The Zhitong Finance App learned that CITIC Construction Investment released a research report stating that maintaining the 361 degree (01361) “buy” rating, the company's operating income is expected to be 121.0, 131.6, and 14.23 billion yuan in 2026-2028, +8.6%, +8.2% year over year; achieving net profit to mother of 1.44 billion yuan, 15.9 billion yuan, 1.75 billion yuan, +10.1%; corresponding to the latest valuation P/E is 6.3x, 5.7x, and 5.2x.
CITIC Construction Investment's main views are as follows:
26Q3 main brands, children's business and e-commerce maintained steady growth momentum
According to the company's 2026Q3 quarterly operation announcement, the 2026Q3 sales volume of the company's main brand offline, children's clothing offline, and e-commerce platforms recorded positive increases in the number of units, medium units, and medium to high units. As Q3 was affected by the consumer environment and weather, the company's flow through various channels maintained a steady growth trend. The 26Q3 company's offline discount on large clothing and children's clothing was around 30% off, slightly deeper than the 26Q2 discount; by the end of the quarter, the company's inventory sales ratio had remained between 4.5 and 5 months, and the channel inventory was healthy. The company's online focus is on exclusive donations, popular products, and co-branded products. It is estimated that emerging social platforms will contribute to a higher growth rate, and e-commerce channels take into account both revenue growth and profit quality.
Supermarkets continue to advance, and overseas business expands rapidly
26Q3 domestic supermarket stores were 208, and 21 new supermarkets were added this quarter. 26H1 supermarket stores totaled 188, a net increase of 61 compared to the end of 25 (152 main brands, 35 children, 1 overseas). Among them, the proportion of new supermarket customers continued to increase, driving improvements in store efficiency and profitability. In terms of overseas business, it is estimated that 26Q3 will continue the rapid overseas growth trend of 26H1. Currently, direct-run stores in Southeast Asia are operating well. Two overseas supermarket stores have already landed in Cambodia, and overseas is gradually building a second growth curve.
26Q4 outlook
The domestic terminal environment is still disrupted. The Asian Games will strengthen the potential of overseas brands, and the quality of channels will continue to be upgraded. 1) Overall plan: The company will maintain the annual revenue growth guideline of 8%-10%; 2) It will increase investment in overseas brand marketing, continue to launch its own mass competition IP in many domestic cities to achieve brand exposure to terminal transformation; at the channel level, continue to promote the opening of supermarket stores while strictly controlling the quality of new stores; overseas physical outlets and cross-border e-commerce businesses will continue to expand rapidly to create a second growth engine.