纺织服饰 361 度（01361.HK） 买入-B(维持) 24Q1 零售流水延续靓丽表现，零售折扣保持平稳 2024年4月11日 公司研究/公司快报 公司近一年市场表现 事件描述  4月10日，公司发布2024年第一季度经营数据。2024Q1，361度主品牌零 售流水同比增长高双位数，361度童装品牌零售流水同比增长20%-25%，361度 电商平台零售流水同比增长20%-25%。 事件点评  24Q1主品牌线下流水表现超预期，线上与线下渠道增速趋同。2024Q1，361 资料来源：最闻，山西证券研究所 度主品牌零售流水同比增长高双位数，361 度童装品牌零售流水同比增长 市场数据：2024年4月10日 20%-25%，361度电商平台零售流水同比增长20%-25%，童装表现继续优于成人 收盘价（元）： 4.850 装，预计公司线上渠道增速与线下渠道接近。2024Q1，公司当季新品平均零售 年内最高/最低（元）： 5.300/3.180 折扣约7折，库销比处于4.5-5个月区间。线下渠道拓展方面，2024Q1，预计 流通A股/总股本（亿）： 20.68/20.68 361度童装品牌实现净开店，平均单店面 ...

证券研究报告 | 公司点评 2024年04月10日 361 度（01361.HK） 2024Q1 流水增速优异，期待全年业绩表现 361度披露2024Q1经营情况公告，全渠道流水增速亮眼。根据公司披 买入（维持） 露，361度成人装线下渠道流水增长高双位数，童装线下流水增长 20%- 股票信息 25%，电商流水同比增长20%-25%，整体表现亮眼，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，同2023年末保持一致，分品牌 行业 鞋类 /渠道来看： 前次评级 买入 4月10日收盘价(港元) 4.85 361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 总市值(百万港元) 10,028.26 人装流水增长基础。面对消费环境的波动复苏，2024Q1 361度成人装线 总股本(百万股) 2,067.68 下渠道流水同比增长高双位数，增速表现优异。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 其中自由流通股(%) 100.00 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，期内 30日日均成交量(百万股) 3.62 更新迭代竞 ...

[Table_Title] 全年业绩表现亮眼，童装及电商高增 [Table_ReportDate] 361度（01361.HK）公司简评报告 | 2023.03.29 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 ⚫ 事件：公司发布2023年年报，全年实现营业收入84.23亿元，同比+21%； 首席分析师 归母净利润9.61亿元，同比+28.7%；拟派发末期股息每股13.9港仙。 SAC执证编号：S0110521070002 点评： chenmeng@sczq.com.cn 电话：010-81152649 ⚫ 童装及电商增速亮眼，海外市场拓展顺利。分业务看，23 年大装/童装 分别实现收入63.34/19.58亿元，同比分别增长17.4%/35.7%，营收占比 郭琦 分别为75.2%/23.2%，童装业务增速亮眼，主因公司丰富产品矩阵及以 分析师 科技创新赋能产品迭代升级。分品类看，大装鞋/服销售额分别同增 SAC执证编号：S0110523070001 23%/9.8%，其中销量分别同增19.4%/9.4%，批发均价分别同增3%/0. ...

