Financial Performance - Revenue increased from RMB 4,311.5 million to RMB 5,141.3 million, representing a growth of 19.2%[4] - Profit attributable to equity holders rose from RMB 703.6 million to RMB 789.7 million, an increase of 12.2%[5] - Gross profit margin decreased slightly to 41.3% from 41.7%, while operating profit margin fell to 20.6% from 23.0%[4] - Gross profit for the first half of 2024 was RMB 2,125.0 million, an 18.3% increase from RMB 1,796.5 million in the same period of 2023, with a slight decline in gross margin to 41.3%[105] - Operating profit increased to RMB 1,060,445 thousand, compared to RMB 992,781 thousand in the previous year, reflecting a growth of 6.8%[121] - Net profit for the period was RMB 821,709 thousand, a rise of 7.3% from RMB 766,245 thousand in the prior year[123] - Total revenue for the first half of 2024 reached RMB 5,141.3 million, a 19.2% increase compared to RMB 4,311.5 million in the same period of 2023[100] Asset and Liability Management - Non-current assets decreased by 17.3% to RMB 1,198.1 million, while current assets increased by 5.1% to RMB 12,206.8 million[6] - The debt ratio increased to 2.5% from 2.2%[6] - The company's total liabilities decreased to RMB 3,399,366 as of June 30, 2024, from RMB 3,088,042 as of December 31, 2023, reflecting a decrease of approximately 10.1%[124] - The company's total assets as of June 30, 2024, reached RMB 12,206,791, compared to RMB 11,617,332 as of December 31, 2023, indicating an increase of approximately 5.1%[124] Research and Development - The company plans to increase R&D activities in the second half of 2024, expecting a profit margin increase of 3% to 4%[5] - R&D expenses accounted for 2.8% of the group's total revenue, focusing on professional sports areas such as running and basketball[86] - The group has obtained 562 patents and has 857 technical personnel involved in product development, including 428 for footwear and 318 for apparel[89] Marketing and Brand Development - The company aims to enhance consumer recognition of its children's brand by increasing the proportion of professional sports products[17] - The company aims to deepen its brand positioning of "professionalization, youthfulness, and internationalization" in the second half of 2024[21] - The company aims to enhance its brand value through strategic sponsorships and a focus on consumer trends in marketing[41] - The company aims to strengthen its global influence by actively participating in international sports events and enhancing international cooperation[30] Sales and Distribution - The company declared an interim dividend of HKD 0.165 per share, equivalent to RMB 0.154, with a payout ratio of 40.3%[13] - During the 618 shopping festival, the company's e-commerce platform sales increased by 94% year-on-year, ranking third among domestic brands[20] - The company's online sales channel experienced a growth rate of 99%, leading the industry in year-on-year growth[20] - E-commerce business generated revenue of RMB 1,252.7 million, representing about 24.4% of total revenue, with a year-on-year growth of 16.1%[77] Operational Efficiency - Inventory turnover days improved to 82 days from 93 days, while trade receivables turnover days decreased slightly to 148 days[6] - The average inventory turnover period decreased to 85 days from 93 days in the previous year, indicating improved inventory management[120] - The average trade payables turnover period decreased by 21 days to 89 days, reflecting improved cash flow management[120] Market Trends and Consumer Behavior - The demand for sports apparel is evolving, with consumers increasingly valuing both functionality and fashion, leading to a blurred line between daily wear and sportswear[26] - There is a growing demand for high-end and professional sports equipment as consumer awareness of sports-related purchases matures[30] - The children's outdoor sports market is experiencing explosive growth due to increased parental demand for quality sports gear and diverse product needs[30] Corporate Governance and Compliance - The company maintained compliance with the corporate governance code during the six months ended June 30, 2024[191] - The audit committee has reviewed the unaudited interim financial statements for the six months ending June 30, 2024, and believes they comply with relevant accounting standards and regulations[200] Strategic Partnerships and Sponsorships - The company is a global gold partner for the Zhengkai Marathon in China from 2022 to 2024[52] - The company is the main sponsor for the Liverpool Half Marathon in the UK for 2023 to 2024[52] - The company has collaborated with the Asian Olympic Council and the World Swimming Federation as official partners[53] - The company has engaged several sports ambassadors with notable achievements in marathons, enhancing brand visibility[54][55][57]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |--------------------------------------------------------------|-----------| | [Table_StockInfo]08 月 19 日收盘价（港元） | 3.72 | | 52 周股价波动（港元） | 3.09-5.06 | | 总股本（百万股） | 2068 | | 总市值（百万港元） | 7692 | | 相关研究 | | | [Table_ReportInfo] 《23H1 童装、线上销售表现亮眼，品牌力持续 | | | 提升》2023.8.20 | | | 《23Q2 流水双位数增长，亚运预热助力品牌提 | | | 升专业影响力》2023.7.21 | | | 《23Q1 流水高基数下双位数增长，看好全年业 | | | 绩增长》2023.4.18 | | | 市场表现 | | [Table_QuoteInfo] | --- | --- | -- ...

