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361度: 電商渠道業績高增

天风国际  · 公众号  ·  · 2024-07-22 17:53

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361 Degrees International

(1361 HK)


電商渠道業績高增


Q2 business update shows ecommerce channels drove strong growth, spurred by 618 shopping festival

BUY (maintain)


投資要點/Investment Thesis

投资要点/Investment Thesis

電商渠道24Q2增長可觀

24Q2公司主品牌零售(線下渠道)同增約10%;童裝品牌零售(線下渠道)同增約中雙位數。電商渠道方面,公司整體流水同增約30%-35%。


Q2 business update: robust growth from ecommerce channels on 618 fest

Key metrics: 361 Degrees released an operational update for 24Q2 on 12 July, revealing healthy growth across the following sales channels:

•Main brand retail (offline) increased about 10% yoy;

•Children’s wear brand retail (offline) increased at a roughly mid-double-digit yoy;

•Ecommerce turnover increased 30-35% yoy.


持續強化電商渠道建設,“618”期間業績亮眼

面對消費趨勢的不斷變化,361°持續強化品牌電商渠道建設,洞察年輕羣體心理推出差異化爆品,並在天貓、京東、抖音等核心主流電商平臺進行常態化直播,對品牌不間斷引流,帶動電商業績不斷增長。


2024年“618”期間,361°獲得消費者廣泛認可,電商渠道銷售額同比增長94%,位列國產品牌第三,電商渠道銷量增長99%,同比增速爲行業第一;全渠道尖貨銷量超24萬件,同比增長167%,官旗尖貨銷量同比增長79%。


其中,在“618”期間近30天內,361°躋身全部鞋類品牌TOP 5,成爲TOP 30唯一上榜國內品牌,“飛燃3”更是榮登專業馬拉松跑鞋熱賣榜TOP 1。


Ecommerce buildup: in response to ever-changing consumption trends, 361° continued to build up its branded ecommerce channels by launching popular products for differentiated consumer markets. These are based on insights the company had gained into the mindsets of youthful buyers. 361° holds livestreams regularly on key mainstream platforms like Tmall, JD.com and Douyin (TikTok) to pull in user traffic and drive continual ecommerce growth.


618 promos: during the annual 618 promotional shopping festival in June, which ran for nearly a month in 2024, 361° received broad market recognition from consumers:

•Sales value in ecommerce channels bumped up 94% yoy and the company placed third highest among Chinese brands.

•Sales volume increased 99% yoy, the industry’s highest growth rate.

•361° sold more than 240,000 premium products across all channels, up 167% yoy, with its flagship products rising 79% yoy.

•361° was among the top five shoe brands and it was the only Chinese brand among the top 30 brands; Flying Flame 3, the 361° professional marathon running shoe collection, took the top sales spot in its category.


以科技賦能專業運動,積極佈局戶外領域

2024年第二季度,361°繼續堅持科技賦能專業運動的宗旨,以優質運動產品點燃大衆運動熱情。期內361°攜多款尖貨亮相於2024晉江鞋博會,以跑步、籃球、海外、兒童四大展區充分呈現在專業運動領域的科技創新成果,“飛飈FUTURE 1.5”、“BIG3 5.0 QUICK PRO”等主打產品受到廣泛關注。


在跑步領域,361°推出以穩定支撐作爲核心研發點的升級版“泰坦家族”系列,提升產品緩震性能、舒適度、耐磨度,優化跑者的跑步體驗。


此外,361°積極佈局泛戶外領域,通過緊抓夏日防曬及悶熱的痛點,推出“防曬服”及“迅乾T”等夏季新品,聚焦防曬科技、迅乾科技、淨盾科技及透氣肌理材料,爲消費者帶來清爽舒適夏季體驗,形成季節性差異化佈局。


Technology-driven pro sports products and expansion into all-outdoor markets

The company maintained its high sports brand profile in Q2 with its focus on professional sports and premium products driven by technology:


Jinjiang show: 361° showcased several cutting-edge products at the 2024 Jinjiang Shoes Expo, which demonstrated its innovation prowess in terms of professional sports in four major areas: running, basketball, international and children. Its top products Furious Future 1.5 and Big3 5.0 Quick Pro were particularly well received.


Running: 361° launched an upgrade of its Titan Family shoe series, whose main R&D selling point is enhanced cushioning, comfort and durability, providing stable support to improve the running experience.


All-outdoors: 361° launched new products to carve out a distinctive seasonal product line-up for summer: its sun protection apparel and quick-dry t-shirts addressed consumer concerns about sunlight and heat management. The company’s protection, quick-drying and antibacterial technologies use breathable fabrics to deliver a fresh and comfortable wearing experience.


深度參與馬拉松賽事,推進國際化品牌建設

賽事方面,24Q2成都、鄭開、秦皇島等各地馬拉松陸續開跑,其中,361°首度成爲2024年秦皇島馬拉松戰略合作伙伴,以尖端科技賦能專業裝備,支援參賽跑者在賽道上的發揮。“飛燃3”、“飛飈FUTURE”系列跑鞋先後助力多名361°跑步代言人、精英跑者刷新紀錄,加強品牌專業化形象。


國際化品牌建設方面,期內361°觸地即燃實現首次出海,展現中國草根籃球力量。同時,361°成爲2025哈爾濱亞冬會官方合作伙伴,以創新的科技應用全力保障賽事的順利舉行,積極向世界傳遞“多一度熱愛”的品牌精神。


Market traction at marathon events; building up international branding

Marathons: 361° participated in marathons in Chengdu, Zhengkai, Qinhuangdao and other places in 24Q2. For the first time, it was strategic partner for the 2024 Qinhuangdao Marathon, with professional sports products featuring cutting-edge technology to aid runners on the track. The Flying Flame 3 and Furious Future running shoe collections helped many 361° brand ambassadors and elite runners to break their sports records, which boosted the brand’s profile.


Global branding: 361° held its inaugural Light Up event to promote its international branding by showcasing Chinese basketball. The company also became an official partner for the 2025 Harbin Asian Winter Games, an expression of its commitment to advanced tech applications, which is in line with the brand’s spirit of going “one degree” above and beyond.



投資建議/Investment Ideas



維持盈利預測,維持買入評級

公司電商渠道建設取得成效,“618”期間成果斐然,銷量高增。我們看好公司持續有益於電商渠道增長,未來有望受益於跑步及戶外領域佈局。我們預計公司24-26年收入分別爲100.9億人民幣、116.9億人民幣、134.5億人民幣;歸母淨利分別爲11.6億人民幣、14.2億人民幣、16.1億人民幣;對應EPS分別爲0.56人民幣/股、0.69人民幣/股、0.78人民幣/股;對應PE分別爲7/5/5X。


Valuation and risks

The company’s buildout of its ecommerce channels has been effective, with particularly strong sales growth during the 618 festival. We believe it will continue to grow its ecommerce channels, while ramping up its running and all-outdoor markets in the future. We forecast revenue of RMB10.09bn/11.69bn/13.45bn in 2024/25/26E; with net profit at RMB1.16bn/1.42bn/1.61bn. Our EPS corresponds to RMB0.56/0.69/0.78 and our PE to 7x/5x/5x. We maintain our BUY rating on the stock.


風險提示: 市場競爭加劇;新品市場接受度不及預期;終端消費不及預期風險等。


Risks include: intensifying competition; lower-than expected market acceptance of new products; and weaker-than expected end-market consumption.


Email: [email protected]

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