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 established a leading position in children's sportswear, leveraging professional layouts and product innovations to achieve resilient growth [2] - The offline retail performance is strong, with a high double-digit growth in Q1 and a steady 10% growth in subsequent quarters [1][2] - E-commerce sales reached 2.61 billion RMB, marking a 12.2% increase, with online exclusive products accounting for 83.6% of total retail [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.07 billion RMB and a net profit of 1.15 billion RMB, both reflecting a growth of approximately 19.5% year-on-year [1] - Earnings per share (EPS) is projected at 0.556 RMB, with a dividend payout of 0.265 HKD, representing a payout ratio of 45% [1] Product and Market Development - The children's segment generated 2.34 billion RMB, accounting for 23.2% of total revenue, with children's footwear and apparel growing by 17.4% and 22.6% respectively [2] - The company has expanded its product line to cater to the 16-year-old demographic and introduced a competitive children's racing series [2] Channel Optimization - The company operates 5,750 stores with an average store size of 149 square meters, with a significant presence in lower-tier cities [3] - The introduction of the 361º Super Store format aims to enhance customer experience and capture new market opportunities [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are set at 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB respectively, with net profits expected to reach 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB [4]

港股公司报告 | 公司点评 361 度（01361） 证券研究报告 童装、线上及超品或贡献收入增量 公司披露 2024 年业绩 24 年营业收入 100.7 亿元，同增 19.6%，24 年归母净利润 11.5 亿元，同增 19.5%。毛利率 41.5%，同增 0.4pct；归母净利率 11.4%，同比持平。 每股基本盈利 55.6 分，同增 19.5%，派息 26.5 港仙，派息比例 45%。 广告及宣传开支占比 12.8%，同增 0.1pct；员工成本占比 8.5%，同减 0.7pct； 研发成本占比 3.4%，同减 0.3pct。 分品类，鞋类收入同增 21%，服装收入同增 17%，配饰收入同增 27%；童 装收入同增 19.5%，其他收入同增 19.6%。 分渠道，线下终端零售表现良好，呈现稳健增长态势，24 年 Q1 线下终端 零售流水同比增长达到高双位数，Q2-Q4 同比增长 10%；24 年电商业务收 入 26.1 亿元，同增 12.2%。 儿童/电商业务保持韧性增长 2024 年公司儿童收入为人民币 23.4 亿，占集团总营业额的 23.2%，其中童 鞋收入 11 亿，同增 17.4%，童服收 ...

2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 20.68 | | 总市值(亿港元)： | 92.84 | | 一年最低/最高(港元)： | 3.15/4.85 | | 近 3 月换手率： | 21.4% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25 ...

Investment Rating - The report assigns a "Buy" rating to the company 361 Degrees (1361.HK) with a target price of HKD 5.63, indicating a potential upside of 22.7% from the current price of HKD 4.59 [3][8]. Core Insights - The company is expected to achieve a revenue growth of 20% and a net profit growth of 19% for 2024, aligning with expectations. The end-of-period inventory increased by 56% to HKD 2.1 billion due to early stocking for the Spring Festival [5][6]. - The company plans to expand its "super product stores" to 100 by the end of 2025, aiming to create a store model similar to "Uniqlo" in the sports industry [7][8]. - The report anticipates a revenue growth of 10-15% for 2025, with a net profit margin projected between 10-12% [8]. Financial Performance - For 2024, the company reported a revenue of HKD 10.07 billion, with a gross profit margin of 41.5% and a net profit margin of 11.4% [5][9]. - The forecast for 2025E-2027E indicates revenues of HKD 11.24 billion, HKD 12.41 billion, and HKD 13.66 billion, representing year-on-year growth rates of 11.5%, 10.4%, and 10.1% respectively [8][9]. - The net profit for the same period is expected to be HKD 1.28 billion, HKD 1.41 billion, and HKD 1.57 billion, with growth rates of 11.3%, 10.5%, and 11.0% respectively [8][9]. Market Position and Strategy - The company has seen strong performance in its running and basketball categories, with year-on-year growth rates of 30% and 20% respectively. High-end products have also made significant contributions to sales [6][8]. - The company is focusing on enhancing its inventory management and improving cash flow, with a projected operating cash flow of HKD 70 million for 2024 [5][8].

