Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][6]. Core Views - The company is expected to achieve a revenue growth of 20% in 2024, driven by high-margin products, with total revenue reaching 10.07 billion yuan and net profit increasing to 1.15 billion yuan [1][4]. - The company has maintained a stable net profit margin, with improvements in gross margin and a decrease in management fees contributing positively [1][2]. - The company is focusing on optimizing its product structure, which is expected to enhance gross margin levels and improve cash flow in the coming years [4][19]. Summary by Sections Financial Performance - In 2024, the company's revenue is projected to grow by 19.6% to 10.07 billion yuan, while net profit is expected to rise by 19.5% to 1.15 billion yuan [1][20]. - The net profit margin for the second half of 2024 is anticipated to increase by 1 percentage point to 7.3%, supported by a 1.2 percentage point rise in gross margin and a 1.6 percentage point decrease in advertising expenses [2][20]. Store Expansion and E-commerce - The company opened a net of 16 adult stores and 3 children's stores in 2024, bringing the total to 5,750 and 2,548 stores respectively [3]. - The e-commerce channel is expected to grow by 12.2% year-on-year, with the proportion of exclusive products increasing to 83.6% [3]. Cash Flow and Dividend Policy - Operating cash flow is projected to decline to 0.7 billion yuan due to increased inventory and accounts receivable, with the net cash ratio dropping to 0.06 [1][19]. - The dividend payout ratio is expected to slightly increase to 45% in 2024 [1][4]. Profit Forecast - The company forecasts net profits of 1.3 billion yuan, 1.5 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 13.1%, 12.2%, and 11.8% [4][20].

公 华福证券 运动服装 2025 年 03 月 14 日 司 研 究 公 司 财 报 点 361 度（01361.HK） 24 年业绩点评：全年派息比例提高，超品新店型 放量可期 事件：公司于 3.12 发布 24 年业绩，全年实现收入 100.7 亿元，同比+19.6%， 实现权益持有人应占溢利 11.5 亿元，同比+19.5%，业绩符合预期。公司派 发末期股息 10 港仙/股，全年派息比例为 45%，同比提升 4.8Pct。 经营分析： 技术赋能专业运动品类，童装延续亮眼表现 评 成人装中鞋/服于 2024 年分别实现营收 42.9/30.9 亿元，同比 +22%/15%，主要得益于量增拉动。公司持续夯实专业运动领域实力， 跑步品类加强对材料创新探索，推出飚速 2 等专业竞速碳板跑鞋强化 专业实力，并赞助多项马拉松赛事；篮球品类布局约基奇等核心球星 资源，期间 JOKER 1 全球首发带动品牌加速国际化进程。 童装 2024 年营收同增 19.5%至 23.4 亿元，其中鞋/服分别同比 +18%/23%，随着童装业务推出结合专业功能、健康科技以及儿童时尚 元素的产品满足青少年多元化需求，鞋服产品均呈现高景 ...

证券研究报告 | 2025年03月17日 361 度（01361.HK） 优于大市 2024 年业绩增长 20%，高毛利产品驱动增长 全年收入和净利润增长20%，派息率45%。2024年公司收入增长19.6%至100.7 亿元，归母净利润增长 19.5%至 11.5 亿元，成人和童装收入均实现约 20%的 增长。归母净利率保持平稳，拆分来看，毛利率提升和管理费率下降分别贡 献 0.4 和 0.3 百分点，得益于专业跑鞋和篮球鞋等高毛利产品占比提升和数 字化管理提效，销售费用率基本稳定，但应收账款减值增加拖累约 1 个百分 点、其他收益比率减少影响了 1 个百分点。经营性现金流净额大幅下降至 0.7 亿元，主要由于存货和应收账款的增加抵消了利润增长，存货/应收/应付周 转天数分别提升 14/0/-22 天至 107/149/88 天，存货周转天数增加主要因 2024 年底临近春节提前备货，应付账款周转天数缩短主要因公司策略性缩短 结算周期、加强和供应商合作；进而导致经营活动现金流净额下滑，净现比 降至 0.06。2024 全年派息率小幅增加至 45%。 | 证券分析师：丁诗洁 | 证券分析师：刘佳琪 | | - ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.6 HKD [1][7]. Core Insights - The company reported a revenue growth of 19.6% year-on-year, reaching 10.07 billion RMB, and a net profit growth of 19.5%, amounting to 1.15 billion RMB, which exceeded market expectations [2][3]. - The company is actively exploring new channels, with a focus on e-commerce and the launch of new store formats, including the first "super product" store, which aims to enhance customer experience [2][3]. - The gross margin improved to 41.5%, with a slight increase in the gross margins for major footwear and apparel segments, while children's apparel margins experienced a slight decline [3][5]. Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are projected at 11.29 billion RMB, 1.25 billion RMB, and 0.60, 0.69, and 0.76 RMB EPS respectively [2][5]. - The company plans to increase its dividend payout ratio to 45%, reflecting its commitment to shareholder returns [2][3]. - The company has expanded its store network, with a total of 5,750 and 2,548 sales points for adult and children's apparel respectively, and aims to open 100 "super product" stores by the end of 2025 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.6 HKD [1][7]. Core Insights - The company reported a revenue of 10.07 billion RMB for the year 2024, reflecting a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion RMB, also up by 19.5% [2][3]. - The company is actively exploring new channels, with e-commerce revenue increasing by 12.2% to 2.61 billion RMB, accounting for 26% of total revenue [2]. - The company has increased its dividend payout ratio to 45%, up from 40% the previous year, indicating a strong commitment to shareholder returns [2][3]. Financial Performance - The overall gross margin improved to 41.5%, a 0.4 percentage point increase year-on-year, with specific segments like adult footwear and apparel seeing gross margins rise to 42.9% and 41.3% respectively [3]. - The company’s net profit margin remained stable at 11.4%, supported by strict cost control measures [3]. - The forecasted earnings per share (EPS) for 2025-2027 are projected to be 0.60, 0.69, and 0.76 RMB respectively [1][3]. Revenue and Growth - The company’s total revenue is expected to grow from 10.07 billion RMB in 2024 to 11.29 billion RMB in 2025, representing a growth rate of 12.1% [5]. - The company has expanded its retail network, with a total of 5,750 adult and 2,548 children's clothing sales points, reflecting a net increase of 16 and 3 stores respectively [2]. Market Position and Strategy - The company has been deeply involved in the sports industry for over 20 years, focusing on high cost-performance and functional product development [3]. - The introduction of new store formats, such as the "super premium" stores, is expected to enhance customer experience and drive sales growth [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [7][24]. Core Views - The company achieved a revenue of 10.07 billion RMB for the fiscal year, reflecting a year-on-year growth of 19.6%, with a net profit attributable to shareholders of 1.15 billion RMB, also up by 19.5%, meeting expectations [2][7]. - The company increased its dividend payout ratio to 45%, up by 4.8 percentage points year-on-year, signaling confidence in its financial health [2]. Financial Performance - The adult apparel segment generated revenues of 4.29 billion RMB and 3.09 billion RMB for footwear and apparel respectively in 2024, with growth rates of 22% and 15% year-on-year, driven by increased sales volume [4]. - The children's apparel segment saw a revenue increase of 19.5% to 2.34 billion RMB, with footwear and apparel growing by 18% and 23% respectively, indicating strong market demand [4]. - The company's gross margin improved by 0.4 percentage points to 41.5% in 2024, supported by effective cost control and pricing strategies [6]. Operational Insights - As of the end of 2024, the company operated 5,750 adult apparel stores and 2,548 children's apparel stores, with a 10% increase in sales for both segments in Q3 and Q4 [5]. - The company has introduced innovative retail formats, including 10th generation and super stores, which are expected to enhance brand image and inventory management [5]. - E-commerce revenue reached 2.61 billion RMB in 2024, growing by 12.2% year-on-year, with online exclusive products accounting for 83.6% of sales [5]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.30 billion RMB, 1.50 billion RMB, and 1.72 billion RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 13%, 15%, and 15% [7][13]. - The current stock price corresponds to a 7x price-to-earnings ratio for 2025, reinforcing the "Buy" rating [7].

