SDICSI 2026 年 3 月 26 日 361 度 (1361.HK) 业绩超预期增长，新店型带来更多增量 事件：近日，361 度公布 2025 年经营情况，公司录得收入 111.46 亿元，同比 增长 10.6%，归母净利润 13.1 亿元，同比增长 14.0%，好于市场预期。综合考 虑，我们预测 2026/2027/2028 年 EPS 为 0.67/0.73/0.78 元，目标价 7.6 港 元，维持"买入"评级。 报告摘要 收入和利润稳健增长，电商实现高增速。2025 年公司录得收入 111.46 亿元（人 民币，下同），同比增长 10.6%，其中成人业务收入同比增长约 9.1%至 80.52 亿元；童装业务收入同比增长 10.4%至 25.82 亿元，收入占比提升至 23.2%， 童装保持较好增长。此外，电商业务收入同比增长 25.9%至 32.86 亿元，收入 占比提升至 29.5%，线上渠道成为核心增长引擎。2025 年毛利率为 41.5%， 同比持平，保持稳定的盈利水平。公司对于费用保持严格管控，剔除捐款后费 用增速低于收入增速。综合影响下，公司录得归母净利润 13.1 亿元，同比增 长 ...

Group 1 - The company expects to achieve revenue of 50-52.8 billion yuan in 2025, representing a year-on-year growth of 57-64%, and a net profit attributable to shareholders of 1.23-1.4 billion yuan, an increase of 222.38%-266.94% compared to the previous year [1] - The snack wholesale business is projected to generate revenue of 50-52 billion yuan in 2025, with a year-on-year growth of 57.28%-63.57%, and a net profit of 2.2-2.6 billion yuan, resulting in a net profit margin of 4.40%-5.10% [1] - In Q4 2025, the snack wholesale business is expected to achieve revenue of 13.842-15.842 billion yuan, with a year-on-year growth of 19.7%-37.0%, and a net profit of 508-908 million yuan, reflecting a growth of 60.3%-186.4% [1] Group 2 - The company is continuously optimizing store operations and iterating new store formats, which include introducing baking and trendy toy categories, enhancing product structure, and improving operational efficiency through digitalization [2] - The company is increasing the number of its private label products across various categories, including snacks and beverages, with positive market feedback [2] - Looking ahead to 2026, there is significant potential for store expansion in lower-tier markets, which is expected to drive rapid growth in the number of stores and further enhance profitability [2] Group 3 - The company forecasts revenues of 51.408 billion yuan in 2025, 62.539 billion yuan in 2026, and 70.289 billion yuan in 2027, with year-on-year growth rates of 59.02%, 21.65%, and 12.39% respectively [2] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 1.313 billion yuan, 2.007 billion yuan, and 2.277 billion yuan, with year-on-year growth rates of 347.49%, 52.83%, and 13.42% respectively [2] - The corresponding price-to-earnings ratios for 2025-2027 are expected to be 29.1, 19.0, and 16.8 times [2]