金吾财讯 | 申万宏源发研报指，361度(01361)发布2024年四季度运营数据，终端销售延续亮眼表现。24年四季度公司主品牌线下增长10%，童装线下增长10-15%，比三季度增长10%有所提速，表现符合预期。电商增长30-35%，延续强劲表现，且相比三季度20%的增速提速明显。库存水位有所下降，折扣率保持稳健。分渠道看，线上平台增速亮眼，线下渠道持续迭代升级。1）线上渠道表现亮眼。2）线下门店优化升级稳步推进。该行提到，2月哈尔滨亚冬会在即，公司作为官方合作伙伴，有望借助冰雪热潮及曝光提升品牌认可度及终端销售。该行指，公司深耕运动行业二十余年，近几年加速在产品、品牌、渠道等方面深化内功，品牌升级持续推进，渠道优化效果逐渐显现。在消费分级的背景下，公司产品兼具高性价比和强功能性优势，渠道多分布在下沉市场，在短期体育赛事催化叠加公司长期高效的运营下，有望持续获得快于行业的增长，提升市占率，持续看好未来发展。维持盈利预测，预计24-26年净利润为10.9/12.5/14.2亿元，对应PE为7/6/5倍，维持买入评级。
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