The Zhitong Finance App learned that Shen Wan Hongyuan released a research report saying that maintaining the 361 degree (01361) profit forecast, the net profit for 26-28 is expected to be 14.4/15.7/170 billion yuan, corresponding PE is 6/5/5 times, maintaining a “buy” rating; the bank believes that the company has been deeply involved in the sports industry for more than 20 years and has accelerated deepening internal skills in products, brands, channels, etc., and brand upgrades continue to advance. Channel optimization effects are gradually showing. In the context of consumer classification, the company's products have both high cost performance and strong functional advantages, and the distribution of many channels is declining. The market, in the short term Under the long-term and efficient operation of the sports event catalytic superposition company, it is expected that it will continue to grow faster than the industry, increase its market share, and continue to be optimistic about future development.
Shen Wan Hongyuan's main views are as follows:
361 released 26Q3 business data. The main brands and offline sales of children's clothing grew steadily, and online performance was better than offline
The 26Q3 main brands and children's clothing offline sales both achieved medium unit growth. Online sales increased the number of medium to high units year-on-year, and the performance was in line with expectations. Overall turnover during the Mid-Autumn Festival and National Day holidays was still good. In a market where the current consumption environment is weak, the company's turnover has achieved steady growth, reflecting the appeal of the core competitiveness of products and the price advantage of high quality and cost ratio to the consumer repurchase rate.
The inventory sales ratio remains stable, and the discount rate level is stable and healthy
By the end of 26Q3, the company's inventory sales ratio remained 4.5-5 times, and the sell-out rate was normal; the offline discount was about 30% off, slightly deeper than the 7.1 discount in 26Q2, mainly related to the weather, consumption trends, and industry competition in the third quarter. The e-commerce footwear discount was about 4-4.5 percent off, and the overall inventory and discount levels were manageable.
The supermarket completed its annual opening target ahead of schedule, and its ability to attract new players continued to improve
In 361 degrees 26Q3, 21 new supermarket stores were added, bringing the total number of domestic stores to 208, completing the annual store opening guidelines ahead of schedule. The supermarket enrollment rate is about 75%, which is a steady increase from about 65% before. The user base is concentrated in the 30-45 age group, there are many household consumption scenarios, and the demand for basic products is clear. Stores attract consumers together through high-quality product portfolios, single price and multi-item discounts, and online vouchers. The product matrix covers top products, mid-range prices, and basic products, providing a one-stop shopping experience and effectively improving the connection rate.
By category, the running and basketball categories are growing steadily, and new categories such as tennis and HYROX are actively expanding
26Q3361 completed the iteration of various running shoes, including the third generation Magic Carpet, Fei Biao Air 3 unboarded training shoes, and children's running shoes. The running category maintained good growth in the third quarter. The basketball category market is fiercely competitive, and international brands are offering deeper discounts, but the company's basketball business pressure in the third quarter was less than that of peers, and growth was steady. The company launched new tennis shoes in the third quarter of 2026. Taking advantage of the popularity of the US Open and China Open tournaments, they were favored by consumers due to their high cost performance ratio, and the market feedback was good. The company is based on functional categories such as running, basketball, and outdoor, while continuing to expand niche categories such as PEAK sneakers and HYROX shoes to create new highlights.
Outdoor brands and overseas businesses continue to be cultivated, and there is plenty of room for long-term growth
One Way works simultaneously online and offline, and the number of stores has remained stable; online has covered various platforms such as Tmall, JD, Douyin, and Xiaohongshu. The number of SKUs increased to 160-200 before the peak season, and the product matrix was richer. In the future, the focus will be on capturing the needs of female consumers, enhancing SKUs related to female products, and continuing to expand the advantages of high quality and price ratio. On the overseas side, the company currently has more than 1,100 overseas sales networks, and the overseas market growth rate is strong. As business scale increases and distributor discounts gradually narrow, profit margins have the potential to be unleashed.
Risk Alerts
Industry competition increases risk; risk of terminal demand and seasonal fluctuations; risk of new business expansion falling short of expectations.