Investment Rating - The report maintains a "Buy" rating for 361 Degrees (1361) [2][5] Core Views - 361 Degrees achieved strong revenue growth in H1 2024, with a 19.2% YoY increase to RMB 5.14 billion [5] - The company maintained its full-year revenue growth guidance of over 15% [2][5] - Net profit in H1 2024 grew by 12.2% YoY to RMB 790 million, with a net profit margin of 15.4% [5] - The dividend payout ratio exceeded 40%, with an interim dividend of HKD 0.165 per share [5] Financial Performance - Gross margin in H1 2024 was 41.3%, down 0.4 percentage points YoY due to product mix adjustments [5] - Advertising and promotion expenses increased by 1.7 percentage points to 10.5% of revenue, driven by brand-building efforts [5] - R&D expenses decreased by 0.4 percentage points to 2.8% of revenue, but are expected to rise in H2 2024 [5] Business Segments - Adult apparel segment revenue grew 20% YoY to RMB 2.612 billion, with running and basketball categories showing strong growth of nearly 40% and 20% respectively [5] - Children's apparel revenue increased by 24.2% YoY to RMB 1.13 billion, with a gross margin of 41.7% [5] - E-commerce revenue grew 16.1% YoY to RMB 1.25 billion, with online-exclusive products accounting for 87.3% of sales [5] Future Outlook - The company expects to maintain its store count for both adult and children's apparel in H2 2024 [5] - 361 Degrees has completed its 2025 Spring product ordering meeting, with strong dealer enthusiasm indicating continued growth potential [5] Valuation - The report forecasts 2024-2026 net profits of RMB 1.09 billion, RMB 1.27 billion, and RMB 1.46 billion respectively, with corresponding P/E ratios of 6x, 5x, and 5x [5]
361度2024H1业绩点评：H1收入靓丽高增，维持全年收入指引