华泰金融(HK)：给予361度(01361.HK)“买入”评级 目标价5.32港元
华泰金融(HK)10月16日发布公告。361 Degrees is the fourth-largest sportswear brand in China, maintaining a clear positioning of‘professional, youthful, and international.’The company’s growth logic is straightforward: its core apparel line is to improve its competitive edge through an optimized value-for-money offering and expanded product categories, while its children’s wear, e-commerce, and overseas businesses could also drive earnings growth. We estimate the company’s 2024E/2025E/2026E attributable net profit at RMB1.11/1.28/1.48bn , corresponding to 2024E PE/PB of 7.42/0.78x. We value the stock at 7.7x 2025E PE, below its peers’average of 12.9x on Wind consensus, to factor in the company’s smaller brand scale and market share, as well as its longer days sales outstanding (DSO). Our target price is HKD5.32 (HKD/RMB=0.90). Initiate at BUY.
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