361度240714 ...

Summary of Conference Call Company Overview - The conference call primarily discusses **361 Degrees**, a sportswear company, focusing on its performance, product launches, and market strategies. Key Points Industry Performance - The overall e-commerce growth for the second quarter is consistent with initial expectations, projected between **30% to 35%** [1] - The **618 shopping festival** showed strong performance, with notable sales in top-selling products, indicating a robust market presence [1] Product Launches and Sales - The **2025 Spring New Product Order Meeting** received high enthusiasm from distributors, indicating strong demand for previously successful product lines [2] - The **Big 35.0 Quick Pro series** launched in April has received positive feedback, with a rebound rate exceeding **75%** [8] - The **Neuro New racing shoes**, launched on June 16, are the lightest in their category, weighing under **110 grams** and featuring over **90%** energy return [9] Marketing and Promotions - The company plans to leverage the **2024 Paris Olympics** for marketing, promoting products associated with athletes like **Nikola Jokić** and **Spencer Dinwiddie** [5][6] - A **China tour** for Spencer Dinwiddie is scheduled from July 20 to 26, aiming to enhance brand visibility and consumer interaction [6] Pricing and Inventory Management - The pricing strategy has seen an increase, with a projected **7%** growth in product prices compared to **5%** previously [17] - Current discount rates are between **71% to 73%**, indicating competitive pressure in the market [20] - The company maintains a healthy inventory structure, with a focus on managing stock levels effectively [56] E-commerce Strategy - E-commerce channels are performing well, with growth rates exceeding **30%** [25] - The company is focusing on both traditional platforms like **Tmall** and emerging platforms such as **Douyin** and **Xiaohongshu** for sales [47] - The return rate for e-commerce is currently between **15% to 18%**, with a goal to reduce it below **15%** [34] Market Outlook - The company remains optimistic about the second half of the year, anticipating positive impacts from the upcoming **Olympics** and improved market conditions [57] - Despite competition from lower-priced products, the company believes its brand strength and product quality will sustain its market position [23] International Expansion - The company is focusing on expanding its presence in **South America** and **Eastern Europe**, as well as targeting Southeast Asian markets [51] - The international product line is being tailored to meet local consumer preferences, particularly in terms of sizing and design [52] Challenges and Responses - The company acknowledges challenges from competitors introducing lower-priced products but views this as an opportunity to enhance its own offerings [23] - Strategies include enhancing product quality while maintaining competitive pricing to attract consumers [10] Additional Insights - The company emphasizes the importance of maintaining a strong community presence and consumer engagement through various marketing initiatives [24] - The management is committed to continuous improvement in product quality and consumer satisfaction to strengthen brand loyalty [10][12]

港股公司报告 | 公司点评 电商渠道业绩高增 电商渠道 24Q2 增长可观 24Q2 公司主品牌零售(线下渠道)同增约 10%;童装品牌零售(线下渠道) 同增约中双位数。电商渠道方面,公司整体流水同增约 30%-35%。 持续强化电商渠道建设,"618"期间业绩亮眼 面对消费趋势的不断变化,361°持续强化品牌电商渠道建设,洞察年轻群 体心理推出差异化爆品,并在天猫、京东、抖音等核心主流电商平台进行 常态化直播,对品牌不间断引流,带动电商业绩不断增长。 2024 年"618"期间,361°获得消费者广泛认可,电商渠道销售额同比增长 94%,位列国产品牌第三,电商渠道销量增长 99%,同比增速为行业第一; 全渠道尖货销量超 24 万件,同比增长 167%,官旗尖货销量同比增长 79%。 其中,在"618"期间近 30 天内,361°跻身全部鞋类品牌 TOP 5,成为 TOP 30 唯一上榜国内品牌,"飞燃 3"更是荣登专业马拉松跑鞋热卖榜 TOP 1。 以科技赋能专业运动,积极布局户外领域 2024 年第二季度,361°继续坚持科技赋能专业运动的宗旨,以优质运动产 品点燃大众运动热情。期内 361°携多款尖货亮 ...

