361度(1361.HK):24年量增驱动收入高增 看好超品拓店潜力

海通证券
25 Mar

24 年量增驱动收入高增,盈利水平稳定。24 全年收入增19.6%至100.7 亿元,成人及儿童鞋服均实现显著量增,多数品类ASP 同比提升,渠道结构优化下店效显著提升,线下收入增22.4%,快于电商的12.2%。毛利率提升0.4pct 至41.5%,成人鞋/服毛利率同比提升0.5/0.8pct,成本控制及定价策略良好,儿童鞋/服毛利率同比下降0.5/0.2pct,主因童鞋ASP 下降+升级品质...

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