11 billion, a 56.2% increase year-on-year, leading to an increase in inventory turnover days from 93 to 107 days [2]. - Operating cash flow decreased to RMB 56 million due to increased inventory levels, but management noted that terminal sales have grown over 10% since the beginning of 2025 [2]. Store Expansion Strategy - The company is focusing on opening "super premium stores," which will feature a mix of high-demand products, seasonal items, and cost-effective options, with an average store area of over 800 square meters [3]. - The expected average annual sales per super premium store is projected to reach RMB 10 million, contributing approximately 5% to total revenue by 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 4.82 HKD [1][10]. Core Insights - The company achieved a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, and a net profit of 1.15 billion HKD, also up by 19.5% [4][10]. - The company is expected to expand its "super premium" store format, which is anticipated to contribute additional revenue in 2025 [1][10]. - The company is positioned as the fourth largest domestic sports brand in China, focusing on technology-driven professional sports products and enhancing its competitive edge in children's apparel [8][10]. Financial Performance - Revenue breakdown shows adult footwear and apparel revenue grew by 22% and 15% respectively, while children's footwear and apparel increased by 18% and 23% [5]. - The offline revenue increased by 23% to 7.3 billion HKD, with a total of 8,298 stores by the end of 2024 [5]. - The gross margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [7]. Future Outlook - The company forecasts a sales growth of 10%-15% for 2025, with a gross margin expected to be between 40%-42% [7]. - The projected net profit for 2025 is 1.32 billion HKD, with an estimated earnings per share (EPS) of 0.64 HKD [11][10]. - The company plans to open approximately 100 new "super premium" stores in 2025, enhancing customer shopping experience [6][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, indicating a potential upside of 26.3% from the current price of HKD 4.49 [4][12]. Core Insights - The company reported a FY24 net profit of RMB 1.15 billion, a year-on-year increase of 15.4%, with a net profit margin of 11.4%, slightly down by 0.4 percentage points from FY23 [1]. - Revenue for FY24 reached RMB 10.07 billion, reflecting a 19.1% year-on-year growth, driven by increases in both adult and children's product sales [1]. - The company plans to expand its store network by adding 124 new outlets in 2024, with a focus on enhancing the shopping experience through the introduction of "super stores" [3]. Financial Performance Summary - FY24 revenue: RMB 10,074 million, up 19.1% from FY23 [5] - FY24 net profit: RMB 1,149 million, up 15.4% from FY23 [5] - FY25 projected revenue: RMB 11,869 million, a 17.8% increase [5] - FY25 projected net profit: RMB 1,332 million, a 16.0% increase [5] - FY24 dividend per share: HKD 0.1, with a payout ratio of 45% [1][5]. Inventory and Cash Flow - As of the end of 2024, inventory rose to RMB 2.11 billion, a 56.2% increase, leading to an increase in inventory turnover days from 93 to 107 days [2]. - Operating cash flow decreased to RMB 56 million due to increased inventory levels [2]. Store Expansion Strategy - The company is set to increase the number of "super stores" from 5 to 100 by the end of 2025, with an expected average store efficiency of RMB 10 million per year [3]. - The product mix in these stores will consist of 30% premium products, 20% off-season products, and 30% cost-effective products [3].

2025 年 03 月 18 日 公司点评 买入/维持 361 度(01361) 目标价: 昨收盘:4.82 24 年财报点评：营收破百亿，25 年布局超品店有望带来新增量 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 ◼ 股票数据 | 总股本/流通(亿股) | 20.68/20.68 | | --- | --- | | 总市值/流通(亿港元) | 99.66/99.66 | | 12 个月内最高/最低价 | 4.98/3.15 | | (港元) | | 相关研究报告 <<24Q3 经营数据点评：运营持续稳 健，国庆表现强劲，看好全年百亿收 入目标达成>>--2024-10-21 <<361 度点评：24Q1 流水表现亮眼， 期待全年百亿收入目标达成>>-- 2024-04-13 <<2023 年业绩点评：业绩表现超预 期，24 年收入有望破百亿>>--2024- 03-14 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券 ...

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]