361 度(01361.HK) 第二季度流水增长稳健,电商渠道增长提速 公司研究·海外公司快评 纺织服饰·服装家纺 投资评级:优于大市(维持) 证券分析师: 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码:S0980520040004 证券分析师: 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码:S0980523070003 事项: 公司公告:7 月 12 日,公司公告 2024 年第二季度零售表现,361 度主品牌线下零售额录得 10%正增长,童 装品牌线下零售额录得中双位数的正增长,电子商务平台录得 30%-35%正增长。 国信纺服观点: 1、2024 第二季度成人装线下流水增长 10%,童装线下流水增长中双位数,电商增长 30%-35%; 2、风险提示:消费需求复苏不及预期;渠道拓展不及预期;品牌形象受损;市场的系统性风险。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月15日 3、投资建议:二季度流水表现稳健,中长期看好专业运动系列、童装、电商驱动成长。第二季度公司流 水保持稳健 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 361 度(01361.HK) 24Q2 流水点评:电商 618 表现优异,线下稳 健增长 2024 年 07 月 14 日 买入(维持) | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 7085 | 8518 | 10028 | 11609 | 13397 | | 同比(%) | 17.61 | 20.24 | 17.72 | 15.77 | 15.40 | | 归母净利润(百万元) | 747.12 | 961.43 | 1,131.34 | 1,329.39 | 1,547.59 | | 同比(%) | 24.17 | 28.68 | 17.67 | 17.51 | 16.41 | | EPS-最新摊薄(元/股) ...

纺织服饰/服装家纺 361 度(01361.HK) 2024Q2 电商流水高增,专业及质价比心智加强 2024 年 07 月 14 日 投资评级:买入(维持) | --- | --- | |--------------------|-------------| | 日期 | 2024/7/12 | | 当前股价(港元) | 3.990 | | 一年最高最低(港元) | 5.300/3.180 | | 总市值(亿港元) | 82.50 | | 流通市值(亿港元) | 82.50 | | 总股本(亿股) | 20.68 | | 流通港股(亿股) | 20.68 | | 近 3 个月换手率(%) | 7.47 | 股价走势图 361度 恒生指数 -32% -16% 0% 16% 32% 2023-07 2023-11 2024-03 数据来源:聚源 相关研究报告 《2024Q1 流水亮眼且折扣稳健,加强 专业产品布局—港股公司信息更新报 告》-2024.4.11 《2023 年童装及电商亮眼,专业品类 体现强劲势能—港股公司信息更新报 告》-2024.3.15 《Q4 电商流水延续靓丽表现,加码布 局专业品类 —港 ...

事件点评 2024Q2 线下流水增速有所放缓,电商渠道增长提速。2024Q2,361 度主品 2024Q2 零售折扣与渠道库存水平周转保持平稳,线下渠道继续提质增效。 投资建议 风险提示 市场数据:2024 年 7 月 12 日 收盘价(港元): 3.990 年内最高/最低(港元): 5.300/3.180 流通 A 股/总股本(亿 20.68/20.68 股): 流通 A 股市值(亿港 82.50 元): 总市值(亿港元): 82.50 资料来源:最闻,山西证券研究所 分析师: 王冯 执业登记编码:S0760522030003 邮箱:wangfeng@sxzq.com 孙萌 执业登记编码:S0760523050001 邮箱:sunmeng@sxzq.com 7 月 12 日,公司发布 2024 年第二季度经营数据。2024Q2,361 度主品牌零 售流水同比增长 10%,361 度童装品牌零售流水同比增长中双位数,361 度电商 平台零售流水同比增长 30%-35%。 资料来源:最闻,山西证券研究所 牌零售流水同比增长 10%,361 度童装品牌零售流水同比增长中双位数,361 度 电商平台零售流水同比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [4][10]. Core Insights - The company reported a high-quality growth in terminal sales, with a notable performance in the e-commerce channel, achieving a year-on-year growth of 30-35% [4]. - The company is expected to benefit from upcoming sports events, leveraging marketing and product innovation to enhance brand visibility and sales [5]. - The company has maintained healthy inventory levels and improved discount rates, indicating effective inventory management [4]. Financial Performance Summary - Revenue is projected to grow from 84.2 billion RMB in FY2023 to 100.1 billion RMB in FY2024, reflecting a year-on-year growth rate of 19% [3][7]. - Net profit is expected to increase from 9.6 billion RMB in FY2023 to 11.5 billion RMB in FY2024, with a corresponding growth rate of 19% [3][7]. - The company's gross margin is forecasted to improve slightly from 41.1% in FY2023 to 41.5% in FY2024 [3][7]. Retail Performance Overview - The company's retail sales growth for adult apparel in Q2 2024 was 10% year-on-year, while children's apparel saw double-digit growth [4]. - E-commerce sales during the 618 shopping festival increased by 94%, with product sales growth reaching 99%, marking the highest growth in the industry [4][6]. - The company is actively optimizing its offline store strategy, focusing on larger store formats to enhance customer experience [4].