Financial Performance - Revenue increased by 21.0% to RMB 8.42 billion, with e-commerce revenue rising by 38.0% to RMB 2.33 billion[12]. - Profit attributable to equity holders grew by RMB 961.4 million, with basic earnings per share reaching 46.5 cents[15]. - Gross profit margin improved to 41.1%, up from 40.5% in the previous year[15]. - Operating profit margin increased to 16.4%, compared to 15.4% in the prior year[15]. - For the fiscal year ending December 31, 2023, the company's revenue reached RMB 8.4 billion, representing a year-on-year growth of 21.0%[19]. - The profit attributable to equity holders was RMB 961.4 million, reflecting a year-on-year increase of 28.7%[19]. - The proposed final dividend per ordinary share is HKD 0.139, equivalent to RMB 0.127, with a total dividend payout ratio of 40.2%[19]. Assets and Liabilities - Non-current assets amounted to RMB 1,447.9 million, an increase from RMB 1,152.1 million in 2022[17]. - Current assets increased to RMB 11,617.3 million from RMB 11,283.8 million in the previous year[17]. - The debt ratio decreased to 2.2% from 2.4% in 2022, indicating improved financial stability[17]. - The inventory turnover days were 93 days, slightly up from 91 days in 2022[17]. Market Presence and Brand Strategy - The number of retail outlets exceeded 9,000 globally, enhancing market influence[5]. - The company focuses on the 361º brand and 361º children's brand, emphasizing professional sports functionality[2]. - 361º has partnered with international basketball stars for brand endorsement, enhancing its market presence[8]. - The company aims to enhance brand professionalism and market position through sponsorship of major sports events, including the Hangzhou Asian Games[20]. - The brand's visibility and influence significantly increased due to high exposure during the Hangzhou Asian Games, leveraging digital technology and social media[21]. - The company continues to focus on the professional sports market, aligning its strategic direction with policy and consumer trends[20]. Product Development and Innovation - The company has introduced new products, including a professional carbon plate running shoe series[8]. - In 2023, the company expanded its product matrix in the running category, launching new shoe series including "Feiran 2.0," "Feiran 2.5," and "Feiran 3.0," significantly increasing the wearing rate of 361º running shoes in marathon events[22]. - The basketball brand influence surged, with the endorsement of international basketball star Nikola Jokic, enhancing brand visibility and contributing to the success of the "AG" series and "Zen 5" basketball shoes[22]. - The company launched several new products, including the "Flash Antelope Jump Rope Shoes 3.0" and "4.0," enhancing its product matrix with advanced technology[52]. - The introduction of upgraded jump rope equipment supports the national jump rope team, enhancing the brand's authority and professionalism in this category[25]. E-commerce and Sales Channels - In 2023, the company's online sales channels experienced sustained high growth, becoming a core driver of revenue expansion[26]. - E-commerce business generated revenue of RMB 2,325.5 million, representing about 27.6% of total revenue, with a year-on-year increase of 38.0%[62]. - During the "618" shopping festival, 361º e-commerce channels achieved a cumulative sales growth of approximately 43%[63]. - The "AG" series and "轨迹4.0" products achieved significant sales during the "Double Eleven" event, with a total of 370,000 pairs sold[63]. Corporate Social Responsibility and Sustainability - 361º has initiated a carbon capture concept, highlighting its commitment to environmental sustainability[8]. - The company emphasizes sustainability by integrating eco-friendly elements into its supply chain, reflecting a commitment to high-quality development[32]. - The group donated materials worth 10 million yuan to flood-affected areas and 10 million yuan in winter supplies to Gansu earthquake victims[69]. Employee and Governance - The group employed a total of 7,375 full-time employees in China as of December 31, 2023[103]. - The company has established a mandatory provident fund plan for employees in Hong Kong, requiring both employer and employee contributions of 5% of relevant income[147]. - The board consists of 4 executive directors and 3 independent non-executive directors, ensuring a diverse range of expertise[163]. - The company has implemented a governance policy that complies with legal and regulatory requirements, reviewed annually[161]. Future Outlook and Strategic Goals - The company aims to leverage the opportunities presented by the upcoming Olympic year in 2024 to enhance its brand image and product offerings[28]. - The group is optimistic about the development of the Chinese sports industry in 2024, driven by major international and domestic sports events, including the Paris Olympics[104]. - The company plans to continue investing in its e-commerce system and marketing efforts to drive further growth in online sales[73].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨 度（ ） 361 1361.HK [童Ta装b≤电_T商itl延e]续高增，门店优化提速 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]财报，2023年公司实现营收84.2亿元，同比+21%，归母净利润同比+28.7% 至9.6亿元，全年分红率达40.2%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, which is a leader in the domestic sports footwear and apparel market targeting lower-tier markets [4]. Core Views - The company slightly exceeded expectations for 2023, with a full-year dividend payout ratio of 40%. The revenue for 2023 reached 8.42 billion RMB, representing a year-on-year growth of 21%, while the net profit was 960 million RMB, up 28.7% year-on-year [3][4]. - The company is expected to maintain high growth in 2024, driven by strong performance in the first three quarters of the year and a favorable market positioning [3][4]. Financial Summary - Revenue for 2023 was 8.42 billion RMB, with a gross profit of 3.46 billion RMB and a net profit of 960 million RMB. The gross margin was 41.1%, an increase of 0.6 percentage points year-on-year [2][3]. - The company forecasts net profits of 1.13 billion RMB, 1.32 billion RMB, and 1.52 billion RMB for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 7.5, 6.5, and 5.6 [3][4]. Market Performance - The company’s stock price is currently at 4.49 HKD, with a market capitalization of 9.284 billion HKD. The stock has traded within a range of 3.23 to 5.15 HKD over the past 52 weeks [4].

