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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a strong performance in its 2023 annual report, achieving a revenue of 8.423 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 0.961 billion yuan, up 28.7%. A final dividend of 0.139 HKD per share is proposed [3][4] - The growth in revenue is driven by the children's clothing and e-commerce segments, with children's clothing revenue reaching 1.958 billion yuan, a remarkable growth of 35.7% year-on-year. The overseas market expansion is also progressing well, with overseas revenue increasing by 50.1% to 0.185 billion yuan [3][4] - The gross margin improved by 0.6 percentage points to 41.1%, with the sales and distribution expenses increasing due to heightened marketing activities. The operating profit margin increased by 1 percentage point to 16.4%, and the net profit margin rose by 0.7 percentage points to 11.4% [3][4] Summary by Sections Financial Performance - The company achieved a total revenue of 8.423 billion yuan in 2023, with a growth rate of 21.0%. The net profit attributable to shareholders was 0.961 billion yuan, reflecting a growth rate of 28.7% [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.46, 0.54, and 0.63 respectively, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [4] Business Segments - The revenue from the adult clothing segment was 6.334 billion yuan, growing by 17.4% year-on-year, while the children's clothing segment contributed 1.958 billion yuan, with a growth of 35.7% [3] - E-commerce revenue increased by 38% to 2.326 billion yuan, accounting for 27.6% of total revenue, with significant sales performance during the Double Eleven shopping festival [3] Market Strategy - The company is focusing on optimizing its channel structure, with a net addition of 254 adult clothing stores and 257 children's clothing stores, bringing the total to 5,734 and 2,545 respectively [3] - The appointment of NBA star Nikola Jokic as a global brand ambassador is expected to enhance brand visibility and drive sales [3]

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]

Investment Rating - The report maintains a "Buy" rating for 361 Degrees with a target price of HKD 6.9 [1][3][5] Core Insights - 361 Degrees reported a revenue of RMB 8.423 billion for 2023, representing a year-on-year growth of 21.0%, and a net profit attributable to shareholders of RMB 961 million, up 28.7% year-on-year [2][4] - The company has resumed dividend payments with a payout ratio of 40.2%, distributing HKD 0.204 per share [2][4] - The strong performance is attributed to the recovery in consumer spending, particularly in the children's clothing and e-commerce segments, which saw revenue growth of 35.7% and 38.0% respectively [2][3] Financial Performance Summary - Revenue for 2023 was RMB 8,423 million, with projected revenues of RMB 10,013 million, RMB 11,354 million, and RMB 12,671 million for 2024, 2025, and 2026 respectively [4][10] - The gross profit margin increased by 0.6 percentage points to 41.1%, with net profit margin rising by 0.7 percentage points to 11.4% [2][4] - Earnings per share (EPS) for 2023 was RMB 0.47, with forecasts of RMB 0.54, RMB 0.62, and RMB 0.70 for the following three years [4][10] Market Position and Brand Strategy - 361 Degrees has established a strong brand presence as the official partner of the Asian Games, enhancing its visibility and market influence [2][3] - The company is expanding its store network, with a total of 6,994 large apparel and 2,545 children's clothing outlets by the end of 2023, reflecting a net increase of 254 and 257 stores respectively [2][4] - The brand is actively engaging younger consumers through innovative products and marketing strategies, including collaborations with celebrities and participation in sports events [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has shown strong performance in children's clothing and e-commerce in 2023, indicating robust momentum in specialized categories [1]. - The revenue for 2023 reached 84.23 billion HKD, representing a year-on-year increase of 21%, with net profit growing by 28.7% to 9.6 billion HKD [5]. - The company is expected to continue benefiting from the growth in e-commerce and children's clothing, with projections for net profit of 11.4 billion HKD in 2024, 13.5 billion HKD in 2025, and 15.8 billion HKD in 2026 [5]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 84.23 billion HKD and a net profit of 9.6 billion HKD, with respective year-on-year growth rates of 21% and 28.7% [5]. - For the second half of 2023, revenue was 41.1 billion HKD, up 24%, and net profit was 2.6 billion HKD, up 31% [5]. - The company maintained a dividend payout ratio of 40.2% for the year [5]. Product and Market Performance - Revenue by category in 2023 included shoes at 35.1 billion HKD (+23%), clothing at 26.9 billion HKD (+9.8%), accessories at 1.37 billion HKD (+42.9%), and children's clothing at 19.6 billion HKD (+35.7%) [5]. - The company has expanded its product matrix to include specialized products for running and basketball, with significant growth in children's clothing and e-commerce [5]. Future Projections - The company expects continued strong performance in Q1 2024, with projected revenue growth of 10-15% for adult clothing and over 20% for children's clothing [6]. - The gross profit margin for 2023 was reported at 41.1%, with expectations for a slight increase in future years [7]. - The company plans to open an additional 100-200 stores in 2024, indicating ongoing expansion in the domestic market [5].