股 票 研 究 [Table_industryInfo] 纺织服装业/可选消费品 [ Table_Main[海ITnaf 澜bol]e 之_Ti家tle]( 600398) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩稳健增长，男装龙头行稳致远 目标价格： 10.35 上次预测： 9.24 公 ——海澜之家2023 年年报及 2024 年一季报点评 当前价格： 8.83 司 刘佳昆(分析师) 赵博(研究助理) 曹冬青(研究助理) 2024.04.30 更 021-38038184 010-83939831 0755-23976666 [交Ta易bl数e_M据a rket] 新 liujiakun029641@gtjas.com zhaobo026729@gtjas.com caodongqing026730@gtjas.com 证书编号 S0880524040004 S0880122070053 S0880122070070 52周内股价区间（元） 6.29-9.40 报 总市值（百万元） 42,408 告 本报告导读： 总股本/流通A股（百万股） 4,803/4,803 流通 B股/H ...

证券研究报告 | 年报点评报告 2024年04月30日 海澜之家（600398.SH） 优秀业绩符合预期，高分红具备吸引力 2023 年收入同比+16%/归母净利润同比+37%，靓丽业绩符合预期，高分红具备吸引 增持（维持） 力。1）2023年收入为215.3亿元，同比+16%；归母净利润为29.5亿元，同比+37%，符 合预期。盈利质量方面：2023年毛利率同比+1.6pct至44.5%；销售/管理/财务费用率同比 股票信息 分别+1.8/-0.5/+0.3pct至20.2%/4.5%/0.2%；净利率同比+2.4pct至13.6%。2）2023Q4 行业 服装家纺 收入为59.6亿元，同比+22%，归母净利润为5.0亿元，同比+23%。3）2023年度公司拟 派发现金红利0.56元/股，股利支付率为91%，以2024/4/29收盘价计算的股息率约6.3%； 前次评级 增持 预计2024年中期现金分红上限为不超过当期归母净利润的70%。 4月29日收盘价(元) 8.83 2024Q1 收入同比+9%/归母净利润同比+10%。2024Q1 公司收入为 61.8 亿元，同比 总市值(百万元) 42,408.46 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,177,088,464.40, representing an increase of 8.72% compared to the same period last year[4] - The net profit attributable to shareholders of the listed company was CNY 886,796,520.93, reflecting a growth of 10.41% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 877,156,269.50, up by 10.84% from the previous year[4] - Total revenue for the first quarter of 2024 reached CNY 6,050,810,746.26, representing a year-on-year increase of 6.71%[14] - Net profit for Q1 2024 was CNY 886,125,860.80, representing a growth of 11.55% from CNY 794,445,165.17 in Q1 2023[22] - Earnings per share for Q1 2024 were CNY 0.20, compared to CNY 0.19 in Q1 2023, indicating a slight increase[22] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1,381,289,170.32, showing a decrease of 3.90% compared to the same period last year[4] - In Q1 2024, the cash inflow from operating activities was approximately CNY 7.11 billion, slightly up from CNY 7.10 billion in Q1 2023, indicating stable operational performance[23] - The net cash flow from operating activities decreased to CNY 1.38 billion in Q1 2024 from CNY 1.44 billion in Q1 2023, reflecting a decline of about 4.5%[23] - Cash outflows for purchasing goods and services increased to CNY 3.35 billion in Q1 2024 from CNY 3.11 billion in Q1 2023, representing a rise of approximately 7.2%[23] - The total cash and cash equivalents at the end of Q1 2024 reached CNY 12.75 billion, up from CNY 10.95 billion at the end of Q1 2023, marking an increase of approximately 16.4%[24] - The company reported a cash inflow from other operating activities of CNY 595.39 million in Q1 2024, down from CNY 1.17 billion in Q1 2023, indicating a decline of approximately 49.1%[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 33,824,958,036.43, a slight increase of 0.33% from the end of the previous year[6] - The total liabilities decreased to CNY 14,353,423,165.76 in Q1 2024 from CNY 17,675,167,545.25 in Q1 2023, a reduction of approximately 18.00%[20] - The total equity attributable to shareholders increased to CNY 19,484,147,267.03 in Q1 2024 from CNY 16,049,615,953.58 in Q1 2023, reflecting a growth of 21.00%[20] - The company’s total assets increased slightly to CNY 33,824,958,036.43 in Q1 2024 from CNY 33,712,841,762.60 in Q1 2023, showing a marginal growth[20] Shareholder Information - The equity attributable to shareholders of the listed company increased to CNY 19,484,147,267.03, marking a significant rise of 21.40% year-on-year[6] - The total number of ordinary shareholders at the end of the reporting period was 29,738[11] Operational Metrics - The basic earnings per share for the period was CNY 0.20, an increase of 5.26% compared to the same period last year[4] - The diluted earnings per share was also CNY 0.20, reflecting a growth of 17.65% year-on-year[4] - The gross profit margin for the main business was 47.32%, an increase of 0.48% compared to the same period last year[14] - The revenue from direct stores was CNY 1,407,155,697.71, with a gross profit margin of 63.20%, reflecting a year-on-year increase of 13.91%[15] - The revenue from franchise stores and others was CNY 4,094,148,806.00, with a gross profit margin of 41.74%, showing a slight increase of 0.38% year-on-year[15] - The number of physical stores decreased by 31, with a