Core Viewpoint - The performance of leading domestic sports brands 361°, Xtep, Anta, and Li Ning in their 2024 annual reports exceeded market expectations, marking a significant competition in the "hundred billion" market [1] Group 1: Company Performance - 361° led the industry with a revenue growth of 19.6%, becoming a new member of the "hundred billion first tier" [1] - Xtep achieved a historical net profit of 1.238 billion yuan through strategic restructuring focused on core business [1] - Anta maintained its position as the industry leader with a revenue of 70.8 billion yuan [1] - Li Ning's revenue grew by 3.9% to 28.68 billion yuan, but it faces pressure from slowing growth [1] Group 2: Market Dynamics - The year 2024 is highlighted as a "sports year" with major international events like the Paris Olympics and the European Cup, boosting the sports goods market [1] - Major brands are leveraging event marketing to capture consumer attention [1] Group 3: Strategic Approaches - Anta employs a multi-brand strategy to cover high-end outdoor and mass markets, while Li Ning focuses on "sports fashion" to enhance premium capabilities [3] - Xtep concentrates on its main brand and Saucony to solidify its professional running segment [3] - 361° utilizes a "three innovations" strategy—technology, channel, and event innovation—to break into the mass market [3] Group 4: Financial Insights - 361° reported a 22.58% growth in main brand revenue and a 19.5% increase in children's business revenue, with e-commerce maintaining double-digit growth [4] - The company invests 3%-4% of its revenue in R&D, supporting innovations like CQT carbon critical technology [4] Group 5: Competitive Landscape - Domestic sports brands have surpassed international brands in overall revenue, with Anta, Li Ning, Xtep, and 361° collectively generating over 123 billion yuan, compared to Nike and Adidas's combined revenue of about 75 billion yuan [6] - Despite this, international brands maintain a structural advantage in the high-end market, with Nike and Adidas holding over 50% market share in the 800 yuan and above price segment [7] Group 6: Future Outlook - The sports industry remains a key focus for national development, entering a phase of "high-quality development" [7] - Companies that leverage technological innovation, optimize consumer experience through scenario innovation, and expand globally are expected to achieve further growth [7]

Financial Performance - Revenue increased by 19.6% to RMB 10.07 billion[16] - Profit attributable to equity holders increased by 19.5% to RMB 1.15 billion[16] - Basic earnings per share increased by 19.5% to RMB 0.556[16] - The company achieved revenue of RMB 10,073.5 million for the fiscal year 2024, representing a year-on-year growth of 19.6%[23] - Profit attributable to equity holders reached RMB 1,148.6 million, an increase of 19.5% compared to the previous year[23] - The gross profit margin improved to 41.5% in 2024, up from 41.1% in 2023[22] - The operating profit margin decreased slightly to 15.6% in 2024 from 16.4% in 2023[22] - Total revenue for the year ended December 31, 2024, reached RMB 10,073.51 million, representing a 19.6% increase from RMB 8,423.26 million in 2023[115] Dividend and Shareholder Returns - Final dividend declared at HKD 0.10, equivalent to RMB 0.096, with a payout ratio of 45.0%[16] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.10 per share, compared to HKD 0.139 per share in 2023[181] - The interim dividend declared was HKD 0.165 per share, an increase from HKD 0.065 per share in 2023[181] - The total reserves available for distribution to equity shareholders as of December 31, 2024, was approximately RMB 698,189,000, down from RMB 1,260,420,000 in 2023[181] Store and Outlet Expansion - Total number of 361º stores in mainland China reached 5,750[17] - Total number of 361º children's sales outlets in mainland China reached 2,548[17] - Total number of international sales outlets for 361º reached 1,365[17] - The company operates 5,750 stores in China, with an average store size of 149 square meters, an increase of 11 square meters from the end of 2023[32] - The company has established 1,365 offline sales outlets overseas, marking significant progress in its international market expansion[33] E-commerce Performance - E-commerce business revenue grew by 12.2% to RMB 2.61 billion[16] - The e-commerce segment generated revenue of RMB 2,609.4 million, accounting for approximately 25.9% of total revenue, with a year-on-year growth of 12.2%[97] - During the "618" shopping festival, e-commerce sales increased by 99%, achieving the highest growth rate in the industry, with over 240,000 units sold across all channels, a year-on-year increase of 167%[100] Marketing and Sponsorship - The company secured sponsorship rights for major international events, including the 2025 Asian Winter Games and the 2026 Asian Games, enhancing brand visibility[25] - The company supported 117 major marathon events in 2024, helping athletes achieve 114 podium finishes, including 76 first places, 23 second places, and 15 third places[26] - The company has become the exclusive sponsor of the 2024 Asian Jump Rope Championship and the National Jump Rope League, reinforcing its commitment to youth sports development[30] - The brand signed NBA star Kentavious Caldwell-Pope, becoming the fourth international basketball ambassador, enhancing its global brand presence[64] Product Development and Innovation - The company emphasized a strategy focused on "technology-based, brand-first" development to