361 Degrees International
(1361 HK)
24Q3線上增長領跑
24Q3 operational update: 361° ecommerce platform turnover grew over 20% yoy amid other strong numbers
BUY (maintain) |
投資要點/Investment Thesis
投資要點/Investment Thesis
361度24Q3零售表現良好
2024Q3，361度線下主品牌零售同增約10%，童裝零售同增約10%；361°電商平臺流水同增20%+。
24Q3 business update: strong retail numbers include 10-20% yoy growth trends
10-20% sales growth: 361 Degree released a 24Q3 business update on 14 Oct with offline main brand retail sales up by about 10% yoy and children’s clothing retail sales up 10% yoy; while turnover on the 361º ecommerce platform rose more than 20% yoy.
24Q3公司堅持科技賦能專業運動的宗旨，推出「FUTURA S戶外跑鞋」、「飛飈2」及「雨屏8代」等產品，以高質量材質、全新工藝及自家研發科技爲跑者營造舒適、實用的跑步體驗。其中，「雨屏8代」採用自主研發的防水透氣膜科技FLY -TEX，爲跑者帶來暴雨級防水的輕盈舒適穿着體驗。
賽事方面，期內鄭州馬拉松開跑，361°專業精英馬拉松競速跑鞋「飛飈2」以強勁賽道性能激活跑者狀態。9月底361°夢想賽道競速家族矩陣亮相柏林國際馬拉松馬博會，給科技做「加法」，給重量做「減法」的最新競速跑鞋，與國際跑者及品牌代言人李子成、管油勝及李波一同領略超速魅力。「飛飈2」助力Derseh KINDIE KASSIE以及Sisay Meseret GOLA分別刷新361°競速跑鞋最佳戰績及361°大滿貫賽事女子最佳紀錄，361°品牌首次進入大滿貫賽事前10。另外「飛飈2」及「飛燃4」成功助力精英跑者王佳浩及王連正獲得個人最好PB。
Professional sports product launches showcased at major marathons
The company says its product launches in the quarter that evinced its focus on technology-powered professional sports included Futura S trail running shoes, Furious Future 2 and Rain-Block 8.0. The use of quality materials, new processes and proprietary technology aims to provide runners with functional comfort. Rain-Block 8.0’s incorporation of its proprietary Fly-Tex waterproof yet breathable membrane technology delivers lightweight comfort with heavy-rain waterproofing.
Zhengzhou Marathon: the Furious Future 2 collection of elite marathon racing shoes helped runners deliver a powerful track performance.
Berlin Marathon: 361° unveiled its Dream Racing series at the marathon expo on 27 Sept, where marathon stars and 361° brand ambassadors Li Zicheng, Guan Yousheng and Li Bo showcased the company’s latest range of tech-powered lightweight racing shoes. Two days later on 29 Sept, Furious Future 2 worn by Ethiopians Derseh Kindie Kassie (10th place for men) and Sisay Meseret Gola (10th place for women) set new records for 361° racing shoes and 361° women runners respectively. This was the first time the brand placed within the top 10 at a Grand Slam event. Meanwhile, Furious Future 2 and Flying Flame 4 enabled elite runners Wang Jiahao and Wang Lianzheng to achieve new personal bests.
舉辦屏科技新品發佈會，以科技和實力，吸引消費者
10月11日，國內知名運動品牌361°在青島舉辦了以“衝鋒破雨自由呼吸”爲主題的屏科技新品發佈會。立足自身多年的專業運動基因，創新升級產品科技，重磅推出以“御屏2.0衝鋒衣”和“雨屏8代跑鞋”爲主的屏科技家族運動裝備。在“科技爲本，品牌爲先”的品牌策略指引下，361°正在用更多的運動科技和更強大的產品實力，吸引消費者的認可和關注。
Proprietary tech drives multi-defense products that weather outdoor rigors
Six-defense technology: 361° launched new products featuring its “six-in-one resistance” technology in Qingdao on 11 Oct. The event theme, “Charging through the rain yet breathing freely”, featured new family sports wear products like the Yuping 2.0 jacket and Rain-Block 8.0 running shoes. The brand’s strategy centers on technological prowess and it aims to win over consumer mindshare and recognition through proprietary sportswear technology and product strength.
御屏2.0衝鋒衣，六屏合一，全面保護戶外運動者
361°御屏2.0衝鋒衣，依託屏科技平臺技術達到防水8000mm H₂O、透溼率8000G/㎡/24H的優秀指標，無懼戶外多元天氣變化；除此之外，還有防風、防污、耐磨等多重屏科技平臺技術疊加。在屏科技的加持下，御屏2.0衝鋒衣真正做到了6屏合一、全面防護，成爲衝鋒衣中“六邊形戰士”。
Yuping 2.0 jacket: 361° says the six-defense technology refers to wind, rain, pollution and wear resistance, while also providing warmth and breathability. The technical specifications include 8,000mm waterproofing and 8,000G/㎡/24H moisture permeability, which help wearers resist volatile weather changes outdoors. Its comprehensive six-defense coverage could commandeer the Yuping 2.0 a leading position among jackets.
雨屏8代跑鞋，跑鞋界的衝鋒衣
雨屏8代跑鞋在繼承前代產品優秀性能的基礎上，進行全面升級和優化。所搭載的FLY-TEX防水透氣膜科技，技術靈感源自鳥類羽毛的卓越疏水與透氣性能，把FLY-TEX防水透氣膜巧妙地複合於面料內層，實現了有效阻擋外部水分侵入，確保防水性能的持久穩定。以及迅速將人體產生的熱量與溼氣排出體外，保持內部環境的乾爽舒適的雙重功效。
Rain-Block 8.0 running shoes: the latest iteration of the Rain-Block running shoes builds upon the strong performance of previous generations. Its Fly-Tex technology is inspired by birds’ feathers, which have excellent hydrophobic and breathable properties. The Fly-Tex waterproof and breathable membrane, cleverly compounded within the inner layers of the coat, blocks off external moisture, and ensures long-lasting and stable waterproofing. It has dual functions of expelling both heat and moisture generated by the human body to keep the internal environment dry and comfortable.
投資建議/Investment Ideas
維持盈利預測，維持“買入”評級
我們預計公司24-26年收入分別爲100.9億人民幣、116.9億人民幣、134.5億人民幣；歸母淨利分別爲11.1億人民幣、12.9億人民幣、15.3億人民幣；對應EPS分別爲0.54人民幣/股、0.62人民幣/股、0.74人民幣/股；對應PE分別爲7/6/5X。
Valuation and risks
We forecast revenue will arrive at RMB10.09bn/11.69bn/13.45bn and net profit at RMB1.11bn/1.29bn/1.53bn in 2024/25/26E; corresponding to RMB0.54/0.62/0.74 EPS and 7x/6x/5x PE. We maintain our BUY rating.
風險提示：終端零售不及預期，外匯風險，市場競爭加劇等。
Risks include: end-market retail sales falling short of expectations; FX risks; and intensifying competition.
Email: research@tfisec.com
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