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袁鉅文先生 (Aman Yuen)
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金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
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361度(1361)

Wednesday, December 21, 2016 Views6838

361度(1361)公布截至6月底止中期收入同比增长15.7%至25.56億元,純利升1.3%至2.73億元(人民幣,下同),每股中期息連特別股息11.6港仙。

毛利率上升0.1個百分點至 41.4% 。主要是服裝毛利率上升1.3%至43.1%所影響; 對於鞋類收入增長近19.1%,但毛利率跌0.3個百分點,管理層解釋主要由於期內品牌面向大眾市場,顧客價格敏感度高,雖然鞋類業務的平均批發售價增加7.7%,本集團並無將成本增幅全數轉嫁於客戶,藉此帶動銷售量,因此減低了期內所得毛利。他指根據第四季訂貨會的需求表現,料下半年毛利穩定,與上半年變化不大。

上半年成本與開支相對穩定,廣告及宣傳開支上升15.7%至3.8億,佔本集團營業額比率不變至12.2%。行政開支增加43.3%至人民幣219.7百萬元(二零一五年:人民幣153.2百萬元),佔本集團營業額約8.6%(二零一五年:6.9%)。有關增幅乃主要由於研究與開發開支、發展海外業務單位的管理層員工加薪及廈門新總部產生的折舊成本所致。研究與開發開支為人民幣72.4百萬元(二零一五年:人民幣54.4百萬元),佔回顧期內營業額的2.8%(二零一五年:2.5%)。此外,截至二零一六年六月三十日止六個月,於廈門新成立的總部的折舊成本增至人民幣33.9百萬元(二零一五年:人民幣18.0百萬元)。

從渠道上看,截至今年6月30日,361度店(包括兒童獨立店)數目共6853家,較去年底減少355家,門店關店乃主要由於城市建設規劃改造,以及中國南方暴雨對於街邊店影響所致。未來本集團將繼續專注提升門店效益及利潤率。

集團亦著力構建其現代電子商務。現時除了在官方網站進行線上銷售之外,集團亦進軍天貓、淘寶、京東及唯品會等中國主要電商平台。電子商務分銷商網的營業額為人民幣1.664億元占集團總營業額的6.5%。

自主研發的361+iMate智能跑鞋系列,結合鞋、智能芯片及手機應用程序APP三大元素,以卓越的功能性及先進科技,提升跑步運動體驗。該系列智能跑鞋於二零一六年五月面世,產品推出後反響熱烈。

 

建议買入
買入價:3.08
沽出價:4.1
止蝕價:2.86

 

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