total of 6,846 stores at the end of the reporting period[13] - The company opened 71 new stores during the reporting period, while 102 stores were closed[13] Research and Development - Research and development expenses for Q1 2024 amounted to CNY 51,232,196.94, up from CNY 46,806,038.46 in Q1 2023, marking an increase of 9.67%[21] Other Financial Metrics - The weighted average return on equity decreased by 0.19 percentage points to 5.16%[4] - The financial expenses for Q1 2024 showed a significant change, with interest expenses recorded at CNY -7,383,932.99 compared to CNY 62,384,661.69 in Q1 2023, indicating a substantial improvement[21] - The company reported a decrease in accounts payable to CNY 7,844,171,153.31 in Q1 2024 from CNY 8,768,665,934.38 in Q1 2023, a decline of 10.55%[20] Tax and Compensation - The company received tax refunds amounting to CNY 4.39 million in Q1 2024, compared to CNY 1.20 million in Q1 2023, indicating a significant increase in tax refunds received[23] - The cash outflow for employee compensation decreased to CNY 853.08 million in Q1 2024 from CNY 911.41 million in Q1 2023, reflecting a reduction of about 6.4%[23] Market Activity - The company did not report any significant new product launches or market expansions during this quarter[25]

Financial Performance - The company's operating revenue for 2023 reached RMB 21,527,549,051.48, representing a 15.98% increase compared to RMB 18,561,742,244.11 in 2022[25]. - The net profit attributable to shareholders for 2023 was RMB 2,951,962,445.72, a 36.96% increase from RMB 2,155,275,976.03 in 2022[25]. - The basic earnings per share increased to RMB 0.68 in 2023, up 36.00% from RMB 0.50 in 2022[24]. - The weighted average return on equity rose to 19.47% in 2023, an increase of 5.58 percentage points from 13.89% in 2022[24]. - The net cash flow from operating activities was RMB 5,230,476,804.33, a significant increase of 66.71% compared to RMB 3,137,453,209.77 in 2022[25]. - The total assets at the end of 2023 were RMB 33,712,841,762.60, reflecting a 2.94% increase from RMB 32,748,667,798.76 at the end of 2022[23]. - The net assets attributable to shareholders increased to RMB 16,049,615,953.58, a 9.92% rise from RMB 14,601,283,715.37 in 2022[23]. Revenue and Sales Growth - The company achieved a total revenue of 21.528 billion RMB in 2023, representing a year-on-year growth of 15.98%[34]. - Net profit attributable to shareholders reached 2.952 billion RMB, an increase of 36.96% compared to the previous year[34]. - The main business revenue from the Haian brand was 16.458 billion RMB, up 19.66% year-on-year[34]. - The company’s other brands generated a total revenue of 2.016 billion RMB, reflecting a year-on-year growth of 5.85%[34]. - Overseas revenue for 2023 was 272 million yuan, representing a year-on-year growth of 23.98%[44]. - Online business revenue reached 3.258 billion yuan, with a year-on-year increase of 14.06%, accounting for 15.70% of total revenue[54]. Product Development and Innovation - The company launched a new "Cool Feeling" product line in summer, featuring advanced cooling technology and enhanced comfort[39]. - The winter "Aurora Goose Down" series was introduced, focusing on multi-functional features and comfort, receiving positive consumer feedback[39]. - The company has introduced new product lines such as U+ smart temperature control shirts and high-twist cool feeling shirts to expand its offerings in the workwear and school uniform markets[46]. - The company has focused on product innovation with a strategy emphasizing youthfulness, differentiation, and quality, launching several new product lines[55]. - The company is investing in new technology development, allocating 200 million RMB towards enhancing e-commerce capabilities[190]. Market Strategy and Expansion - The company’s strategic focus includes deepening brand operations and accelerating digital transformation to maintain competitive advantages[34]. - The company has implemented a multi-channel marketing strategy, leveraging social media and live streaming to enhance brand exposure and sales[56]. - The company aims to establish itself as a national home living brand by focusing on core categories and expanding its presence in key regions[53]. - The company is focusing on expanding its presence in emerging markets, leveraging efficient supply chains to enhance overseas sales[161]. - The