证券研究报告·海外公司点评·纺织及服饰(HS) 买入（维持） 361 度（01361.HK） 24H1 业绩点评：深耕大众市场优化运营，业绩增 长持续稳健 2024 年 08 月 19 日 证券分析师 汤军 执业证书：S0600517050001 021-60199793 tangj@dwzq.com.cn 证券分析师 赵艺原 执业证书：S0600522090003 zhaoyy@dwzq.com.cn | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|----------|----------|----------| | [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 ...

Investment Rating - The report maintains a "Buy" rating for 361 Degrees (01361) [1] Core Views - 361 Degrees achieved strong growth in its children's wear business, driven by professional, health-tech, and fashionable products, with sales volume increasing by 26.0% YoY [1] - The company's e-commerce business also performed well, with revenue increasing by 16.1% YoY to 1.25 billion RMB, accounting for 24.4% of total revenue [1] - During the "618" shopping festival, the company's e-commerce sales surged by 94%, ranking third among domestic brands, with sales volume growth of 99%, the highest in the industry [1] - Overseas revenue declined due to weak demand in some South American countries [1] - The company is focusing on professional sports, youth, and internationalization, with 562 patents as of June 30, 2024, and plans to increase R&D spending to 3%-4% of revenue in H2 2024 [1] Financial Performance - 24H1 revenue reached 5.14 billion RMB, up 19.2% YoY, with net profit attributable to shareholders of 790 million RMB, up 12.2% YoY [1] - Gross margin was 41.3%, down 0.4 pct YoY, while net profit margin was 15.4%, down 0.9 pct YoY [1] - Basic EPS was 38.2 RMB cents, up 12.4% YoY, with a dividend of 16.5 HK cents and a payout ratio of 40.3% [1] - Advertising and promotional expenses accounted for 10.5% of revenue, up 1.7 pct YoY, while employee costs accounted for 6.2%, down 0.9 pct YoY [1] - R&D expenses accounted for 2.8% of revenue, down 0.4 pct YoY [1] Product Breakdown - Adult footwear revenue was 2.28 billion RMB, up 20.1% YoY, accounting for 44.4% of total revenue, with a gross margin of 42.8%, down 0.7 pct YoY [1] - Adult apparel revenue was 1.58 billion RMB, up 15.7% YoY, accounting for 30.7% of total revenue, with a gross margin of 40.2%, up 0.1 pct YoY [1] - Children's products revenue was 1.13 billion RMB, up 24.2% YoY, accounting for 22.0% of total revenue, with a gross margin of 41.7%, down 0.7 pct YoY [1] Store Network - As of the end of the period, the company had 2,550 children's sales outlets in mainland China, with 45.2% located in the north [1] - The company had 5,740 stores in mainland China, with 46.6% located in the north [1] Future Outlook - The company is expected to achieve revenue of 10.09 billion RMB, 11.69 billion RMB, and 13.45 billion RMB in 2024, 2025, and 2026, respectively [1] - Net profit attributable to shareholders is expected to be 1.11 billion RMB, 1.29 billion RMB, and 1.53 billion RMB in 2024, 2025, and 2026, respectively [1] - EPS is expected to be 0.54 RMB, 0.62 RMB, and 0.74 RMB in 2024, 2025, and 2026, respectively [1]

