361 Degrees (01361), a sports brand wholesaler, announced its first full-year result after listing with profit attributable to shareholders soaring 2.5x to RMB632m, better than the forecast at the time of IPO. Final dividend per share 7.4 Hong Kong cents. Management bluntly, it is impossible to maintain a long-term business growth in multiples, but also revealed that the order amount next spring, a 30% annual increase.
Stimulated by the performance of the pump, 361 degrees yesterday, the stock momentum irresistible, closing at 4 yuan, soaring 18.7% in a single day, ranking the sixth in the Hong Kong stock rise list. Merrill Lynch published a study that 361 degrees for the mainland sportswear stocks preferred, I believe this year can be promoted to the Mainland's third-largest brand, the target price rose from 5 yuan to 5.5 yuan, rating of "buy." As of the end of June, the Group's turnover increased by 1.6 times to 34.5 billion yuan, a 26.4% gross profit margin increased to 34.6%, the average wholesale price of goods recorded an increase of at least one percent, which is double the wholesale price of footwear 79.1 yuan each, up At the same time, the wholesale prices of clothing rose by 23.3% to 60.9 yuan per piece while the wholesale prices of accessories rose more than 44% to 9.8 yuan.
Cai Min-side, chief financial officer, said the order amount in the spring of next year has recorded a 30% increase. The group's sales in the first fiscal quarter of 2010 (July-September) also showed a 30% increase. She added that as the Group continued to launch new products, the average selling price of its products is still expected to increase by 10% in the coming year.
Xia Youqun, Vice President, added that Group's orders growth was higher than that of its peers mainly due to the fact that the Group belonged to a young brand and was a "dark horse" in the industry. However, he said frankly that it is impossible to sustain the impressive growth in performance last year. The internal estimate of future growth is only to maintain a 30% increase.