【券商聚焦】国信证券维持361度(01361)“优于大市”评级 指产品创新与渠道拓展共同驱动业绩

金吾财讯
Oct 15, 2025

金吾财讯 | 国信证券发研报指,361度(01361)10月13日,公司公告2025年第三季度零售表现,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。该机构表示,三季度流水增长双位数,产品与渠道共同带动增长,库销比与折扣稳定。第三季度流水保持双位数增长,产品创新与渠道拓展共同驱动业绩,库销比维持稳定,折扣在行业价格竞争激烈的环境下基本维持稳定。公司通过赛事赞助(如唐山马拉松、泰山马拉松)和球星活动(如约基奇中国行)提升品牌影响力。该机构看好公司增长韧性,维持盈利预测,预计公司2025-2027年归母净利润12.5/13.5/14.8亿元,同比增长8.5%/8.7%/9.4%,维持“优于大市”评级。

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