Investment Rating - The report maintains a "Buy" rating for 361 Degrees (01361) [3] Core Views - 361 Degrees demonstrated resilience in demand despite a weak retail environment, with H1 2024 revenue growing 19.2% YoY to RMB 5.14 billion, meeting expectations [3] - Net profit attributable to shareholders increased 12.2% YoY to RMB 790 million, slightly below expectations due to a slight decline in gross margin and other income [3] - The company proposed an interim dividend of HKD 0.165 per share, representing a payout ratio of 40% [3] - Both adult and children's apparel segments showed strong growth, with children's apparel revenue up 24.2% YoY to RMB 1.13 billion, accounting for 22.0% of total revenue [3] - Offline channels improved in quality and efficiency, with offline revenue growing 20% YoY to RMB 3.89 billion, and e-commerce revenue increasing 16.1% YoY to RMB 1.25 billion [4] - The company's inventory turnover accelerated, with inventory turnover days decreasing by 1 day YoY to 85 days [4] - The report slightly lowered profit forecasts for 2024-2026 due to weak market recovery, with expected net profits of RMB 1.09 billion, RMB 1.25 billion, and RMB 1.42 billion, respectively [5] Financial Performance - H1 2024 gross margin decreased by 0.4 percentage points to 41.3%, while net profit margin attributable to shareholders fell by 0.9 percentage points to 15.4% [4] - Sales expense ratio increased by 0.2 percentage points to 17.8%, while management expense ratio decreased by 0.5 percentage points to 6.1% [4] - Operating cash flow was RMB 160 million, with cash and cash equivalents declining 4% to RMB 3.41 billion [4] - Accounts receivable turnover days decreased by 1 day YoY to 148 days, while accounts payable turnover days decreased by 21 days YoY to 89 days [4] Growth Drivers - Adult apparel revenue grew 18.1% YoY to RMB 3.94 billion, driven by volume growth, with footwear and apparel sales increasing 20.1% and 15.7%, respectively [3] - Children's apparel revenue growth was driven by a 26% increase in sales volume, despite a 1.4% decline in average wholesale price [3] - The company expanded its offline store network, with adult and children's stores increasing by 98 and 102, respectively, compared to H1 2023 [4] - The proportion of 9th-generation adult stores and 4th-generation children's stores increased to 74% and 89%, respectively, driving higher store efficiency [4] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts for 2024-2026 at RMB 9.78 billion, RMB 11.13 billion, and RMB 12.50 billion, respectively [6] - Net profit attributable to shareholders is projected to grow at a CAGR of 13% from 2024 to 2026, reaching RMB 1.42 billion by 2026 [6] - The company's focus on product and brand upgrades, along with optimized channel operations, positions it for faster-than-industry growth in the long term [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15][19] Core Views - The company achieved a revenue of 5.141 billion HKD in H1 2024, representing a year-on-year increase of 19.2%, and a net profit of 790 million HKD, up 12.2% year-on-year. The interim dividend declared is 16.5 HKD cents per share, with a payout ratio of 40.3% [7][15] - The company maintains its profit forecast, projecting net profits of 1.14 billion, 1.35 billion, and 1.58 billion HKD for 2024-2026, with corresponding PE ratios of 5.8, 4.9, and 4.2 times [15] - The company focuses on enhancing its product matrix in running and basketball, expanding its store efficiency, and enriching brand resources through marketing, while experiencing rapid growth in e-commerce and children's clothing [15] Summary by Sections Revenue Growth and Performance - In H1 2024, the company reported a revenue of 5.141 billion HKD, with significant contributions from children's clothing and e-commerce, which saw terminal sales growth of 20-25% in Q1 and 30-35% in Q2 [7][9] - Revenue breakdown for H1 2024 includes footwear at 2.283 billion HKD (+20.1%), apparel at 1.576 billion HKD (+15.7%), accessories at 78 million HKD (+13.0%), and children's clothing at 1.132 billion HKD (+24.2%) [9][10] Profitability and Margins - The gross margin for H1 2024 was 41.3%, a slight decrease of 0.4 percentage points, primarily due to lower margins in footwear and children's clothing [10][12] - The operating profit margin was 20.6%, down 2.4 percentage points, influenced by a decrease in other income and an increase in accounts receivable impairment provisions [13][14] Operational Efficiency - As of June 2024, inventory amounted to 1.456 billion HKD, with a turnover period of 85 days, reflecting effective retail management [14] - The company reported a net cash flow from operations of 160 million HKD, with cash and cash equivalents totaling 3.41 billion HKD [14] Store Expansion and Market Presence - The company operates 7,037 stores globally, with 5,740 in mainland China, and has seen a steady increase in the proportion of its ninth-generation stores [10][11] - The children's clothing segment has 2,550 stores, with a similar increase in average store size [10][11]