enhance competitive advantage[24] - The company has developed a series of innovative outdoor products that integrate functionality and technology, targeting the growing outdoor market and appealing to younger consumers[28] - The company launched the "JOKER 1" signature shoe in collaboration with Nikola Jokić, enhancing its brand influence through various interactive consumer engagement activities[27] - The company launched new products such as the "Drift 1.0 and 2.0" basketball shoes and upgraded technologies in children's running shoes, enhancing the product matrix[83] Research and Development - Research and development expenses were 3.4% of revenue in 2024, down from 3.7% in 2023[22] - The company holds 633 patents as of December 31, 2024, an increase of 139 from the previous year, reflecting its focus on technological innovation[31] - The company’s R&D expenditure accounted for 3.4% of total revenue, focusing on continuous upgrades in running and basketball product lines[102] Market Trends and Economic Environment - In 2024, China's GDP reached RMB 13,490.84 billion, growing by 5.0% year-on-year, indicating a steady economic recovery[38] - The total retail sales of consumer goods in China amounted to RMB 48,789.5 billion in 2024, with a year-on-year growth of 3.5%[38] - The domestic sports goods market is experiencing rapid growth, particularly in children's sports apparel and footwear, driven by increased government support and consumer demand[46] Corporate Social Responsibility - The company received the "2024 ESG Leading Enterprise Award" in September 2024, highlighting its commitment to sustainable development[113] - The company actively contributed to social responsibility by donating RMB 8 million in winter supplies to earthquake-affected areas in January 2025[113] Financial Position and Liquidity - The company maintained a current ratio of 3.6 in 2024, indicating strong liquidity[22] - Cash and cash equivalents increased to RMB 4,254.2 million as of December 31, 2024, from RMB 3,596.5 million in 2023, attributed to strategic inventory increases[136] - Total assets increased to RMB 13,413.6 million, up from RMB 13,065.3 million, with total liabilities at RMB 3,584.4 million[141] Employee and Management Information - The company employs a total of 7,934 full-time employees in China as of December 31, 2024[153] - The company has obtained insurance for directors against potential third-party liabilities incurred while performing their duties[191] Strategic Partnerships and Collaborations - The company has established a long-term strategic partnership with supply chain enterprises to enhance production stability and quality[101] - The company has engaged multiple athletes as brand ambassadors, achieving notable placements in various marathons[73][75][76]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expected to achieve significant revenue growth driven by volume increases in both adult and children's footwear and apparel, with a projected revenue increase of 19.6% to 10.074 billion yuan in 2024 [6] - The company has shown a stable profit level, with net profit expected to grow by 19.5% to 1.149 billion yuan in 2024, maintaining a net profit margin of 11.4% [6] - The company is focusing on expanding its store network and optimizing its channel structure, with a particular emphasis on the new "super product" stores aimed at capturing market opportunities [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 8.423 billion yuan - 2024: 10.074 billion yuan - 2025E: 11.486 billion yuan - 2026E: 12.914 billion yuan - 2027E: 14.355 billion yuan - Year-over-year revenue growth rates are projected at 21.0% for 2023, 19.6% for 2024, 14.0% for 2025, 12.4% for 2026, and 11.2% for 2027 [5] - Net profit projections are as follows: - 2023: 961 million yuan - 2024: 1.149 billion yuan - 2025E: 1.292 billion yuan - 2026E: 1.501 billion yuan - 2027E: 1.672 billion yuan - Year-over-year net profit growth rates are projected at 28.7% for 2023, 19.5% for 2024, 12.5% for 2025, 16.2% for 2026, and 11.3% for 2027 [5] - The company plans to pay a final dividend of 0.10 HKD per share, with a total payout ratio of 45%, an increase of 4.8 percentage points year-over-year [6] Market Performance - The company's stock closed at 4.52 HKD on March 24, 2025, with a 52-week price range of 3.02-4.98 HKD [2] - The company has shown an absolute price increase of 13.3% over the past month and a relative increase of 10.9% compared to the Hang Seng Index [4] Strategic Initiatives - The company is expanding its online sales channels, with e-commerce revenue expected to grow by 12.2% in 2024, while also making progress in overseas market development [6] - The introduction of new product lines and the optimization of the store network are expected to enhance store efficiency significantly [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 1.15 billion, also up by 19.5%. The dividend payout ratio increased to 45% [2][4]. - For the second half of 2024, the company achieved a revenue of 4.93 billion, a year-on-year growth of 20.0%, with a net profit of 360 million, marking a significant increase of 39.2% [2][4]. - The revenue performance met expectations, while the profit performance slightly exceeded expectations [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 10.07 billion, with a year-on-year growth of 19.6%. The net profit attributable to shareholders was 1.15 billion, also reflecting a growth of 19.5%. The dividend payout ratio was raised to 45% [2][4]. - The second half of 2024 saw revenues of 4.93 billion, up 