金吾财讯 | 中泰国际研报指，361度(01361)公布二季度运营流水情况。公司主品牌和童装产品线下渠道零售额均同比录得10%的增长；而线上平台的流水同比增长约20%。由于基数较高，公司二季度的零售同比增速略微低于第一季度。二季度折扣率维持约71折，库销比为4.5-5倍，连带率2.5倍，主要运营指标维持坚挺。该机构预计公司上半年收入保持双位数同比增长态势，符合预期。该机构指，二季度公司于广州、长沙、天津、上海和大连等地增设39家361度超品店。截止6月底，全国361度超品店数量已增加至49家，开店速度快于预期，显示公司强劲地推能力以及消费者接纳程度较高。除了渠道端发力，产品端新品推陈出新节凑并不放缓。公司并推出超品店特供款“千行1.0”迎合注重性价比的大众跑者。篮球鞋方面，在高强度对抗中提供更轻快更强大支撑的 “禅7”在上半年推出。代言人约基奇即将开启中国行之旅，预计更进一步推升品牌篮球鞋知名度。为满足消费者需求，公司还首次推出羽毛球鞋和网球服装以及防晒衣等新品类。公司将于8月12日公布1H25财报。该机构当前维持FY25E收入预测118.7亿，净利润13.3亿元，分别同比增长17.8%和16.0%。考虑到港股投资氛围向好，该机构目标估值从8倍提升至9倍FY25E市盈率，调整目标价至6.38港元。维持买入评级。
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