Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [4][8]. Core Views - The company reported a revenue increase of 19.6% year-on-year to 10.07 billion yuan and a net profit increase of 19.5% to 1.15 billion yuan for the year 2024 [1][3]. - The company continues to outperform the industry in terminal performance, with significant growth in adult footwear and apparel, as well as children's clothing [1][2]. - The company has successfully upgraded its store image and introduced a new super product store format, enhancing its brand presence [2][3]. - The company's gross margin improved by 0.4 percentage points to 41.5%, attributed to effective cost control and pricing strategies [2][3]. - The company is expected to achieve revenue growth of 13.8%, 11.1%, and 10.1% in the years 2025 to 2027, with corresponding net profit growth of 15.2%, 11.2%, and 10.4% [3][4]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 10.07 billion yuan, a 19.6% increase from the previous year, and a net profit of 1.15 billion yuan, also up by 19.5% [1][3]. - The company plans to distribute a dividend of 0.265 HKD per share, with a payout ratio of 45% [1]. Operational Highlights - The company added 16 adult stores, bringing the total to 5,750, with an average store size increase of 11 square meters [2]. - E-commerce revenue grew by 12.2% to 2.61 billion yuan, accounting for 25.9% of total revenue [2]. Future Projections - The company forecasts revenue of 11.47 billion yuan in 2025, 12.74 billion yuan in 2026, and 14.03 billion yuan in 2027, with net profits projected at 1.32 billion yuan, 1.47 billion yuan, and 1.62 billion yuan respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, including "super specialty stores," which aim to enhance customer shopping experience and improve inventory management [6]. - The company has shown strong growth in both adult and children's segments, with adult revenue growing approximately 19.1% and children's revenue increasing by 19.5% [5]. Financial Summary - For 2024, the company forecasts revenue of 10.07 billion HKD and a net profit of 1.15 billion HKD, with a gross margin of 41.5% and a net margin of 11.4% [7]. - The projected earnings per share (EPS) for 2024 is 0.56 HKD, with a price-to-earnings (P/E) ratio of 7.6 [7]. - The company plans to maintain a dividend payout ratio of 45%, which is an increase of nearly 5 percentage points year-on-year [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4][7] - The company is actively exploring new business formats, such as super specialty stores, to enhance customer experience and improve inventory management [6][4] - The company has a strong product matrix focusing on professional categories like running and basketball, with significant growth in both adult and children's segments [5][4] Financial Summary - For 2024, the projected revenue is 10,074 million HKD, with a year-on-year growth of 19.6% [7] - The net profit for 2024 is estimated at 1,149 million HKD, reflecting a year-on-year increase of 19.5% [7] - The gross margin is expected to remain stable at 41.5% for 2024, with a net margin of 11.4% [7] - The company plans to maintain a dividend payout ratio of 45%, which is an increase of nearly 5 percentage points year-on-year [4][7] Growth Drivers - Adult segment revenue is projected to grow by approximately 19.1%, with running category revenue increasing by about 30% [5][4] - Children's segment revenue is expected to rise by 19.5%, with a notable increase in both children's shoes and clothing [5][4] - E-commerce revenue is anticipated to grow by 12.2%, with significant growth rates projected throughout 2024 [5][4] Strategic Initiatives - The company is focusing on opening super specialty stores in high-traffic areas, with plans to increase the number of such stores to 100 by the end of 2025 [6][4] - The product assortment strategy includes a mix of seasonal, age-diverse products, emphasizing high-quality and cost-effective options [6][4] - The company aims to enhance brand resources and marketing efforts to support its growth strategy [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, such as super specialty stores, to enhance customer experience and improve inventory management [6]. - The company has a strong focus on professional product categories, particularly in running and basketball, which are driving significant revenue growth [5]. Financial Summary - Revenue for 2023 was 8.423 billion HKD, with a projected increase to 10.074 billion HKD in 2024, and further growth expected in subsequent years [7]. - The net profit for 2023 was 961 million HKD, expected to rise to 1.149 billion HKD in 2024 [7]. - The gross margin is projected to remain stable at 41.5% through 2027, with a net margin of 11.4% [7]. Market Performance - The stock price is currently at 4.590 HKD, with a 12-month high of 4.850 HKD and a low of 3.150 HKD [1]. - The company has a total market capitalization of 94.91 billion HKD [1]. - The stock has shown a turnover rate of 12.8% over the past three months [1].