证券研究报告 | 公司点评 2024 年 07 月 12 日 361 度(01361.HK) Q2 线下稳健增长,电商业务表现亮眼 361 度披露 2024Q2 经营情况公告,电商业务增速亮眼。根据公司披露, 361 度成人装线下渠道流水增长 10%,童装线下流水增长中双位数,电商 流水同比增长 30%-35%,整体表现优异,同时营运状况稳健,我们预计线 下渠道库销比在 4.5-5 之间。 361 度成人装:产品矩阵升级,品牌声量提升,渠道优化,多举措奠定成 人装流水增长基础。面对消费环境的波动复苏,2024Q2 361 度成人装线下 渠道流水同比增长 10%,增速稳健。1)产品&品牌端:361 度立足大众消费 市场,一方面产品坚持性价比路线,满足最广大消费群体的运动需求,另一 方面持续加强产品和品牌升级优化带动认可度提升,产品销量不断增加;同 时受益于产品结构的升级,我们预计 Q2 产品整体吊牌价同比也有所提升, 量价齐升带动销售增长。2)渠道端:公司持续加强线下门店结构的优化升 级,我们判断成人装 Q2 店铺数量延续净开趋势,同时新开门店面积以及店 铺质量都对比已有门店更加优异。 361 度童装:先发优势 ...

Investment Rating - The report initiates coverage with a "Buy" rating for 361 Degrees [3][35]. Core Insights - 361 Degrees has been deeply engaged in the sportswear sector for 20 years, focusing on professional, youthful, and international branding, leading to a return to growth with a revenue CAGR of 10.6% and a net profit CAGR of 22.1% from 2019 to 2023 [8][35]. - The company operates 9,539 offline stores as of the end of 2023, including 5,734 main brand stores, 2,545 children's stores, and 1,260 international stores [8]. - The adult apparel segment achieved revenue of 6.334 billion yuan in 2023, with significant growth in shoes (23%), clothing (10%), and accessories (43%) [9]. - The children's apparel segment has shown robust growth, with a revenue CAGR of 31.6% from 2011 to 2023, contributing 23% to total revenue in 2023 [13]. Summary by Sections Company Overview - 361 Degrees was established in 2003 and has evolved into a leading sportswear brand in China, focusing on running, basketball, training, lifestyle, and children's categories [8]. - The company has undergone three phases: rapid growth due to Olympic demand (2003-2011), adjustment during industry slowdown (2012-2018), and a focus on brand rejuvenation and professional empowerment since 2019 [8]. Core Competitiveness - The adult apparel business has returned to stable growth, driven by demand, with a revenue of 6.334 billion yuan in 2023 and a two-year CAGR of 15.5% [9]. - The children's apparel segment has maintained a net store expansion, reaching 2,545 stores by the end of 2023, with a focus on improving store quality [9][13]. - The company emphasizes high-quality store openings and e-commerce growth, with online sales accounting for 27.6% of total revenue in 2023 [9][31]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.151 billion yuan, 1.356 billion yuan, and 1.573 billion yuan from 2024 to 2026, representing growth rates of 20%, 18%, and 16% respectively [35]. - Revenue projections for 2024-2026 are 10.028 billion yuan, 11.900 billion yuan, and 13.800 billion yuan, with respective growth rates of 19.1%, 18.7%, and 16.0% [33][35].