港股公司报告 | 公司点评 361 度（01361） 证券研究报告 2024年03月23日 投资评级 23 年增速靓丽，电商高增，儿童表现亮眼 行业 非必需性消费/纺织及 服饰 公司披露2023业绩 6个月评级 买入（维持评级） 当前价格 4.49港元 23年营业收入84.23亿元人民币，同比增长21.01%，23年归母净利润9.61 目标价格 港元 亿元人民币，同比增长28.68%。 分品类，鞋类收入同比增长23%，服装收入同比增长10%，配饰收入同比 基本数据 增长43%，童装收入同比增长36%，其他收入同比增长8%。 港股总股本(百万股) 2,067.68 分渠道，23年Q1、Q2主品牌线下终端零售流水同比增长达到低双位数， 港股总市值(百万港元) 9,283.89 Q3同比增长约为15%，Q4同比增长超过20%。23年电商销售线上专供品 每股净资产(港元) 4.85 同比增长38.0%。 资产负债率(%) 25.58 一 年内最高/最低(港元) 5.30/3.18 渠道升级门店形象优化 作者 深耕电商等新零售渠道的同时，亦有效推进线下渠道建设，稳步提升门店 孙海洋 分析师 SAC执业证书编号：S111 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 361 度（01361.HK） 23 年业绩点评：品牌力提升，业绩增长亮眼 2024 年 03月 19日 买入（维持） [盈Ta利bl预e_测EP与S]估 值 2022A 20 23A 2024E 2025E 2026E 证券分析师 李婕 营业总收入（百万元） 6,961 8,423 9,932 11,512 13,299 执业证书：S0600521120003 同比 17.61% 21.01% 17.91% 15.91% 15.52% lijie@dwzq.com.cn 归母净利润（百万元） 747.12 961.43 1,131.34 1,329.39 1,547.59 证券分析师 赵艺原 同比 24.17% 28.68% 17.67% 17.51% 16.41% 执业证书：S0600522090003 EPS-最新摊薄（元/股） 0.36 0.46 0.55 0.64 0.75 P/E（现价&最新摊薄） 11.21 8.71 7.40 6.30 5.41 zhaoyy@dwzq.com.cn [ [TT aab bl le e_ _T Sa ug m] m ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated strong performance in its 2023 annual report, with revenue increasing by 21.0% year-on-year to 8.42 billion RMB and net profit rising by 28.7% to 960 million RMB, aligning with previous forecasts [3][4] - The company announced a dividend of approximately 0.19 RMB per share, with a payout ratio of 40%, significantly up from 18% in the first half of 2023, resulting in a dividend yield of about 5% [3] - The company is expected to achieve revenue growth of 15-20% in 2024, with a gross margin of approximately 40-42% [3] Financial Performance - In 2023, the company's revenue reached 8.42 billion RMB, with a year-on-year growth of 21% [6] - The net profit for 2023 was 960 million RMB, reflecting a year-on-year increase of 29% [6] - The gross margin improved by 0.6 percentage points to 41.1%, while the net profit margin increased by 0.7 percentage points to 11.4% [6][12] Business Segments - The adult apparel segment saw a revenue increase of 17.4% to 6.33 billion RMB, accounting for 75% of total revenue, with footwear sales growing by 23.0% to 3.51 billion RMB [3] - The children's clothing segment experienced a robust growth of 35.7%, reaching 1.96 billion RMB, representing 23% of total revenue [3] - E-commerce sales grew by 38.0% to 2.33 billion RMB, driven by the launch of exclusive online products and strong sales during promotional events [3] Future Outlook - The management is optimistic about future growth, projecting net profits of 1.15 billion RMB, 1.34 billion RMB, and 1.54 billion RMB for 2024, 2025, and 2026 respectively [3][4] - The company is focusing on enhancing product quality, brand positioning, and channel optimization to achieve growth that outpaces the industry [3]

Table_BaseInfo 2024 年 3 月 15 日 公司动态分析 361 度（1361.HK） 证券研究报告 运动鞋服 全年高质量增长，童装及电商持续强劲 投资评级： Xx 买入 xx 事件：361度公布2023年全年业绩表现，收入同比增长21.0%，归母净利润同比增 长28.7%。今年恢复派息，派息比例为40.2%。整体表现好于市场预期且符合我们此 目标价格： 6.9 港元 前预期。综合考虑，我们预测2024/2025/2026年EPS为0.54/0.62/0.70元，目标 价6.9港元，维持“买入”评级。 现价(2024-3-14)： 4.46港元 报告摘要 运动消费品复苏带动销售增长，电商及童装表现强劲 随着消费市场的持续回暖，体 总市值(百万港元) 9,221.86 育产业景气度继续高涨，带动运动消费品的销售提升。2023 全年，361 度录得收入 流通市值(百万港元) 9,221.86 84.23亿元，同比增长21.0%，其中童装收入为19.58亿元，同比增长35.7%，占收 总股本(百万股) 2,067.68 入比提升至23.2%；电商收入为23.26亿元，同比增长38.0%，占收入比提 ...