金吾财讯 | 国信证券发研指，7月14日，361度(01361)公告2025年第二季度零售表现，361度主品牌线下零售额录得约10%正增长，童装品牌线下零售额录得约10%正增长，电子商务平台录得约20%正增长。第二季度成人装线下流水增长约10%，童装线下流水增长约10%，电商增长约20%，增速环比放缓；产品针对多样化需求持续推新；渠道建设方面，超品店拓展至49家；库存与折扣稳定。该机构指出，上半年行业消费环境充满挑战，尤其二季度行业压力加大，公司流水仍保持双位数增长。运营指标方面，库销比与折扣率保持稳定，超品店稳步扩张且整体运营表现优异。产品方面，公司持续推出具有市场竞争力的跑鞋、篮球鞋新品；品牌营销方面，则积极通过赛事活动运营与引入优质代言人策略拉动销售。该机构表示，维持盈利预测，预计公司2025-2027年归母净利润13.0/14.6/16.3亿元，同比增长13.1%/12.2%/11.8%；维持4.7-5.4港元目标价，对应2025年7-8xPE，维持“优于大市”评级。
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