2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 20.68 | | 总市值(亿港元)： | 92.84 | | 一年最低/最高(港元)： | 3.15/4.85 | | 近 3 月换手率： | 21.4% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25 ...

Investment Rating - The report assigns a "Buy" rating to the company 361 Degrees (1361.HK) with a target price of HKD 5.63, indicating a potential upside of 22.7% from the current price of HKD 4.59 [3][8]. Core Insights - The company is expected to achieve a revenue growth of 20% and a net profit growth of 19% for 2024, aligning with expectations. The end-of-period inventory increased by 56% to HKD 2.1 billion due to early stocking for the Spring Festival [5][6]. - The company plans to expand its "super product stores" to 100 by the end of 2025, aiming to create a store model similar to "Uniqlo" in the sports industry [7][8]. - The report anticipates a revenue growth of 10-15% for 2025, with a net profit margin projected between 10-12% [8]. Financial Performance - For 2024, the company reported a revenue of HKD 10.07 billion, with a gross profit margin of 41.5% and a net profit margin of 11.4% [5][9]. - The forecast for 2025E-2027E indicates revenues of HKD 11.24 billion, HKD 12.41 billion, and HKD 13.66 billion, representing year-on-year growth rates of 11.5%, 10.4%, and 10.1% respectively [8][9]. - The net profit for the same period is expected to be HKD 1.28 billion, HKD 1.41 billion, and HKD 1.57 billion, with growth rates of 11.3%, 10.5%, and 11.0% respectively [8][9]. Market Position and Strategy - The company has seen strong performance in its running and basketball categories, with year-on-year growth rates of 30% and 20% respectively. High-end products have also made significant contributions to sales [6][8]. - The company is focusing on enhancing its inventory management and improving cash flow, with a projected operating cash flow of HKD 70 million for 2024 [5][8].

Investment Rating - The report assigns a "Buy" rating to the company 361 Degrees (1361.HK) with a target price of HKD 5.63, indicating a potential upside of 22.7% from the current price of HKD 4.59 [3][8]. Core Insights - The company is expected to achieve a revenue growth of 20% and a net profit growth of 19% for 2024, aligning with expectations. The end-of-period inventory increased by 56% to HKD 2.1 billion due to early stocking for the Spring Festival [5][6]. - The company plans to expand its "super premium store" concept to 100 locations by the end of 2025, aiming to create a store model akin to "Uniqlo" in the sports industry [7][8]. - The report anticipates a revenue growth of 10-15% for 2025, with a net profit margin projected between 10-12% [8]. Financial Performance Summary - For 2024, the company reported a revenue of HKD 10.07 billion, a year-on-year increase of 20%, and a net profit of HKD 1.15 billion, up 19% [5][9]. - The gross profit margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [5][9]. - The report forecasts revenues of HKD 11.24 billion, HKD 12.41 billion, and HKD 13.66 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.5%, 10.4%, and 10.1% [8][9]. Inventory and Cash Flow Analysis - The company’s inventory turnover days remained stable at 149 days, with a significant increase in inventory due to early stocking [5][9]. - The operating cash flow for 2024 is projected to be HKD 70 million, reflecting the impact of early inventory stocking [5][9].