20.0% year-on-year, and a net profit of 360 million, which is a 39.2% increase compared to the previous year [2][4]. Future Outlook - The company is exploring new business models, with the opening of "super stores" expected to contribute to future retail growth. The first super store opened in Shijiazhuang, Hebei, with plans for further openings in Huizhou, Guangdong, Chengdu, Sichuan, and Nanning, Guangxi [8]. - The company anticipates strong performance in the first three quarters of 2025, with a high certainty of continued revenue growth. The product matrix is improving, and the channel structure is being optimized [8]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.31 billion, 1.48 billion, and 1.65 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 6.69, 5.93, and 5.31, which are significantly lower than other sports goods companies [10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, indicating a potential upside of 26.3% from the current price of HKD 4.49 [4][12]. Core Insights - The company reported a FY24 net profit of RMB 1.15 billion, a year-on-year increase of 15.4%, with a net profit margin of 11.4%, slightly down by 0.4 percentage points from FY23 [1]. - Revenue for FY24 reached RMB 10.07 billion, reflecting a 19.1% year-on-year growth, driven by increases in both adult and children's product sales [1]. - The company plans to expand its new retail format, "super premium stores," from 5 to 100 by the end of 2025, aiming to enhance customer shopping experiences and improve inventory turnover [3]. Financial Performance Summary - FY24 revenue: RMB 10,074 million, up 19.1% from FY23 [5] - FY24 net profit: RMB 1,149 million, up 15.4% from FY23 [5] - FY25 projected revenue: RMB 11,869 million, a 17.8% increase [5] - FY25 projected net profit: RMB 1,332 million, a 16.0% increase [5] - FY24 dividend per share: HKD 0.1, with a payout ratio of 45% [1][5] Inventory and Cash Flow - As of the end of 2024, inventory rose to RMB 2.11 billion, a 56.2% increase year-on-year, leading to an increase in inventory turnover days from 93 to 107 days [2]. - Operating cash flow decreased to RMB 56 million due to increased inventory levels, but management noted that terminal sales have grown over 10% since the beginning of 2025 [2]. Store Expansion Strategy - The company is focusing on opening "super premium stores," which will feature a mix of high-demand products, seasonal items, and cost-effective options, with an average store area of over 800 square meters [3]. - The expected average annual sales per super premium store is projected to reach RMB 10 million, contributing approximately 5% to total revenue by 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 4.82 HKD [1][10]. Core Insights - The company achieved a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, and a net profit of 1.15 billion HKD, also up by 19.5% [4][10]. - The company is expected to expand its "super premium" store format, which is anticipated to contribute additional revenue in 2025 [1][10]. - The company is positioned as the fourth largest domestic sports brand in China, focusing on technology-driven professional sports products and enhancing its competitive edge in children's apparel [8][10]. Financial Performance - Revenue breakdown shows adult footwear and apparel revenue grew by 22% and 15% respectively, while children's footwear and apparel increased by 18% and 23% [5]. - The offline revenue increased by 23% to 7.3 billion HKD, with a total of 8,298 stores by the end of 2024 [5]. - The gross margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [7]. Future Outlook - The company forecasts a sales growth of 10%-15% for 2025, with a gross margin expected to be between 40%-42% [7]. - The projected net profit for 2025 is 1.32 billion HKD, with an estimated earnings per share (EPS) of 0.64 HKD [11][10]. - The company plans to open approximately 100 new "super premium" stores in 2025, enhancing customer shopping experience [6][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, indicating a potential upside of 26.3% from the current price of HKD 4.49 [4][12]. Core Insights - The company reported a FY24 net profit of RMB 1.15 billion, a year-on-year increase of 15.4%, with a net profit margin of 11.4%, slightly down by 0.4 percentage points from FY23 [1]. - Revenue for FY24 reached RMB 10.07 billion, reflecting a 19.1% year-on-year growth, driven by increases in both adult and children's product sales [1]. - The company plans to expand its store network by adding 124 new outlets in 2024, with a focus on enhancing the shopping experience through the introduction of "super stores" [3]. Financial Performance Summary - FY24 revenue: RMB 10,074 million, up 19.1% from FY23 [5] - FY24 net profit: RMB 1,149 million, up 15.4% from FY23 [5] - FY25 projected revenue: RMB 11,869 million, a 17.8% increase [5] - FY25 projected net profit: RMB 1,332 million, a 16.0% increase [5] - FY24 dividend per share: HKD 0.1, with a payout ratio of 45% [1][5]. Inventory and Cash Flow - As of the end of 2024, inventory rose to RMB 2.11 billion, a 56.2% increase, leading to an increase in inventory turnover days from 93 to 107 days [2]. - Operating cash flow decreased to RMB 56 million due to increased inventory levels [2]. Store Expansion Strategy - The company is set to increase the number of "super stores" from 5 to 100 by the end of 2025, with an expected average store efficiency of RMB 10 million per year [3]. - The product mix in these stores will consist of 30% premium products, 20% off-season products, and 30% cost-effective products [3].