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024, with a proposed final dividend of 0.10 HKD per share [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, reflecting a growth of 20.0% year-on-year [3] - The gross profit margin for 2024 slightly increased by 0.4 percentage points to 41.5% [5] - The company’s operating profit margin decreased by 0.8 percentage points to 15.6% due to increased provisions for accounts receivable losses and a decline in other income [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a net increase of 16 stores to a total of 5,750 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with a net increase of 105 sales outlets [4] Future Projections - The company expects to focus on the expansion of "361 Degrees Super Products" stores in 2025, aiming to enhance consumer experience with high-cost performance products [8] - Revenue projections for 2025-2027 are estimated at 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD, with year-on-year growth rates of 12.8%, 11.9%, and 11.0% respectively [8] - Net profit projections for the same period are 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% respectively [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025-2027 [8] - The company’s return on equity (ROE) is expected to be 12.8%, 12.3%, and 12.1% for the years 2025-2027 [10]

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024 and accelerate the opening of 361 Degrees super brand stores [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, with a growth rate of 20.0% year-on-year [3] - The net profit for the second half of 2024 was 359 million HKD, showing a significant increase of 39.7% year-on-year [3] - The gross margin for 2024 slightly improved to 41.5%, while the operating profit margin decreased to 15.6% [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a total of 5,750 stores by the end of 2024 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with 1,365 sales points globally [4] Future Projections - The company expects to achieve revenues of 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD for 2025, 2026, and 2027 respectively, with growth rates of 12.8%, 11.9%, and 11.0% [8] - The projected net profit for the same years is 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025 to 2027 [8] - The company’s return on equity (ROE) is expected to be 12.1% in 2024, increasing to 12.8% by 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue increased by 19.6% to 10.07 billion, with a gross margin of 41.5%, and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel sales growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength in running and basketball categories, while optimizing store structure [2] Children's Business - The children's segment revenue grew by 19.5% to 2.34 billion, supported by a strong product matrix and sponsorship of youth events [3] - The number of children's stores increased slightly, with improved store efficiency [3] E-commerce Business - E-commerce revenue rose by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer engagement [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the holiday season [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue reached 10.07 billion, with a gross margin of 41.5% and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength, optimizing store structure and maintaining a stable number of adult stores at 5,750 [2] Children's Business - The children's segment reported a revenue growth of 19.5% to 2.34 billion, supported by a rich product matrix and sponsorship of youth events [3] - The number of children's stores reached 2,548, with an average store area increase of 9 square meters to 112 square meters [3] E-commerce Business - E-commerce revenue grew by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer interaction [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the Spring Festival [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

证券研究报告|港股公司点评研究报告 [Table_Date] 2025 年 03 月 12 日 [Table_Title] 扣除拨备影响后净利增 30%，推出超品店 [Table_Title2] 361 度(1361.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1361 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.85/3.15 | | 目标价格： | | 总市值(亿港元) | 94.91 | | 最新收盘价： | 4.59 | 自由流通市值(亿港元) | 94.91 | | | | 自由流通股数(百万) | 2,067.68 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/经营性现金流净额分别为 100.74/11.49/0.70 亿元、同比增长 19.6%/19.5%/- 82.9%，符合市场预期，且扣除减值损失拨备归母净利为 11.91 亿元、同比增长 30%，经营现金流下降主要由于 春节备货导致存货增加。拟派发末期股息每股 0.1 港元（0.096 ...

