华泰金融：361度(1361)Faster Sell-Through Growth Qoq/ Super Premium Store Openings

Earnings forecasts and valuationWe maintain our profit forecasts, with net profits at RMB1.31/1.49/1.66bn for 2025/2026/2027. In spite of the company’s currently smaller brand scale and market share vs its peers, we are bullish about its decent operations and robust sell-through growth in the medium and long term, and thus value the stock at 7.8x 2025E PE (previous: 7.8x), below its peers’ average of 12.8x on Wind consensus, for our unchanged target price of HKD5.32 (HKD/RMB=0.92). Maintain BUY.

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