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 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]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.35, corresponding to a 10x PE for 2025 [2][12]. Core Insights - The company has shown strong turnover growth across all categories, particularly in children's wear and e-commerce, with e-commerce turnover growing 30-35% YoY in 24Q4 [8][9]. - E-commerce has been the fastest-growing channel since 2023, with expectations for improved profitability due to cost control and exclusive online products [9][10]. - The company is enhancing store efficiency and has opened its first direct store in Southeast Asia, indicating a strategic expansion [10][11]. - Continuous product innovation is expected to drive turnover, with several new product launches planned for 24Q4 [10][11]. - Brand popularity is being enhanced through events and collaborations, which are expected to increase consumer engagement [11]. Financial Data and Forecast - Revenue is projected to grow from RMB 8,423 million in 2023 to RMB 13,000 million by 2026, with a CAGR of approximately 13.9% [2][6]. - Net profit attributable to shareholders is expected to increase from RMB 961 million in 2024 to RMB 1,475 million in 2026, reflecting a strong growth trajectory [2][6]. - The gross margin is forecasted to improve gradually from 41.1% in 2023 to 42% in 2026, indicating effective cost management [2][6].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3] Core Views - The company reported a robust performance in Q4 2024, with the main brand's offline retail sales growing approximately 10%, children's clothing sales increasing by 10-15%, and e-commerce sales rising by 30-35% [2][3] - The growth in children's clothing and e-commerce has accelerated compared to the previous quarter, indicating a positive trend in consumer demand [3][4] - The company continues to launch competitive new products, including winter down jackets and various running shoes, enhancing consumer experience [5][6] - The financial outlook has been slightly adjusted downward for 2025-2026 due to macroeconomic uncertainties, with projected net profits of 1.14 billion, 1.30 billion, and 1.46 billion yuan for 2024-2026, reflecting year-on-year growth rates of 18.1%, 14.3%, and 12.4% respectively [3][7] Summary by Sections Retail Performance - In Q4 2024, the adult apparel offline sales grew by about 10%, children's apparel by 10-15%, and e-commerce by 30-35%, with both children's and e-commerce sales accelerating compared to Q3 [3][4] Product Development - The company has introduced multiple new products, including the "ULTRA series" down jackets and various running shoes, which have been well-received in the market [5][6] Financial Forecast - The company expects net profits to be 1.14 billion, 1.30 billion, and 1.46 billion yuan for 2024-2026, with corresponding year-on-year growth rates of 18.1%, 14.3%, and 12.4% [3][7] - The target price remains at 4.5-5.1 HKD, corresponding to a PE ratio of 7-8x for 2025 [3][7]