Financial Performance - Revenue increased by 19.6% to RMB 10.07 billion[21] - Profit attributable to equity holders grew by 19.5% to RMB 1.15 billion[22] - Basic earnings per share rose by 19.5% to RMB 0.556[24] - The company achieved revenue of RMB 10,073.5 million for the fiscal year 2024, representing a year-on-year growth of 19.6%[36] - Profit attributable to equity holders reached RMB 1,148.6 million, an increase of 19.5% compared to the previous year[36] - The gross profit margin improved to 41.5% in 2024, up from 41.1% in 2023[31] - The operating profit margin was 15.6%, a slight decrease from 16.4% in the previous year[31] - Total revenue for the year ended December 31, 2024, reached RMB 10,073.51 million, representing a 19.6% increase from RMB 8,423.26 million in 2023[154] Dividend and Payout - Final dividend declared at HKD 0.10, equivalent to RMB 0.096 per share, with a payout ratio of 45.0%[26] - The company plans to distribute a final dividend of HKD 0.10 per share, equivalent to RMB 0.096, with a payout ratio of 45%[36] Store and Outlet Expansion - Total number of 361º stores in mainland China reached 5,750[27] - Total number of 361º children's sales outlets in mainland China reached 2,548[27] - Total number of international sales outlets for 361º reached 1,365[27] - The company operates 5,750 stores in China as of 2024, with an average store size increasing to 149 square meters, up by 11 square meters from the end of 2023[48] - Approximately 75.9% of the stores are located in China's tier three and below cities, while 5.2% and 18.9% are in tier one and tier two cities, respectively[72] International Strategy - The company has initiated a global overseas strategy to enhance market influence[6] - The company has established 1,365 offline sales points overseas, covering regions such as the Americas, Europe, and the Belt and Road Initiative, marking a significant milestone in its international sales channel development[49] - The company opened its first overseas direct-operated store in Kuala Lumpur, Malaysia, in January 2025, furthering its international expansion[49] E-commerce Performance - E-commerce business revenue increased by 12.2% to RMB 2.61 billion[25] - The company's online retail sales in China reached RMB 130,816 million in 2024, growing by 6.5% year-on-year, accounting for 26.8% of the total retail sales of consumer goods[54] - E-commerce business generated revenue of RMB 2,609.4 million, representing about 25.9% of total revenue, with a year-on-year growth of 12.2%[128] - During the "618" shopping festival, e-commerce sales increased by 99%, with total sales exceeding 240,000 units, marking a year-on-year growth of 167%[132] Product Development and Innovation - The company has obtained a total of 633 patents as of December 31, 2024, an increase of 139 patents from the previous year, reflecting its commitment to technological innovation[47] - The company is focusing on integrating high-tech elements into its sports products to meet diverse consumer needs and enhance product functionality and comfort[61] - The company launched the "Miro NUDE栗蜂" carbon plate running shoes in June 2024, weighing less than 110 grams with an energy return of up to 90%[150] - The company upgraded its running shoes with new technologies, including soft bounce column technology and shock-absorbing gel technology, enhancing product innovation[112] Sponsorship and Events - The company secured sponsorship rights for multiple international events, including the 2025 Harbin Asian Winter Games and the 2026 Aichi-Nagoya Asian Games, enhancing relationships with existing partners[39] - In the running sector, the company supported 117 major marathon events in 2024, helping athletes achieve 114 podium finishes, including 76 first-place, 23 second-place, and 15 third-place awards[40] - The company is a global gold partner for the Zhengkai Marathon in China from 2022 to 2024 and a major sponsor for the Liverpool Half Marathon in the UK from 2023 to 2024[96] Market Trends and Consumer Engagement - The domestic children's sportswear and footwear market continues to grow rapidly, driven by increased government support and rising demand for functional and comfortable sports gear[62] - The company is focusing on the outdoor market by developing a series of innovative outdoor products that combine functionality and technology, targeting the growing demand from younger consumers[43] - The company aims to solidify its position as a "youth sports expert" through high-quality sponsorship of youth events, such as the 2024 Asian Jump Rope Championships[45] Financial Health and Assets - Non-current assets decreased to RMB 1,355.5 million from RMB 1,447.9 million in 2023[34] - Current assets increased to RMB 12,058.1 million, compared to RMB 11,617.3 million in the previous year[34] - The company maintained a debt ratio of 1.9%, down from 2.2% in 2023[34] - Total assets as of December 31, 2024, amounted to RMB 13,413.6 million, an increase from RMB 13,065.3 million in 2023, with total liabilities rising to RMB 3,584.4 million[186] Employee and Operational Insights - Total employee compensation for the year was RMB 861.2 million, representing 8.5% of total revenue, down from 9.2% in 2023[200] - The group employed a total of 7,934 full-time employees in China as of December 31, 2024[200] Sustainability and Corporate Responsibility - The company received the "2024 ESG Leading Enterprise Award" in September 2024, highlighting its commitment to sustainable development[151] - The company is committed to sustainability initiatives, focusing on eco-friendly materials in product manufacturing to appeal to environmentally conscious consumers[109] Future Outlook and Strategic Goals - The company plans to deepen its brand positioning of "professionalization, youthfulness, and internationalization" to drive the sports consumption market in 2025[51] - The company has set ambitious performance targets for the next fiscal year, aiming for a revenue growth of 15% driven by increased sales in both domestic and international markets[107]