Group 1 - The core viewpoint of the report maintains the EPS forecast for 361 Degrees at 0.64/0.72 HKD for 2025/26, with a target price of 5.62 HKD, corresponding to 8 times the 2025 P/E ratio [1] - The main brand's offline retail sales grew by 10-15% year-on-year in Q1 2025, while the children's clothing line also saw a similar growth rate [2] - The company's e-commerce platform retail sales increased by 35-40% year-on-year in Q1 2025, compared to a 20-25% growth in Q1 2024 [3] Group 2 - The company is actively exploring new channel forms, focusing on improving terminal store operational efficiency and expanding super stores of 800 square meters or more [2] - The company maintains a healthy discount level of approximately 30% for offline retail, which is consistent with the previous year [2] - The company has 1,365 overseas retail points, primarily in Europe, North America, Southeast Asia, and Belt and Road regions, with a low contribution to overall revenue [4] Group 3 - The company emphasizes differentiated operations between online and offline channels, leveraging the advantages of exclusive products, with 84% of sales in 2024 expected to come from exclusive items [3] - The management plans to focus on developing markets in Southeast Asia and Belt and Road regions, which align closely with Chinese cultural and aesthetic values [4]
中金：维持361度(01361)“跑赢行业”评级 目标价5.62港元