King's Financial News | Pacific Securities Research Institute issued a research report, 361 degrees (01361) recently released 2024Q3 retail operation data, with offline adult clothing revenue increasing by about 10% year-on-year in 2024Q3, offline children's clothing revenue increasing by about 10% year-on-year, and e-commerce revenue increasing by 20%+. The revenue performance meets expectations.
The bank pointed out that in the weak domestic consumer environment in 24Q3, the company's revenue continued to achieve stable and rapid growth, leading the industry, while inventory and discount indicators remained at healthy levels. In addition to the online revenue growth of more than 30% during the National Day Golden Week, offline revenue increased by more than 20% year-on-year. The bank is bullish on the company's target of breaking the hundred billion sales mark in 2024. Through enriching the product matrix, optimizing the structure, upgrading channels, and enhancing brand visibility supported by events, the company's value proposition is gradually being recognized by consumers.
The bank stated that it maintains the company's profit forecast, expecting the company's net income attributable to the parent company to be 1.16/1.35/1.56 billion yuan in 2024/25/26, with the current stock price corresponding to a PE ratio of 7/6/5 times. The bank gives the company a 10x PE for 2024, with a target price of 6.12 Hong Kong dollars, maintaining a "buy" rating.
