金吾财讯 | 华泰证券发研报指，361度(01361)旗下361度主品牌4Q24线下流水同比实现约10%的正增长，与3Q24增速环比持平。分品类看，篮球品类约基奇首双签名鞋“JOKER1”全球重磅发售，跑步品类推出“飞燃4”等新一代高质价比产品，进一步完善涵盖初跑者、进阶跑者、精英跑者的多元化矩阵。该行指，4Q24童装品牌线下流水同比实现月15%的正增长，增速较3Q2410%的正增长环比提升，实现超额增长。从行业来看，361度童装现已为国内运动童装第二大品牌，增速跑赢行业整体水平。从公司来看，童装品牌作为第二增长曲线，线上线下表现均优于大装。公司将加强与青少年俱乐部、国家跳绳队等的合作，中大童品类的布局，持续提升品牌竞争优势。该行续指，4Q24电商平台流水整体同比增长30~35%，增速环比提升（3Q24超过20%）。借势4Q24期间“国庆”与“双十一”等电商节的促销效应，公司品牌和营销共同发力，推出多个尖货爆款。未来公司会继续深化电商渠道建设，随着规模的增长，该行认为电商的利润率有望得到提升。该行表示，维持2024-26E净利润预期人民币11.06/12.84/14.81亿元不变，参考Wind可比公司一致预期25EPE均值11.2x，考虑到当前361度品牌规模和市占率均低于可比公司，但中长期看好公司良好的运营能力和稳健的流水增速，该行维持此前目标价5.32港元，对应公司25E7.9x目标PE（港元兑人民币汇率0.92），维持“买入”评级。
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