金吾财讯 | 东吴证券发研指，361度(01361)发布2024Q4经营数据：1）流水：24Q4主品牌线下/童装线下/电商流水分别同比增长约10%/10%-15%/30-35%。2）折扣：24Q4约为7-7.3折，保持相对平稳。3）库存：24Q4库销比4.5-5倍，延续Q3水平，180天内库存占比80%左右，库龄结构健康。该行指，24Q4大装推出第十代门店，童装继续推出第五代门店，并鼓励旧店型更新升级，同时推出超品店新业态，在面积、产品品类、产品深度上较常规门店均有提升，更加适应当前消费者消费习惯。在相对偏弱的消费环境下，线下流水增长主要来自于同店的增长，2024年大装店效约200-250万，童装店效约100-130万。该行表示，公司深耕大众市场，产品矩阵具备质价比优势，24Q4在国内消费偏弱的大环境下，流水保持领先同行的稳健较快增长，同时2025年前三季度订货会反馈积极。我们维持24-26年归母净利润11.31/13.29/15.48亿元的预测值，对应PE为7/6/5X，维持“买入”评级。
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