2025 年 03 月 18 日 公司点评 买入/维持 361 度(01361) 目标价: 昨收盘:4.82 24 年财报点评：营收破百亿，25 年布局超品店有望带来新增量 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 ◼ 股票数据 | 总股本/流通(亿股) | 20.68/20.68 | | --- | --- | | 总市值/流通(亿港元) | 99.66/99.66 | | 12 个月内最高/最低价 | 4.98/3.15 | | (港元) | | 相关研究报告 <<24Q3 经营数据点评：运营持续稳 健，国庆表现强劲，看好全年百亿收 入目标达成>>--2024-10-21 <<361 度点评：24Q1 流水表现亮眼， 期待全年百亿收入目标达成>>-- 2024-04-13 <<2023 年业绩点评：业绩表现超预 期，24 年收入有望破百亿>>--2024- 03-14 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 10.074 billion yuan for 2024, representing a year-on-year increase of 19.6%, and a net profit of 1.149 billion yuan, also up by 19.5% year-on-year [8] - The company is focusing on expanding its "super product stores" and aims to open 100 new stores in 2025, which is expected to contribute to growth [8] - The company maintains a strong position in the domestic sportswear market, driven by its adult and children's apparel segments, as well as e-commerce initiatives [8] Financial Performance Summary - Total revenue for 2023 was 8.423 billion yuan, with a projected increase to 10.074 billion yuan in 2024, and further growth expected in subsequent years [1] - The net profit for 2023 was 961.43 million yuan, with projections of 1.149 billion yuan for 2024, and continued growth anticipated through 2027 [1] - The earnings per share (EPS) is expected to rise from 0.46 yuan in 2023 to 0.56 yuan in 2024, with a steady increase projected through 2027 [1] Revenue Breakdown - Adult apparel revenue grew by 16.5% year-on-year, while children's apparel revenue increased by 18.0% year-on-year, contributing to 73% and 29% of total revenue respectively [8] - The revenue from adult footwear reached 4.29 billion yuan, up 22.1% year-on-year, while children's footwear revenue was 1.1 billion yuan, up 17.5% year-on-year [8] Online and Offline Sales Performance - Online sales increased by 12.2% year-on-year, while offline sales grew by 20.5% [8] - The company emphasizes differentiated products online, achieving a 99% increase in sales during the "618" shopping festival [8] Profitability and Cash Flow - The gross margin improved by 0.43 percentage points to 41.53% in 2024, with net profit margin remaining stable at 11.4% [8] - Operating cash flow for 2024 was reported at 69.81 million yuan, a decrease of 83% year-on-year due to increased procurement and supplier payments [8]

证券研究报告·海外公司点评·纺织及服饰(HS) 361 度（01361.HK） 2024 年业绩点评：营收破百亿，期待超品店 表现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8423 | 10074 | 11377 | 12653 | 13990 | | 同比(%) | 20.24 | 19.59 | 12.94 | 11.22 | 10.57 | | 归母净利润（百万元） | 961.43 | 1,148.62 | 1,304.14 | 1,457.57 | 1,616.25 | | 同比(%) | 28.68 | 19.47 | 13.54 | 11.76 | 10.89 | | EPS-最新摊薄（元/股） | 0.46 | 0.56 | 0.63 | 0.70 | 0.78 | | P/E（现价&最新摊薄） | 9.24 | 7.73 | 6.81 | 6.09 | 5.49 | [Table_Tag ...