Core Viewpoint - The report from CICC indicates that 361 Degrees (01361) achieved a mid-year revenue growth of 11% to 5.705 billion RMB, with a net profit attributable to shareholders increasing by 8.6% to 858 million RMB, aligning with expectations [1] Financial Performance - The company declared an interim dividend of 20.4 HKD cents per share, corresponding to a payout ratio of 45%, which has increased compared to the same period last year [1] - CICC adjusted the earnings per share forecast for this year down by 4% to 0.61 RMB, while maintaining the forecast for next year at 0.72 RMB [1] Valuation and Target Price - The target price for the company was raised by 24% to 6.98 HKD, with a rating maintained at "outperform the industry" [1] Profitability Metrics - The gross profit margin for the first half of the year increased by 0.1 percentage points to 41.5%, driven by effective cost control and product pricing in the main brand's footwear and apparel [1] Strategic Initiatives - The company is committed to promoting the new superstore format, with plans to increase the number of superstores to 100 by the end of the year [1] - There remains significant growth potential in the running and basketball categories for the main brand [1] Long-term Outlook - CICC maintains a positive outlook on the company's long-term competitiveness in the mass professional sports sector [1]
中金：升361度(01361)目标价至6.98港元 评级“跑赢行业”