361度: 24Q3線上增長領跑

（以下内容从天风国际证券《361度: 24Q3線上增長領跑》研报附件原文摘录）
　　361 Degrees International (1361 HK) 24Q3线上增长领跑 24Q3 operational update: 361° ecommerce platform turnover grew over 20% yoy amid other strong numbers BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 361度24Q3零售表现良好 2024Q3，361度线下主品牌零售同增约10%，童装零售同增约10%；361°电商平台流水同增20%+。 24Q3 business update: strong retail numbers include 10-20% yoy growth trends 10-20% sales growth: 361 Degree released a 24Q3 business update on 14 Oct with offline main brand retail sales up by about 10% yoy and children’s clothing retail sales up 10% yoy; while turnover on the 361o ecommerce platform rose more than 20% yoy. 24Q3公司坚持科技赋能专业运动的宗旨，推出「FUTURA S户外跑鞋」、「飞飈2」及「雨屏8代」等产品，以高质量材质、全新工艺及自家研发科技爲跑者营造舒适、实用的跑步体验。其中，「雨屏8代」采用自主研发的防水透气膜科技FLY -TEX，爲跑者带来暴雨级防水的轻盈舒适穿着体验。 赛事方面，期内郑州马拉松开跑，361°专业精英马拉松竞速跑鞋「飞飈2」以强劲赛道性能激活跑者状态。9月底361°梦想赛道竞速家族矩阵亮相柏林国际马拉松马博会，给科技做「加法」，给重量做「减法」的最新竞速跑鞋，与国际跑者及品牌代言人李子成、管油胜及李波一同领略超速魅力。「飞飈2」助力Derseh KINDIE KASSIE以及Sisay Meseret GOLA分别刷新361°竞速跑鞋最佳战绩及361°大满贯赛事女子最佳纪录，361°品牌首次进入大满贯赛事前10。另外「飞飈2」及「飞燃4」成功助力精英跑者王佳浩及王连正获得个人最好PB。 Professional sports product launches showcased at major marathons The company says its product launches in the quarter that evinced its focus on technology-powered professional sports included Futura S trail running shoes, Furious Future 2 and Rain-Block 8.0. The use of quality materials, new processes and proprietary technology aims to provide runners with functional comfort. Rain-Block 8.0’s incorporation of its proprietary Fly-Tex waterproof yet breathable membrane technology delivers lightweight comfort with heavy-rain waterproofing. Zhengzhou Marathon: the Furious Future 2 collection of elite marathon racing shoes helped runners deliver a powerful track performance. Berlin Marathon: 361° unveiled its Dream Racing series at the marathon expo on 27 Sept, where marathon stars and 361° brand ambassadors Li Zicheng, Guan Yousheng and Li Bo showcased the company’s latest range of tech-powered lightweight racing shoes. Two days later on 29 Sept, Furious Future 2 worn by Ethiopians Derseh Kindie Kassie (10th place for men) and Sisay Meseret Gola (10th place for women) set new records for 361° racing shoes and 361° women runners respectively. This was the first time the brand placed within the top 10 at a Grand Slam event. Meanwhile, Furious Future 2 and Flying Flame 4 enabled elite runners Wang Jiahao and Wang Lianzheng to achieve new personal bests. 举办屏科技新品发布会，以科技和实力，吸引消费者 10月11日，国内知名运动品牌361°在青岛举办了以“冲锋破雨自由呼吸”爲主题的屏科技新品发布会。立足自身多年的专业运动基因，创新升级产品科技，重磅推出以“御屏2.0冲锋衣”和“雨屏8代跑鞋”爲主的屏科技家族运动装备。在“科技爲本，品牌爲先”的品牌策略指引下，361°正在用更多的运动科技和更强大的产品实力，吸引消费者的认可和关注。 Proprietary tech drives multi-defense products that weather outdoor rigors Six-defense technology: 361° launched new products featuring its “six-in-one resistance” technology in Qingdao on 11 Oct. The event theme, “Charging through the rain yet breathing freely”, featured new family sports wear products like the Yuping 2.0 jacket and Rain-Block 8.0 running shoes. The brand’s strategy centers on technological prowess and it aims to win over consumer mindshare and recognition through proprietary sportswear technology and product strength. 御屏2.0冲锋衣，六屏合一，全面保护户外运动者 361°御屏2.0冲锋衣，依托屏科技平台技术达到防水8000mm H?O、透湿率8000G/㎡/24H的优秀指标，无惧户外多元天气变化；除此之外，还有防风、防污、耐磨等多重屏科技平台技术叠加。在屏科技的加持下，御屏2.0冲锋衣真正做到了6屏合一、全面防护，成爲冲锋衣中“六边形战士”。 Yuping 2.0 jacket: 361° says the six-defense technology refers to wind, rain, pollution and wear resistance, while also providing warmth and breathability. The technical specifications include 8,000mm waterproofing and 8,000G/㎡/24H moisture permeability, which help wearers resist volatile weather changes outdoors. Its comprehensive six-defense coverage could commandeer the Yuping 2.0 a leading position among jackets. 雨屏8代跑鞋，跑鞋界的冲锋衣 雨屏8代跑鞋在继承前代产品优秀性能的基础上，进行全面升级和优化。所搭载的FLY-TEX防水透气膜科技，技术灵感源自鸟类羽毛的卓越疏水与透气性能，把FLY-TEX防水透气膜巧妙地复合於面料内层，实现了有效阻挡外部水分侵入，确保防水性能的持久稳定。以及迅速将人体产生的热量与湿气排出体外，保持内部环境的乾爽舒适的双重功效。 Rain-Block 8.0 running shoes: the latest iteration of the Rain-Block running shoes builds upon the strong performance of previous generations. Its Fly-Tex technology is inspired by birds’ feathers, which have excellent hydrophobic and breathable properties. The Fly-Tex waterproof and breathable membrane, cleverly compounded within the inner layers of the coat, blocks off external moisture, and ensures long-lasting and stable waterproofing. It has dual functions of expelling both heat and moisture generated by the human body to keep the internal environment dry and comfortable. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 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；对应EPS分别爲0.54人民币/股、0.62人民币/股、0.74人民币/股；对应PE分别爲7/6/5X。 Valuation and risks We forecast revenue will arrive at RMB10.09bn/11.69bn/13.45bn and net profit at RMB1.11bn/1.29bn/1.53bn in 2024/25/26E; corresponding to RMB0.54/0.62/0.74 EPS and 7x/6x/5x PE. We maintain our BUY rating. 风险提示：终端零售不及预期，外汇风险，市场竞争加剧等。 Risks include: end-market retail sales falling short of expectations; FX risks; and intensifying competition. 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