Investment Rating - The report maintains a "Buy" rating for 361 Degrees (01361 HK) [1][4] Core Views - 361 Degrees continues to focus on the mass market with a product matrix that offers quality-price advantages [1] - Despite a weak domestic consumption environment, the company's Q4 2024 sales growth remains robust and ahead of peers [1] - Positive feedback from the first three quarters of 2025 order meetings supports the growth outlook [1] Financial Performance - Q4 2024 sales growth: Main brand offline sales grew by approximately 10%, kids' offline sales by 10%-15%, and e-commerce sales by 30%-35% [1] - Discounts in Q4 2024 remained stable at 7-7 3折 [1] - Inventory turnover ratio in Q4 2024 was 4 5-5 times, with 80% of inventory aged within 180 days, indicating a healthy inventory structure [1] Product and Channel Strategy - The company emphasizes technology-driven product innovation, launching new products such as the JOKER1 signature shoe and the FLOAT2 running shoe [1] - E-commerce channel saw strong growth, with 80% of products being new, benefiting from the Double 11 shopping festival [1] - Offline stores introduced new formats, with main brand store efficiency reaching 2-2 5 million RMB and kids' store efficiency at 1-1 3 million RMB [1] Financial Forecasts - 2024-2026 net profit attributable to the parent company is forecasted at 1 131, 1 329, and 1 548 billion RMB, respectively, with corresponding P/E ratios of 7x, 6x, and 5x [1] - Revenue growth is expected to be 17 72% in 2024, 15 77% in 2025, and 15 40% in 2026 [4] - Net profit growth is projected at 17 67% in 2024, 17 51% in 2025, and 16 41% in 2026 [4] Key Financial Ratios - ROE is expected to increase from 10 59% in 2023 to 11 82% in 2026 [2] - Gross margin remains stable at around 41% from 2023 to 2026 [2] - Net profit margin is forecasted to be 11 41% in 2023, slightly increasing to 11 64% by 2026 [2]
361度：2024Q4流水点评：电商增长亮眼，线下推进门店升级