Investment Rating - The report maintains a "Buy" rating for 361 Degrees (01361) [6][7] Core Views - The company is expected to perform well in 2025, with optimistic projections for its future performance [1] - 361 Degrees has shown strong growth in its main brand and children's wear segment, with offline retail sales increasing by approximately 10% and 10%-15% respectively in Q4 2024 [1] - The e-commerce platform recorded a significant year-on-year growth of 30%-35% in overall turnover during Q4 2024 [1] Product Innovation - The company has focused on technology-driven product innovation, launching several new products in Q4 2024, including the "ULTRA Series Extreme Down," "Winter Dry Down Technology Down Jacket," and the "JOKER1" signature shoe for Nikola Jokic [2] - Other notable products include the "361° Yupeng Windbreaker," the "Speed FLOAT2" running shoe with top-tier cushioning, and the "361° x Oee" New Year collaboration series [2] Brand Influence and Professional Positioning - 361 Degrees has expanded its brand influence through strategic partnerships with marathons in cities like Fuzhou, Beijing, and Nanjing, and by hosting the 10KM Speed Series in Nanjing and Xi'an [3] - The company successfully held brand day events, launched new products, and organized the Women's Fitness City Pop-up events in cities such as Suzhou, Shenzhen, Hangzhou, and Chengdu [3] - The brand has also strengthened its professional positioning by becoming the official sportswear provider for the 2025 Asian Winter Games in Harbin and establishing a strategic partnership with Zhengzhou No. 9 High School in football [3] E-commerce Channel Development - The company has deepened its e-commerce channel construction, leveraging the National Day and "Double 11" shopping festivals to enhance brand exposure and product recognition [4] - Key products such as the "Feiran 3.5" and "Feiran 3" running shoes, the "Rain Screen 8th Generation" with FLYTEX waterproof membrane, and the "361° Studio" co-creation series performed exceptionally well during the "Double 11" period [4] Professionalism and Global Strategy - 361 Degrees has emphasized technology as the driving force for its growth, adopting a "technology-first, brand-first" development strategy [5] - The company is increasing its investment in professional sports, aiming to build a resource matrix that includes major sports events, professional teams, elite athletes, and endorsements [5] - With a global strategic vision, the company is working to establish emotional connections with a broader user base [5] Financial Projections - The report forecasts revenues of 10.09 billion RMB, 11.69 billion RMB, and 13.45 billion RMB for 2024, 2025, and 2026 respectively [6] - Net profits attributable to the parent company are projected to be 1.11 billion RMB, 1.29 billion RMB, and 1.53 billion RMB for the same periods [6] - The corresponding EPS is expected to be 0.54 RMB, 0.62 RMB, and 0.74 RMB per share, with P/E ratios of 7X, 6X, and 5X respectively [6] Industry and Market Data - The company operates in the non-essential consumer goods sector, specifically in textiles and apparel [7] - As of the report date, the company's total market capitalization on the Hong Kong stock exchange is 8.33 billion HKD, with a total share capital of 2.07 billion shares [7] - The company's net asset value per share is 4.94 HKD, with a debt-to-asset ratio of 27.10% [7]
361度：乐观预期25年表现