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [1] Core Insights - The company reported better-than-expected performance for FY2024, with revenue growth of 19.6% to RMB 10.07 billion and net profit growth of 19.5% to RMB 1.15 billion [6][7] - The dividend payout increased to HKD 0.265 per share, with a payout ratio of 45%, up from 40% in FY2023 [6] - The company has shown continuous improvement in operational efficiency and revenue growth across its children's and adult clothing segments [6] Financial Data and Earnings Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: RMB 8.42 billion - FY2024: RMB 10.07 billion - FY2025E: RMB 11.30 billion - FY2026E: RMB 12.38 billion - FY2027E: RMB 13.45 billion - Net profit projections for the same period are: - FY2023: RMB 0.96 billion - FY2024: RMB 1.15 billion - FY2025E: RMB 1.30 billion - FY2026E: RMB 1.45 billion - FY2027E: RMB 1.58 billion [5][15] - The company expects sales growth of 10-15% in 2025, driven primarily by volume growth [6] Business Performance - The children's clothing segment generated RMB 2.34 billion in revenue, a 19.5% increase, while the adult clothing segment reached RMB 7.38 billion, also up by 19% [6] - The gross margin improved to 41.5%, with a slight increase in operating efficiency reflected in reduced expense ratios [6][11] - The company has been focusing on enhancing its brand and channel efficiency, which is expected to lead to market share growth [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported better-than-expected performance for FY2024, with revenue increasing by 19.6% to RMB 10.07 billion and net profit rising by 19.5% to RMB 1.15 billion [3][4] - The dividend payout ratio has increased from 40% in FY2023 to 45% in FY2024, reflecting a commitment to returning value to shareholders [3] - The company has shown continuous improvement in operational efficiency across its children's and adult clothing segments, with children's clothing revenue reaching RMB 2.34 billion and adult clothing revenue at RMB 7.38 billion, both growing around 19% [3][4] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: RMB 8.42 billion (FY2023), RMB 10.07 billion (FY2024), RMB 11.30 billion (FY2025E), RMB 12.38 billion (FY2026E), and RMB 13.45 billion (FY2027E), with growth rates of 21%, 20%, 12%, 10%, and 9% respectively [2] - Net profit forecasts are RMB 0.96 billion (FY2023), RMB 1.15 billion (FY2024), RMB 1.30 billion (FY2025E), RMB 1.45 billion (FY2026E), and RMB 1.58 billion (FY2027E), with growth rates of 29%, 20%, 13%, 12%, and 9% respectively [2] - The company’s gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [2] Operational Efficiency - The company has optimized its accounts receivable turnover, maintaining an average of 149 days, with an increase in the proportion of receivables collected within 90 days from 59.3% to 62.5% [3] - Inventory turnover days increased to 107 days, attributed to a strategic increase in finished goods to meet e-commerce demand during the Spring Festival [3] - The company has reduced its payable turnover days to 88 days, down by 22 days, due to partnerships with new quality suppliers [3] Market Outlook - Management expresses confidence in achieving a sales growth of 10-15% in 2025, primarily driven by volume growth [3] - The company aims to maintain a gross margin of 40-42% and a net profit margin of 10-12% in the upcoming years [3] - The company has been focusing on product, brand, and channel enhancements, which are expected to yield faster growth than the industry average [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.32 [7][8]. Core Views - The company achieved a revenue of RMB 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit of RMB 1.15 billion, also up by 19.5%, aligning with previous expectations [1]. - The company is focusing on enhancing brand competitiveness and expanding into children's clothing, e-commerce, and overseas markets, which are expected to drive growth [1][2]. - The company plans to open approximately 100 new "super stores" in 2025, positioning itself as the "Uniqlo" of sports apparel, which is anticipated to significantly boost sales [2]. Summary by Sections Financial Performance - The company reported a gross margin of 41.5%, an increase of 0.4 percentage points year-on-year, attributed to effective cost control and pricing strategies [3]. - Advertising and promotional expenses increased to 12.8% of revenue, primarily due to sponsorship of events like the Asian Games [3]. - The company’s net profit margin remained stable at 11.4% [3]. Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to RMB 11.37 billion, with a net profit forecast of RMB 1.31 billion, reflecting increases of 12.83% and 13.62% respectively [4]. - The report introduces a new net profit expectation for 2027 at RMB 1.66 billion [4]. Valuation Metrics - The company’s projected PE ratio for 2025 is 7.8x, which is lower than the average of comparable companies at 13.8x [4]. - The report highlights the company’s low valuation and high dividend yield, which exceeds 6% [1][4]. Market Position and Strategy - The company is expanding its product matrix in running and basketball categories, with new product launches contributing to growth [2]. - The children's segment showed strong performance with a revenue increase of 19.5% to RMB 2.34 billion [2]. - Online sales accounted for 25.9% of total revenue, growing by 12.2% year-on-year [2]. Operational Efficiency - Inventory levels increased by 56.2% to RMB 2.11 billion, mainly due to early preparations for the Spring Festival [3]. - The accounts receivable turnover days remained healthy at 149 days [3]. Overall Market Outlook - The company is well-positioned to capitalize on the growing demand for sports apparel, particularly in the children's segment and through its e-commerce initiatives [1][2].

2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 24 年收入、归母净利润同比+19.6%、+19.5% 361 度发布 2024 年业绩。公司 2024 年实现营业收入 100.7 亿元，同比增长 19.6%， 归母净利润 11.5 亿元，同比增长 19.5%，EPS 为 0.56 元，拟每股派发末期现金红 利 0.10 港元，结合中期现金红利 0.165 港元，全年派息率为 45.0%。分上下半年来 看，2024 年上半年收入/归母净利润分别同比+19.2%/+12.2%，下半年分别同比 +20.0%/+39.2 ...

2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 20.68 | | 总市值(亿港元)： | 92.84 | | 一年最低/最高(港元)： | 3.15/4.85 | | 近 3 月换手率： | 21.4% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25 ...

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].