国证国际港股晨报-2025-03-17

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees (1361.HK) with a target price of HKD 6.6, based on a projected 10x PE for 2025 [10]. Core Insights - The report highlights the implementation of the "Consumption Promotion Special Action Plan" aimed at boosting the stock market and stabilizing the real estate market, with expectations of more stimulus policies following the Two Sessions [6][8]. - The company 361 Degrees reported a revenue of HKD 10.07 billion, a year-on-year increase of 19.6%, and a net profit of HKD 1.15 billion, also up 19.5% year-on-year, indicating strong performance driven by children's clothing and e-commerce [9][10]. Summary by Sections Market Overview - The Hang Seng Index rebounded significantly, closing at 23,959 points, up 497 points or 2.12%, after a five-day decline, with increased trading volume of HKD 290.6 billion [2][3]. - The report notes a net inflow of HKD 4.346 billion from northbound trading, with a total weekly inflow of HKD 61.609 billion, significantly higher than the previous week's HKD 35.554 billion [3]. Company Performance - 361 Degrees achieved a revenue growth of 19.6% year-on-year, with children's clothing sales increasing by 19.5% to HKD 2.34 billion [9]. - The company plans to expand its "super brand" stores, aiming to have 100 by the end of 2025, which is expected to enhance customer experience and drive sales [10]. Financial Metrics - The overall gross margin for 361 Degrees improved to 41.5%, with specific segments showing slight increases in gross margins [10]. - The company announced a dividend of HKD 0.265 per share, increasing the payout ratio from 40% to 45%, reflecting a commitment to shareholder returns [10].