Jinwu Financial News | According to Tianfeng Securities Research Report, 361 degrees (01361) main brand retail (offline channels) increased by double digits year on year; retail sales of children's clothing brands (offline channels) increased 20-25% year on year; and e-commerce retail increased 20-25% year on year. The trip mentioned that in terms of events, the 24Q1 marathons in Xiamen, Zheng Kai and other places have started one after another. Among them, 361° will also participate in the April Qingdao Marathon as an honorary partner of the 2024 Qingdao Marathon. Through the outstanding performance of runners in the marathon, the brand's professional image in the field of running will be greatly strengthened.
According to the bank, the company continues to use professional sports as the foundation and sports trend to promote the vigorous development of business; guided by the “professional, youthful, and international” brand positioning, it adheres to the dual driving development strategy of “professional sports” and “sports trend”, expands high-quality brand resources, and makes efficient use of resource value. Consumer demand changed in the post-pandemic era, and the company focused on improving and optimizing the multi-category product matrix to accurately cover a wider range of consumers and meet the diversified needs of more consumers; the bank expects the company's 24-26 revenue to be 100.9/116.9/13.45 billion yuan respectively, net profit to mother of 11.6/14.2/1.61 billion yuan, EPS is 0.56/0.66/0.7 yuan/share, and the corresponding PE is 8/7/6X, respectively. Maintain a “buy” rating.