Investment Rating - The report assigns a "Buy" rating to the company 361 Degrees (1361.HK) with a target price of HKD 5.63, indicating a potential upside of 22.7% from the current price of HKD 4.59 [3][8]. Core Insights - The company is expected to achieve a revenue growth of 20% and a net profit growth of 19% for 2024, aligning with expectations. The end-of-period inventory increased by 56% to HKD 2.1 billion due to early stocking for the Spring Festival [5][6]. - The company plans to expand its "super premium store" concept to 100 locations by the end of 2025, aiming to create a store model akin to "Uniqlo" in the sports industry [7][8]. - The report anticipates a revenue growth of 10-15% for 2025, with a net profit margin projected between 10-12% [8]. Financial Performance Summary - For 2024, the company reported a revenue of HKD 10.07 billion, a year-on-year increase of 20%, and a net profit of HKD 1.15 billion, up 19% [5][9]. - The gross profit margin improved by 0.4 percentage points to 41.5%, while the net profit margin remained stable at 11.4% [5][9]. - The report forecasts revenues of HKD 11.24 billion, HKD 12.41 billion, and HKD 13.66 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.5%, 10.4%, and 10.1% [8][9]. Inventory and Cash Flow Analysis - The company’s inventory turnover days remained stable at 149 days, with a significant increase in inventory due to early stocking [5][9]. - The operating cash flow for 2024 is projected to be HKD 70 million, reflecting the impact of early inventory stocking [5][9].

纺织服饰 2025 年 03 月 14 日 上 市 公 司 公 司 点 评 / 公 司 点 评 361 度 (01361) ——业绩表现超预期，分红率稳步提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 13 日 | | --- | --- | | 收盘价（港币） | 4.49 | | 恒生中国企业指数 | 8640.61 | | 52 周最高/最低（港币） | 4.85/3.15 | | H 股市值（亿港币） | 92.84 | 一年内股价与基准指数对比走势： -28% 22% 72% HSCEI 361度 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 | 货币单位：人民币 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 84.23 | 100. ...

上 市 公 司 公 司 点 评 / 公 司 点 评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | 货币单位：人民币 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 84.23 | 100.7 | 113.0 | 123.8 | 134.5 | | 同比增长率（%） | 21% | 20% | 12% | 10% | 9% | | 归母净利润（亿元） | 9.6 | 11.5 | 13.0 | 14.5 | 15.8 | | 同比增长率（%） | 29% | 20% | 13% | 12% | 9% | | 每股收益（元/股） | 0.46 | 0.56 | 0.63 | 0.70 | 0.76 | | 毛利率（%） | 41.1% | 41.5% | 41.6% | 41.8% | 41.9% | | 市盈率 | 9 | 8 | 7 | 6 | 5 | 注："每股收益"为归属于母公司所有者的净利润除以总股本，ROE 为报告期净利润 ...

证券研究报告 361 度 (1361 HK) 港股通 突破百亿规模，超品店布局可期 华泰研究 年报点评 风险提示：行业竞争加剧，消费恢复、电商增长及门店调整不及预期。 经营预测指标与估值 2025 年 3 月 13 日│中国香港 服装 361 度发布 2024 年全年业绩表现：2024 年实现营业收入 100.7 亿元 （yoy+19.6%），归母净利润 11.5 亿元（yoy+19.5%），业绩符合我们此前 预期。公司全年派息 26.5 港仙/股，分红率提升至 45%，当前股息率超过 6%。我们认为公司顺应质价比消费趋势，持续强化大众+专业品牌心智、提 升品牌竞争力，叠加童装、电商、海外市场共同发力带动业绩增长。公司终 端表现延续优于行业的增长，低估值、高股息率，我们维持"买入"评级。 儿童保持快速增长，线下发力超品店抢占市场 分品类看，跑步延续高增长，丰富产品矩阵，推出"飞燃 4"、"速湃 FLOAT2" 等新品。篮球品类通过布局核心 NBA 球星资源、中国行等活动，实现逆势 增长，约基奇首双签名鞋"JOKER1"也在全球重磅发售。此外，户外、女 子健身等品类成为公司的新增长亮点。儿童品牌实现亮眼表现，营 ...

2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 24 年收入、归母净利润同比+19.6%、+19.5% 361 度发布 2024 年业绩。公司 2024 年实现营业收入 100.7 亿元，同比增长 19.6%， 归母净利润 11.5 亿元，同比增长 19.5%，EPS 为 0.56 元，拟每股派发末期现金红 利 0.10 港元，结合中期现金红利 0.165 港元，全年派息率为 45.0%。分上下半年来 看，2024 年上半年收入/归母净利润分别同比+19.2%/+12.2%，下半年分别同比 +20.0%/+39.2 ...

2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 20.68 | | 总市值(亿港元)： | 92.84 | | 一年最低/最高(港元)： | 3.15/4.85 | | 近 3 月换手率： | 21.4% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25 ...