[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 终端表现领先行业，盈利能力保持稳健 ---361 度 2024 年报点评 事件： [Table_Summary] 公司发布 2024 年报，全年营收同增 19.6%至 100.7 亿元，净利润同增 19.5%至 11.5 亿元。全年派发普通股股息每股 26.5 港仙，派息比率 45%。 点评： 终端表现持续领先行业。2024 年 Q1 至 Q4，主品牌零售额分别同比增长 高双位数/10%/10%/10%，在整体零售环境仍有一定压力的情况下，公司 终端表现持续领先行业。全年成人鞋类/服装收入分别同比增长 22.1%/15.1%至 42.9/30.9 亿元。此外，2024 年公司童装品牌收入同比增 长 19.5%至 23.4 亿元，占集团营收的 23.2%。童装鞋类/服装收入分别同 比增长 17.5%/22.6%至 11/12.1 亿元。 门店形象持续升级，推出超品店新业态。截至 2024 年末，361 度成人门 店同比净增 16 家至 5750 家。单店面积同比增加 11 平方米至 149 平方 米，第十代终端形象门店持续推 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, including "super specialty stores," which aim to enhance customer shopping experience and improve inventory management [6]. - The company has shown strong growth in both adult and children's segments, with adult revenue growing approximately 19.1% and children's revenue increasing by 19.5% [5]. Financial Summary - For 2024, the company forecasts revenue of 10.07 billion HKD and a net profit of 1.15 billion HKD, with a gross margin of 41.5% and a net margin of 11.4% [7]. - The projected earnings per share (EPS) for 2024 is 0.56 HKD, with a price-to-earnings (P/E) ratio of 7.6 [7]. - The company plans to maintain a dividend payout ratio of 45%, which is an increase of nearly 5 percentage points year-on-year [4].

纺织服饰/服装家纺 361 度（01361.HK） 2025 年 03 月 13 日 投资评级：买入（维持） | 日期 | 2025/3/12 | | --- | --- | | 当前股价(港元) | 4.590 | | 一年最高最低(港元) | 4.850/3.150 | | 总市值(亿港元) | 94.91 | | 流通市值(亿港元) | 94.91 | | 总股本(亿股) | 20.68 | | 流通港股(亿股) | 20.68 | | 近 3 个月换手率(%) | 12.8 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-03 2023-07 2023-11 2024-03 361度 恒生指数 数据来源：聚源 相关研究报告 《Q4 电商流水延续靓丽表现，加码布 局专业品类 —港股公司信息更新报 告》-2024.1.17 《Q3 亚运及新品催化下流水靓丽，延 续净开店—港股公司信息更新报告》 -2023.10.17 《2023H1 童装及电商流水持续高增 —港股公司信息更新报告》-2023.8.17 2024 年营收破百亿，布局超品店积极探索新业态 ——港股公司信息更新报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, such as super specialty stores, to enhance customer experience and improve inventory management [6]. - The company has a strong focus on professional product categories, particularly in running and basketball, which are driving significant revenue growth [5]. Financial Summary - Revenue for 2023 was 8.423 billion HKD, with a projected increase to 10.074 billion HKD in 2024, and further growth expected in subsequent years [7]. - The net profit for 2023 was 961 million HKD, expected to rise to 1.149 billion HKD in 2024 [7]. - The gross margin is projected to remain stable at 41.5% through 2027, with a net margin of 11.4% [7]. Market Performance - The stock price is currently at 4.590 HKD, with a 12-month high of 4.850 HKD and a low of 3.150 HKD [1]. - The company has a total market capitalization of 94.91 billion HKD [1]. - The stock has shown a turnover rate of 12.8% over the past three months [1].

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024 and accelerate the opening of 361 Degrees super brand stores [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, with a growth rate of 20.0% year-on-year [3] - The net profit for the second half of 2024 was 359 million HKD, showing a significant increase of 39.7% year-on-year [3] - The gross margin for 2024 slightly improved to 41.5%, while the operating profit margin decreased to 15.6% [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a total of 5,750 stores by the end of 2024 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with 1,365 sales points globally [4] Future Projections - The company expects to achieve revenues of 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD for 2025, 2026, and 2027 respectively, with growth rates of 12.8%, 11.9%, and 11.0% [8] - The projected net profit for the same years is 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025 to 2027 [8] - The company’s return on equity (ROE) is expected to be 12.1% in 2024, increasing to 12.8% by 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue increased by 19.6% to 10.07 billion, with a gross margin of 41.5%, and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel sales growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength in running and basketball categories, while optimizing store structure [2] Children's Business - The children's segment revenue grew by 19.5% to 2.34 billion, supported by a strong product matrix and sponsorship of youth events [3] - The number of children's stores increased slightly, with improved store efficiency [3] E-commerce Business - E-commerce revenue rose by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer engagement [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the holiday season [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue reached 10.07 billion, with a gross margin of 41.5% and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength, optimizing store structure and maintaining a stable number of adult stores at 5,750 [2] Children's Business - The children's segment reported a revenue growth of 19.5% to 2.34 billion, supported by a rich product matrix and sponsorship of youth events [3] - The number of children's stores reached 2,548, with an average store area increase of 9 square meters to 112 square meters [3] E-commerce Business - E-commerce revenue grew by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer interaction [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the Spring Festival [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

证券研究报告|港股公司点评研究报告 [Table_Date] 2025 年 03 月 12 日 [Table_Title] 扣除拨备影响后净利增 30%，推出超品店 [Table_Title2] 361 度(1361.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1361 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.85/3.15 | | 目标价格： | | 总市值(亿港元) | 94.91 | | 最新收盘价： | 4.59 | 自由流通市值(亿港元) | 94.91 | | | | 自由流通股数(百万) | 2,067.68 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/经营性现金流净额分别为 100.74/11.49/0.70 亿元、同比增长 19.6%/19.5%/- 82.9%，符合市场预期，且扣除减值损失拨备归母净利为 11.91 亿元、同比增长 30%，经营现金流下降主要由于 春节备货导致存货增加。拟派发末期股息每股 0.1 港元（0.096 ...

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