Jingu Finance News | Shanxi Securities issued a research report stating that 361 degrees (01361) released the company's business data for the third quarter of 2024. In March 202403, 361 degrees' main brand offline retail sales increased by 10% year-on-year, 361 degrees children's clothing brand offline retail sales increased by 10% year-on-year, and 361 degrees' e-commerce platform retail sales increased by over 20% year-on-year. The bank pointed out that in Q3, the main brand's offline revenue growth continued, with e-commerce channels growing faster than offline channels. Q3 retail discounts and channel inventory turnover remained stable, and offline channel upgrades are expected to drive store efficiency improvements.
The bank pointed out that in the third quarter of 2024, against the backdrop of overall pressure on the domestic consumption environment, the company's offline channel retail sales maintained excellent growth, expected to significantly outperform domestic peer brands, with the e-commerce channel continuing its strong performance. During the Golden Week holiday, terminal retail sales accelerated month-on-month. On September 20, the company officially became the official partner of the 2026 Nagoya Asian Games, supporting the Asian Games for five consecutive editions, with the brand momentum continuing to rise. The bank maintains profit forecasts, expecting the company's revenue for 2024-2026 to be 10.04, 11.624, 13.21 billion yuan, with year-on-year growth of 19.2%, 15.8%, 13.6%: net income attributable to the parent company is expected to be 1.104, 1.274, 1.451 billion yuan, with year-on-year growth of 14.8%, 15.4%, 13.9%. The closing price on October 14 corresponds to a PE ratio of about 7.2, 6.2, 5.5 times for the years 2024-2026, maintaining a "buy-B" rating.
