361度: 童裝業務增長突出

（以下内容从天风国际证券《361度: 童裝業務增長突出》研报附件原文摘录）
　　361 Degrees International (1361 HK) 童装业务增长突出 24H1E takeaways: children’s apparel growth spike and 618 surge; ecommerce buildup expands export potential BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司2024年度中期业绩发布 24H1收入51.4亿人民币，同增19.2%；归母净利7.9亿人民币，同增12.2%；毛利率41.3%，同减0.4pct；归母净利率15.4%，同减0.9pct。每股基本盈利38.2分人民币，同增12.4%，派息16.5港仙，派息比例40.3%。 广告及宣传开支占比10.5%，同增1.7pct；员工成本占比6.2%，同减0.9pct；研发成本占比2.8%，同减0.4pct。 分产品，成人鞋类收入22.8亿人民币，同增20.1%，占比44.4%，毛利率42.8%，同减0.7pct；成人服装收入15.8亿人民币，同增15.7%，占比30.7%，毛利率40.2%，同增0.1pct；儿童产品收入11.3亿人民币，同增24.2%，占比22.0%，毛利率41.7%，同减0.7pct。 24H1E revenue up 19% and net profit up 12% yoy; children’s wear outperforms Key metrics: 361 Degrees released unaudited 24H1E results recently: ·Revenue amounted to RMB5.14bn, up 19.2% yoy; ·Net profit came to RMB790m, up 12.2% yoy; ·Gross margin was 41.3%, down 0.4ppt yoy; net margin was 15.4%, down 0.9ppt yoy ·Basic EPS were RMB38.2 cents, up 12.4% yoy ·Dividend per share is set at HK16.5 cents, which is a 40.3% payout ratio. Costs: ·Advertising and publicity expenses made up 10.5% of total cost, up 1.7ppt yoy; ·Staff costs accounted for 6.2%, down 0.9ppt yoy; ·R&D costs accounted for 2.8%, down 0.4ppt yoy. Revenue breakdown by product type: ·Adult footwear: RMB2.28bn, up 20.1% yoy (44.4% of total revenue); 42.8% gross margin, down 0.7ppt yoy; ·Adult apparel: RMB1.58bn, up 15.7% yoy (30.7% of the total); 40.2% gross margin, up 0.1ppt yoy; ·Children’s wear: RMB1.13bn, up 24.2% yoy (22.0% of the total); 41.7% gross margin, down 0.7ppt yoy. 儿童业务与电商业务成绩喜人，海外业务受外部负面因素影响 儿童业务增长主要归因於：由於推出具有专业性、健康科技性及童趣时尚性的产品，服装及鞋类产品销量同比增长26.0%，平均批发售价减少1.4%。截止期末，公司在中国内地拥有2550个儿童销售网点，其中东部网点502个，占比19.7%；南部363个，占比14.2%；西部532个，占比20.9%；北部1153个，占比45.2%。 24H1公司电子商务业务收入12.5亿人民币，同增16.1%，占比24.4%。电子商务业务方面，公司“618”大促期间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；期内海外市场收益减少系南美洲部分国家当地经济疲弱，导致需求下降。 Children’s and ecommerce channels hit high notes; external factors hurt exports Children’s products contributed a 26.0% yoy increase in apparel and footwear sales volume. They also accounted for a 1.4% decline in wholesale ASP because of new product launches that incorporated professional sports, health and technology, and fashion characteristics. Store network: 361° has 2,550 children’s sales outlets in mainland of China as of end-H1: ·502 in eastern China (19.7% of the network); ·363 in southern China (14.2%); ·532 in western China (20.9%); ·1,153 in northern China (45.2%). Ecommerce generated RMB1.25bn revenue in 24H1, up 16.1% yoy, accounting for 24.4% of total revenue. A breakdown shows: ·618 promotions: omnichannel sales from ecommerce platforms rose 94% yoy during the 618 shopping festival in June this year, the third highest among Chinese brands; while the ecommerce channel’s sales volume shot up 99% yoy, the fastest rate in the industry. ·Foreign markets: falling revenues in H1E were due to lower demand, impacted by local economic weakness in some countries in South America. 深耕专业运动领域，加速完善国际化布局 361°坚持“专业化、年轻化、国际化”品牌定位，秉承“科技爲本、品牌爲先”的品牌策略，将创新科技与专业运动需求相结合，推进鞋服产品研发升级。截至2024年6月30日，公司已取得专利562项，研发出了“飞燃3”、“飞飈FUTURE1.5”、“速湃Float”等一系列极致专业性及高度性价比的高科技运动产品。2024年下半年公司计划增加研发活动，研发支出占比预计爲3%-4%。 公司围绕不同渠道消费者的差异化需求，全方位激发电商平台线上零售渠道建设和线上品牌形象推广双重效能，全面推进线上线下融合发展。截止期末，公司在中国内地拥有5740间门店，其中东部门店1112间，占比19.4%；南部649间，占比11.3%；西部1305间，占比22.7%；北部2674间，占比46.6%。 Expansion of professional sports category and international market reach Patented technologies: the 361° brand’s core positioning is in professional sports, youth and the international market. Under its stated “technology-driven brand supremacy” strategy, R&D efforts have led to the deployment of advanced technologies in footwear and apparel product upgrades that fulfill professional sports requirements. The company counts 562 patents as of 30 June 2024, including those that birthed professional and cost-effective footwear collections like Flying Flame 3, Furious Future 1.5 and Spire Float. The company plans to increase R&D activities in 24H2E, when the proportion of R&D expenditure could rise to 3-4% of the total. Omnidirectional O2O brand push: 361° uses a variety of channels to differentiate consumer requirements. Through online-to-offline business integration, the company pushed through a comprehensive online retail channel buildout, while raising its online brand profile on ecommerce platforms. Store network: the company has 5,740 stores in mainland of China as of end-H1E: 1,112 in eastern China (19.4% of the total network); 649 in southern China (11.3%); 1,305 in western China (22.7%); and 2,674 in northern China (46.6%). 投资建议/Investment Ideas 轻微下调盈利预测，维持买入评级 公司电商渠道建设及品牌建设卓有成效，“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和产品研发升级，未来有望受益於海外市场；基於半年报，毛利率及归母净利率略低於去年同期，我们小幅调整361度盈利预测；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11.1亿人民币、12.9亿人民币、15.3亿人民币（原值爲11.6亿人民币、14.2亿人民币、16.1亿人民币）；对应EPS分别爲0.54人民币/股、0.62人民币/股、0.74人民币/股（原值分别爲0.56人民币/股、0.69人民币/股、0.78人民币/股）；对应PE分别爲6/5/4X。 Valuation and risks We attribute the company’s 618 sales volume surge to its ecommerce channel and brand building efforts. We anticipate its growing ecommerce channels and product R&D upgrades will allow 361° to better milk its export market potential. Taking into account 24H1 gross and net margins being a tad lower yoy, we tweaked downward our financial forecasts and now expect revenue will come in at RMB10.09bn/11.69bn/13.45bn in 2024/25/26E, with net profit at RMB1.11bn/1.29bn/ 1.53bn (previously RMB1.16bn/ 1.42bn/1.61bn), corresponding to RMB0.54/0.62/0.74 EPS (previously RMB0.56/0.69/ 0.78) and implying 6x/5x/4x PE. We maintain our BUY rating. 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；外汇风险等 Risks include: intensifying competition; worse-than-expected market acceptance of new products; worse-than-expected end-market consumption; and FX risks. 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