Jinwu Financial News | According to Everbright Securities Research Report, 361 (01361) achieved operating income of RMB 8.423 billion in 2023, up 21.0% year on year, net profit to mother of RMB 961 million, up 28.7% year on year, and EPS of $0.47. It is planned to distribute a final cash dividend of HK$0.139 per share, combined with an interim cash dividend of HK$0.065, with a dividend payout rate of 40.2% for the year. According to the bank, the company has performed well in 23 years, achieving rapid growth in all categories and channels. The company has long maintained a “specialized, youthful, and international” brand positioning, and has driven the brand upward based on professional sports.
The bank continues to be optimistic that the company is deeply involved in the mass market. The products adhere to cost performance advantages. Through measures such as enriching the product matrix and optimizing the store image, the bank will increase the connection rate and repurchase rate, promote the improvement of single-store store efficiency, and steadily promote channel expansion. With the hosting of major sporting events such as the Olympics in '24, the company will continue to benefit from the continued boom in sportswear tracks and expect continued steady growth in performance. The bank raised the company's 24-25 profit forecast (net profit to mother increased 7%/6% from the previous forecast, respectively) and added a 26-year profit forecast, corresponding to the 24-26 EPS of 0.55, 0.64, and 0.72 yuan, respectively, and the 24-25 PE was 8 times and 7 times, respectively, maintaining the “buy” rating.