361 度（1361 HK） | 2024 年 8 月 14 日 香港股市 | 消费 | 体育服饰 361 度(1361 HK) 收入 / 利润逆市双位数增长 受益于高性价比策略，收入同比增长 19.2% 361 度 1H24 整体收入 51.4 亿元（人民币，下同），同比增长 19.2%，其中主品牌实现收 入 39.4 亿，同比增长 18.1%，儿童品牌收入 11.3 亿，同比增长 24.2%。上半年公司产品 均价维持稳定，收入上升由销量带动，证明公司专注高性价比产品的策略在近期消费表 现疲弱的环境中行之有效。上半年销售更多高性价比的产品，导致鞋类产品的毛利率略 微下降至 42.8%，但在其他品类毛利率坚挺作用下，公司整体毛利率 41.5%，同比跌 0.2 百分点。期内公司实现净利润 7.9 亿，同比提升 12.2%，净利润率 15.4%。公司宣布派发 中期股息每股 0.165 港元，同比增长 154%，派息率为 40.3%，高于市场预期。 广告投入加大；门店拓展保持零售增长 按运动分类，跑步产品占收入 52%，期内录得同比 40%以上增长；篮球产品占收入 8%， 增长率约 20%；女性健身产品虽然只占收入 ...

361 度（1361 HK） | 2024 年 8 月 14 日 香港股市 | 消费 | 体育服饰 361 度(1361 HK) 收入 / 利润逆市双位数增长 受益于高性价比策略，收入同比增长 19.2% 361 度 1H24 整体收入 51.4 亿元（人民币，下同），同比增长 19.2%，其中主品牌实现收 入 39.4 亿，同比增长 18.1%，儿童品牌收入 11.3 亿，同比增长 24.2%。上半年公司产品 均价维持稳定，收入上升由销量带动，证明公司专注高性价比产品的策略在近期消费表 现疲弱的环境中行之有效。上半年销售更多高性价比的产品，导致鞋类产品的毛利率略 微下降至 42.8%，但在其他品类毛利率坚挺作用下，公司整体毛利率 41.5%，同比跌 0.2 百分点。期内公司实现净利润 7.9 亿，同比提升 12.2%，净利润率 15.4%。公司宣布派发 中期股息每股 0.165 港元，同比增长 154%，派息率为 40.3%，高于市场预期。 广告投入加大；门店拓展保持零售增长 按运动分类，跑步产品占收入 52%，期内录得同比 40%以上增长；篮球产品占收入 8%， 增长率约 20%；女性健身产品虽然只占收入 ...

业绩点评 24H1 净利润增长 12.2%，九代店丰富体验提振店效 361 度（1361.HK） 2024-08-13 星期二 主要财务指标 | --- | --- | --- | --- | --- | --- | |---------------|-------|-------|-------|-------|--------| | 百万元 | 2020A | 2021A | 2022A | 2023A | 2024H1 | | 销售收入 | 5127 | 5933 | 6961 | 8423 | 5141 | | 同比增长(%) | -8% | 16% | 17% | 21% | 19% | | 毛利率 | 37.9% | 41.7% | 40.5% | 41.1% | 41.3% | | 归母净利润 | 415 | 602 | 747 | 961 | 790 | | 同比增长(%) | -4% | 45% | 24% | 29% | 12% | | 归母净利润率 | 9.6% | 10.1% | 10.7% | 11.4% | 15.4% | | 每股盈利(RMB) | 0.21 | 0.29 | 0 ...

华福证券 361 度（01361.HK） 24H1 业绩点评：电商、童装表现靓丽，中期派 息比率提升 事件：公司于 8.12 发布 24H1 业绩，上半年实现营收 51.4 亿元，同比+19.2%， 实现净利润 7.9 亿元，同比+12.2%，业绩符合预期。每股拟派息 16.5 港仙， 对应中期派息比率 40.3%。 经营分析： 销量驱动高质量增长，童装占比略提升 分产品，成人装中鞋/服/配饰 1H24 分别实现营收 22.8/15.8/0.8 亿 元，同比+20.1%/15.7%/13%，其中销售单价鞋同比+0.4%、服-5.1%主 要系产品组合变动，鞋/服增长动力主要来自性能提升、产品升级拉动 销量增长。童装 1H24 营收同增 24.2%至 11.3 亿元，占比+0.9Pct，其 销量增长 26%部分冲淡单价同比-1.4%带来的影响；期间夯实童装产品 梯度，篮球尖货下探至青少年人群，并推出瑜伽裤、防晒衣等品类。 线下开店放缓、单店驱动增长；电商 618 增速行业领跑 1）线下：截至 1H24 末公司于内地共有 5740 家成人装店、2550 家童装店，较 1H23/23 年末分别净增 98/6 家、10 ...