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方正证券：首予361度“强烈推荐”评级 多维度变革品牌竞争力明显提升

Fangzheng Securities: First, 361 degree, “Highly Recommended” rating, multi-dimensional changes, brand competitiveness improved markedly

新浪港股 ·  Dec 6, 2023 21:06

According to a research report released by Fangzheng Securities, the first price is 361 degrees (01361) with a “highly recommended” rating. Net profit of 9.6, 11.6, and 1.35 billion yuan is expected in 2023-25. The current stock prices correspond to PE 6.8x, 5.6x, and 4.8x, respectively. The valuations are more cost-effective than those of the same industry. The mid-term growth center of the sportswear industry slowed after being catalyzed by the epidemic, but against the backdrop of policy stimulus and increased penetration, it still had a high level of prosperity, and the competitive pattern of the industry was excellent. The company mainly focuses on third-tier cities and below. In the future, this group of people has greater sports consumption potential. Combined with the company's multi-dimensional changes in recent years, the brand competitiveness has improved markedly, and the growth rate is expected to outperform the industry as a whole.

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