[Table_Title] 2024 年业绩亮眼，线上业务高增 ——361 度（01361）2024 年业绩点评 2025 年 03 月 16 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn 最近一年走势 | 相对恒生指数表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 361 度 | 16.5% | 9.3% | 14.2% | | 恒生指数 | 5.9% | 20.0% | 41.3% | | 市场数据 | | | 2025/03/14 | | 当前价格（港元） | | | 4.72 | | 52 周价格区间（港元） | | | 3.15-4.85 | | 总市值（百万港元） | | | 9,759.46 | | 流通市值（百万港元） | | | 9,759.46 | | 总股本（万股） | | | 206,768.20 | | 流通股本（万 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong annual performance for 2024, with total revenue of 10.07 billion, a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 1.15 billion, also up 19.5%. The cash dividend payout ratio increased to 45% [1][6] - The main brand, 361°, continues to lead the adult apparel segment with double-digit growth, driven primarily by volume increases. The footwear segment generated revenue of 4.29 billion, up 22.1%, while the apparel segment reached 3.09 billion, up 15.1% [2] - The children's apparel segment also showed strong growth, with revenue of 2.34 billion, a year-on-year increase of 19.5%. The footwear category contributed 1.1 billion, up 17.5%, while the apparel category reached 1.21 billion, up 22.6% [3][4] - E-commerce sales remained active, totaling 2.61 billion, a year-on-year increase of 12.2%, accounting for 25.9% of total sales. The company ranked among the top five footwear brands during major sales events [5] Financial Summary - The company forecasts revenue growth of 13% in 2025, 12% in 2026, and 11% in 2027, reaching 11.4 billion, 12.7 billion, and 14.2 billion respectively. Net profit is expected to grow by 14% in 2025, 12% in 2026, and 12% in 2027, reaching 1.38 billion, 1.47 billion, and 1.65 billion respectively [6][12] - The projected P/E ratios for 2025, 2026, and 2027 are 6.9, 6.1, and 5.5 respectively, indicating a favorable valuation for a leading player in the sportswear market [6][12]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong annual growth for 2024, with total revenue reaching 10.07 billion, a year-on-year increase of 19.6%, and net profit attributable to shareholders at 1.15 billion, also up by 19.5%. The cash dividend payout ratio increased to 45% [1] - The main brand, 361°, continues to lead the adult apparel segment with double-digit growth, driven primarily by volume increases. Footwear revenue reached 4.29 billion, up 22.1%, while apparel revenue was 3.09 billion, up 15.1% [2] - The children's clothing segment also showed strong growth, with revenue of 2.34 billion, a year-on-year increase of 19.5%. Footwear sales in this category reached 1.1 billion, up 17.5% [3] - E-commerce sales remained active, totaling 2.61 billion, a 12.2% increase, with a significant contribution from differentiated products [5] - The company is expected to see revenue growth of 13% in 2025, reaching 11.4 billion, and net profit growth of 14% to 1.38 billion, with a corresponding PE ratio of 6.9 [6] Summary by Sections Financial Performance - For 2024, the company reported total revenue of 10,073.5 million, a 19.59% increase, and net profit of 1,148.6 million, a 19.47% increase. The projected revenue for 2025 is 11,405.9 million, with a growth rate of 13.23% [12] - The gross profit margin for 2024 is expected to be 41.53%, with net profit margin at 11.84% [13] Product and Market Development - The company continues to innovate with new product lines, including advanced technology footwear and expanding its children's product line to cover ages up to 16 [4] - The company has increased its offline retail presence, with 5,750 stores and a focus on enhancing customer experience through new retail formats [2] E-commerce and Sales Channels - E-commerce sales accounted for 25.9% of total sales, with significant growth during promotional events, such as a 99% increase during the 618 shopping festival [5] Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenues of 12,737.8 million in 2026 and 14,191.4 million in 2027, alongside net profits of 1,470.7 million and 1,646.9 million respectively [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Viewpoints - The company is expected to achieve a revenue of 10.07 billion RMB in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion RMB, also up by 19.5% [1] - The gross margin is reported at 41.5%, an increase of 0.4 percentage points, while the net profit margin remains stable at 11.4% [1] - The company has shown strong performance in various product categories, with children's clothing revenue growing by 19.5% and accessories by 27% [1] - The e-commerce segment has also demonstrated resilience, with online sales reaching 2.61 billion RMB, a year-on-year increase of 12.2% [2] Revenue and Profit Forecast - The company forecasts revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB for the years 2025 to 2027, respectively [4] - Corresponding net profits are expected to be 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB for the same years [4] - The earnings per share (EPS) are projected to be 0.61 RMB, 0.69 RMB, and 0.79 RMB for 2025 to 2027 [9] Channel Structure Optimization - The company operates 5,750 stores with an average store size of 149 square meters, showing a net increase of 11 square meters year-on-year [3] - Approximately 75.9% of the stores are located in third-tier cities or below, indicating a strategic focus on expanding in less saturated markets [3] - The introduction of the new "super product" store format aims to enhance customer experience and capture new market opportunities [3]