Investment Rating - The report maintains a rating of "Buy" for the company 361 Degrees [4][12]. Core Views - The Q3 revenue aligns with expectations, showing strong growth during the National Day holiday, and the company maintains its annual growth forecast. The performance of the 2025 spring and summer ordering sessions is promising [3][4]. Summary by Sections Financial Performance - The company is a leading player in the domestic sports footwear and apparel market targeting lower-tier cities. Revenue growth in 2024 is expected to be industry-leading and in line with forecasts, with a high cost-performance ratio that matches current sales trends. The net profit forecasts for 2024-2026 are set at 1.09 billion, 1.27 billion, and 1.46 billion RMB, respectively, corresponding to PE ratios of 7, 6, and 6 times [4][7]. - In Q3, offline sales of adult and children's apparel grew approximately 10% year-on-year, while online sales increased by 20-25%, indicating steady growth. The discount rate remained stable at 71%, and the inventory turnover ratio was maintained at a healthy level of 4.5-5 months [4][7]. Product Development and Market Response - The company launched new products in Q3, including the FUTURAS outdoor running shoes and the Feibiao 2, which sold out quickly due to high-quality materials and innovative technology. The NBA China tour featuring player Pope enhanced brand visibility and international influence [4]. - The feedback from the 2025 summer ordering session has been positive, with new series products, such as the tennis series, receiving favorable market responses due to their excellent quality-price ratio [4]. Market Outlook - The company expects double-digit revenue growth for the year, supported by strong sales during the National Day holiday, with online sales growing over 30% year-on-year and offline sales increasing by over 20% [4].
361度2024Q3经营数据点评：Q3流水符合预期，国庆销售强劲