361度: 電商渠道業績高增

（以下内容从天风国际证券《361度: 電商渠道業績高增》研报附件原文摘录）
　　361 Degrees International (1361 HK) 电商渠道业绩高增 Q2 business update shows ecommerce channels drove strong growth, spurred by 618 shopping festival BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 电商渠道24Q2增长可观 24Q2公司主品牌零售（线下渠道）同增约10%；童装品牌零售（线下渠道）同增约中双位数。电商渠道方面，公司整体流水同增约30%-35%。 Q2 business update: robust growth from ecommerce channels on 618 fest Key metrics: 361 Degrees released an operational update for 24Q2 on 12 July, revealing healthy growth across the following sales channels: ·Main brand retail (offline) increased about 10% yoy; ·Children’s wear brand retail (offline) increased at a roughly mid-double-digit yoy; ·Ecommerce turnover increased 30-35% yoy. 持续强化电商渠道建设，“618”期间业绩亮眼 面对消费趋势的不断变化，361°持续强化品牌电商渠道建设，洞察年轻羣体心理推出差异化爆品，并在天猫、京东、抖音等核心主流电商平台进行常态化直播，对品牌不间断引流，带动电商业绩不断增长。 2024年“618”期间，361°获得消费者广泛认可，电商渠道销售额同比增长94%，位列国产品牌第三，电商渠道销量增长99%，同比增速爲行业第一；全渠道尖货销量超24万件，同比增长167%，官旗尖货销量同比增长79%。 其中，在“618”期间近30天内，361°跻身全部鞋类品牌TOP 5，成爲TOP 30唯一上榜国内品牌，“飞燃3”更是榮登专业马拉松跑鞋热卖榜TOP 1。 Ecommerce buildup: in response to ever-changing consumption trends, 361° continued to build up its branded ecommerce channels by launching popular products for differentiated consumer markets. These are based on insights the company had gained into the mindsets of youthful buyers. 361° holds livestreams regularly on key mainstream platforms like Tmall, JD.com and Douyin (TikTok) to pull in user traffic and drive continual ecommerce growth. 618 promos: during the annual 618 promotional shopping festival in June, which ran for nearly a month in 2024, 361° received broad market recognition from consumers: ·Sales value in ecommerce channels bumped up 94% yoy and the company placed third highest among Chinese brands. ·Sales volume increased 99% yoy, the industry’s highest growth rate. ·361° sold more than 240,000 premium products across all channels, up 167% yoy, with its flagship products rising 79% yoy. ·361° was among the top five shoe brands and it was the only Chinese brand among the top 30 brands; Flying Flame 3, the 361° professional marathon running shoe collection, took the top sales spot in its category. 以科技赋能专业运动，积极布局户外领域 2024年第二季度，361°继续坚持科技赋能专业运动的宗旨，以优质运动产品点燃大衆运动热情。期内361°携多款尖货亮相於2024晋江鞋博会，以跑步、篮球、海外、儿童四大展区充分呈现在专业运动领域的科技创新成果，“飞飈FUTURE 1.5”、“BIG3 5.0 QUICK PRO”等主打产品受到广泛关注。 在跑步领域，361°推出以稳定支撑作爲核心研发点的升级版“泰坦家族”系列，提升产品缓震性能、舒适度、耐磨度，优化跑者的跑步体验。 此外，361°积极布局泛户外领域，通过紧抓夏日防晒及闷热的痛点，推出“防晒服”及“迅乾T”等夏季新品，聚焦防晒科技、迅乾科技、净盾科技及透气肌理材料，爲消费者带来清爽舒适夏季体验，形成季节性差异化布局。 Technology-driven pro sports products and expansion into all-outdoor markets The company maintained its high sports brand profile in Q2 with its focus on professional sports and premium products driven by technology: Jinjiang show: 361° showcased several cutting-edge products at the 2024 Jinjiang Shoes Expo, which demonstrated its innovation prowess in terms of professional sports in four major areas: running, basketball, international and children. Its top products Furious Future 1.5 and Big3 5.0 Quick Pro were particularly well received. Running: 361° launched an upgrade of its Titan Family shoe series, whose main R&D selling point is enhanced cushioning, comfort and durability, providing stable support to improve the running experience. All-outdoors: 361° launched new products to carve out a distinctive seasonal product line-up for summer: its sun protection apparel and quick-dry t-shirts addressed consumer concerns about sunlight and heat management. The company’s protection, quick-drying and antibacterial technologies use breathable fabrics to deliver a fresh and comfortable wearing experience. 深度参与马拉松赛事，推进国际化品牌建设 赛事方面，24Q2成都、郑开、秦皇岛等各地马拉松陆续开跑，其中，361°首度成爲2024年秦皇岛马拉松战略合作伙伴，以尖端科技赋能专业装备，支援参赛跑者在赛道上的发挥。“飞燃3”、“飞飈FUTURE”系列跑鞋先後助力多名361°跑步代言人、精英跑者刷新纪录，加强品牌专业化形象。 国际化品牌建设方面，期内361°触地即燃实现首次出海，展现中国草根篮球力量。同时，361°成爲2025哈尔滨亚冬会官方合作伙伴，以创新的科技应用全力保障赛事的顺利举行，积极向世界传递“多一度热爱”的品牌精神。 Market traction at marathon events; building up international branding Marathons: 361° participated in marathons in Chengdu, Zhengkai, Qinhuangdao and other places in 24Q2. For the first time, it was strategic partner for the 2024 Qinhuangdao Marathon, with professional sports products featuring cutting-edge technology to aid runners on the track. The Flying Flame 3 and Furious Future running shoe collections helped many 361° brand ambassadors and elite runners to break their sports records, which boosted the brand’s profile. Global branding: 361° held its inaugural Light Up event to promote its international branding by showcasing Chinese basketball. The company also became an official partner for the 2025 Harbin Asian Winter Games, an expression of its commitment to advanced tech applications, which is in line with the brand’s spirit of going “one degree” above and beyond. 投资建议/Investment Ideas 维持盈利预测，维持买入评级 公司电商渠道建设取得成效，“618”期间成果斐然，销量高增。我们看好公司持续有益於电商渠道增长，未来有望受益於跑步及户外领域布局。我们预计公司24-26年收入分别爲100.9亿人民币、116.9亿人民币、134.5亿人民币；归母净利分别爲11.6亿人民币、14.2亿人民币、16.1亿人民币；对应EPS分别爲0.56人民币/股、0.69人民币/股、0.78人民币/股；对应PE分别爲7/5/5X。 Valuation and risks The company’s buildout of its ecommerce channels has been effective, with particularly strong sales growth during the 618 festival. We believe it will continue to grow its ecommerce channels, while ramping up its running and all-outdoor markets in the future. We forecast revenue of RMB10.09bn/11.69bn/13.45bn in 2024/25/26E; with net profit at RMB1.16bn/1.42bn/1.61bn. Our EPS corresponds to RMB0.56/0.69/0.78 and our PE to 7x/5x/5x. We maintain our BUY rating on the stock. 风险提示：市场竞争加剧；新品市场接受度不及预期；终端消费不及预期风险等。 Risks include: intensifying competition; lower-than expected market acceptance of new products; and weaker-than expected end-market consumption. 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