Tianfeng Securities: Maintaining a 361 degree (01361) “buy” rating leading online growth in 24Q3

The Zhitong Finance App learned that Tianfeng Securities released a research report stating that maintaining the 361 degree (01361) “buy” rating, the company's revenue for 24-26 is 10.09 billion yuan, 11.69 billion yuan, and 13.45 billion yuan respectively; net profit to mother is 1.11 billion yuan, 1.29 billion yuan, and 1.53 billion yuan respectively; the corresponding EPS is 0.54 yuan/share, 0.62 yuan/share, and 0.74 yuan/share, respectively.

The main views of Tianfeng Securities are as follows:

361 degree 24Q3 retail performance is good

2024Q3 and 361 degree offline main brand retail increased by about 10%; retail sales of children's clothing also increased by about 10%; 361° e-commerce platform turnover also increased by 20% +.

Adhering to the purpose of technology empowering professional sports, 24Q3 launched products such as “FUTURAS outdoor running shoes”, “Feibiao 2” and “Rain Screen 8th Generation” to create a comfortable and practical running experience for runners with high-quality materials, new technology and in-house developed technology. Among them, the “Rain Screen 8th Generation” uses FLY-TEX, a self-developed waterproof and breathable membrane technology, to provide runners with a lightweight and comfortable wearing experience that is rain-grade waterproof.

In terms of racing, the Zhengzhou Marathon started during the period, and the 361° professional elite marathon racing shoe “Fei Biao 2” activated the runners' status with strong track performance. At the end of September, the 361° Dream Track Racing Family Matrix debuted at the Berlin International Marathon and Horse Fair. The latest racing shoes “add” to technology and “subtract” weight. They enjoyed the charm of speeding with international runners and brand ambassadors Li Zicheng, Guan Yusheng, and Li Bo. “Flying Biao 2” helped Derseh KindieKassie and SiSay Meseret GOLA set the best record for 361° racing shoes and the 361° Grand Slam women's best record, respectively. The 361° brand entered the top 10 of the Grand Slam for the first time. Furthermore, “Fei Biao 2” and “Flying Fire 4” successfully helped elite runners Wang Jiahao and Wang Lianzheng get the best personal PB.

Hold a new screen technology product launch conference to attract consumers with technology and strength

On October 11, 361°, a well-known domestic sports brand, held a new screen technology product launch conference with the theme of “Breaking the Rain and Breathe Freely” in Qingdao. Based on our many years of professional sports genes, we have innovated and upgraded product technology, and launched the Screen Technology family sports equipment, mainly the “Imperial Screen 2.0 Jacket” and the “Yuping 8th Generation Running Shoe”. Guided by the “technology-based, brand-first” brand strategy, 361° is using more sports technology and stronger product strength to attract consumer recognition and attention.

Imperial screen 2.0 jacket, six screens in one, fully protects outdoor athletes

361° Imperial Screen 2.0 jacket, using the Screen Technology platform technology to reach 8000 mm waterproof H? O, an excellent index of moisture permeability of 8000 g/m2/24H, is not afraid of multiple outdoor weather changes; in addition, there is also a combination of multi-screen technology platform technology such as windproof, dirt-resistant, and wear-resistant. With the support of screen technology, the Yuping 2.0 jacket actually achieved 6 screens in one, comprehensive protection, and became the “hexagon fighter” in the jacket.

Rainscreen 8th generation running shoes, a jacket in the running shoe industry

On the basis of inheriting the excellent performance of previous generation products, the Yuping 8th generation running shoes have been fully upgraded and optimized. The built-in FLY-TEX waterproof breathable film technology is inspired by the excellent hydrophobic and breathable properties of bird feathers. The FLY-TEX waterproof breathable film is cleverly compounded into the inner layer of the fabric to effectively block external moisture intrusion and ensure long-lasting and stable waterproof performance. It also has the dual effect of quickly expelling heat and moisture generated by the body and keeping the internal environment dry and comfortable.

Risk warning: Terminal retail falls short of expectations, foreign exchange risk, increased market competition, etc.