Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees (01361.HK) [4] Core Views - The company has shown robust growth in offline business and exceptional performance in e-commerce, with a 10% increase in adult and children's apparel sales in offline channels and over 20% growth in e-commerce sales year-on-year [1][2] - The company is expected to achieve a revenue growth of 19% and a net profit growth of 20% in 2024, driven by product and channel optimization [2] Summary by Sections Business Performance - In Q3 2024, the adult apparel segment saw a 10% year-on-year increase in offline sales, maintaining the same growth rate as Q2. The number of adult apparel stores increased by 98 to 5,740, with an average store area growth of 8.3% to 143 square meters [1] - The children's apparel segment also experienced a 10% year-on-year increase in offline sales, with a net increase of 102 stores to 2,550 and a 12.5% increase in average store area to 108 square meters [1] - E-commerce sales grew by over 20% year-on-year, with the company leveraging platforms like Hupu, Douyin, Bilibili, and Xiaohongshu to enhance user engagement and promote products [1] Financial Forecast - The company is projected to achieve a revenue of 10,017 million yuan in 2024, with a year-on-year growth rate of 18.9%. The net profit is expected to reach 1,158 million yuan, reflecting a growth rate of 20.4% [3][12] - The earnings per share (EPS) is forecasted to be 0.56 yuan in 2024, with a price-to-earnings (P/E) ratio of 6.9 times [3][12] Valuation - The current market price corresponds to a P/E ratio of 7 times for 2024, indicating a favorable valuation for potential investors [2][4]
361度：Q3线下业务稳健增长，电商表现持续优异