Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [5] Core Views - In Q3 2024, the company's main brand offline retail revenue grew by 10% year-on-year, while the children's clothing brand also saw a 10% increase. The e-commerce platform's retail revenue grew by over 20% [3][5] - The company continues to outperform domestic competitors in the retail sector despite a challenging consumption environment in China [5] - The company has announced its partnership as the official sponsor for the 2026 Nagoya Asian Games, enhancing its brand visibility [5] Summary by Sections Market Performance - In Q3 2024, the offline retail revenue for the main brand and children's clothing both increased by 10% year-on-year, while e-commerce revenue grew by over 20% [3][5] - During the National Day holiday (October 1-7), offline retail revenue increased by over 20%, and e-commerce revenue grew by approximately 30% [2] Financial Forecast - The company expects revenue for 2024-2026 to be 100.40 billion, 116.24 billion, and 132.10 billion CNY, respectively, with year-on-year growth rates of 19.2%, 15.8%, and 13.6% [5] - The projected net profit for the same period is 11.04 billion, 12.74 billion, and 14.51 billion CNY, with growth rates of 14.8%, 15.4%, and 13.9% [5] Retail Strategy - The company maintains a stable discount level of approximately 71% for new products in Q3 2024, with inventory turnover remaining between 4.5 to 5 months [4] - The strategy of "closing small stores and opening larger ones" continues, with a net increase in the number of stores and an expected increase in store area [4]
361度：24Q3零售流水延续良好增长，线上渠道快于线下公司研究/公司快报