company plans to optimize channel layout and improve store efficiency, with a focus on expanding shopping center stores and exploring new markets in Southeast Asia[168]. Corporate Governance and Social Responsibility - The company adheres to legal and regulatory requirements in governance, ensuring independent operations and protecting shareholder rights[178]. - The board of directors consists of 9 members, including 3 independent directors, complying with relevant laws and regulations[181]. - The company emphasizes communication with stakeholders to balance interests among shareholders, employees, and society for sustainable development[183]. - The company has a commitment to social responsibility and aims to enhance transparency in its operations[184]. - Heilan Group is committed to sustainable practices and has received recognition for its corporate social responsibility initiatives, including awards for rural revitalization efforts[68]. Risks and Challenges - The company faces risks from market slowdown and intensified competition, which could impact consumer spending and overall performance[173]. - Inventory management poses a risk due to high stock levels; the company has measures in place to mitigate potential markdown risks[174]. - There is a risk of goodwill impairment from acquisitions, prompting the company to enhance post-investment management and resource integration[176]. Future Outlook - The company anticipates a steady growth in the apparel industry in 2024, driven by improved consumer confidence and ongoing consumption promotion policies[159]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[190]. - The company plans to enhance its digital marketing strategy, increasing the budget by 25% to improve customer engagement[190]. - The management team emphasized the importance of sustainability initiatives, targeting a 30% reduction in carbon emissions by 2025[190].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.62 CNY per share based on a PE valuation of 14.2 times for 2024 [4][6]. Core Insights - The company aims to expand its direct store count significantly, with plans to add 1,000 new stores from 2023 to 2025, which is expected to enhance revenue growth [4]. - The company operates a multi-brand retail group, focusing on high dividend payouts, with cash dividends from 2019 to 2022 amounting to 12.15, 11.06, 22.03, and 18.57 billion CNY, reflecting a high cash dividend ratio [2][15]. - The company employs a unique franchise model that separates ownership and management rights, allowing franchisees to operate stores with reduced entry barriers, thus accelerating network expansion [3][19]. - The procurement strategy emphasizes a "returnable goods first, non-returnable goods second" model, which mitigates inventory risks for both the company and its franchisees, leading to a higher proportion of returnable goods in inventory [3][22]. Summary by Sections Multi-Brand Retail Group - The company has developed a diverse product matrix, including men's, women's, children's, and professional clothing, as well as home goods, under various brands [11]. - The ownership structure is stable, with the founding Zhou family holding 60.13% of the shares, ensuring strong governance [13]. Sustainable Business Model - The "platform + brand" chain operation model allows for independent brand management while providing centralized support services [18]. - The company does not rely on discounting as a marketing strategy, maintaining a flat sales structure that enhances price competitiveness [25]. Operational Performance - The company has seen a steady increase in store numbers, with a total of 8,219 stores by 2022, despite a decline in total store count in 2023 due to the sale of a brand [28]. - Revenue for the first three quarters of 2023 reached 155.69 billion CNY, reflecting a year-on-year growth of 13.85% [30]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 29.41, 32.53, and 38.48 billion CNY from 2023 to 2025, with corresponding EPS of 0.61, 0.68, and 0.80 CNY [4][44]. - The report anticipates continued growth in the main brand's revenue, driven by the planned expansion of direct stores and a focus on high-quality franchise operations [44].

证券代码：600398 证券简称：海澜之家 编号：2024—021 海澜之家集团股份有限公司 一、本次可转债赎回的公告情况 （一）有条件赎回条款成就情况 海澜之家集团股份有限公司（以下简称"公司"）股票自 2024 年 2 月 7 日 至 2024 年 3 月 6 日期间，已满足连续三十个交易日中至少有十五个交易日的收 盘价格不低于当期转股价格的 130%（含 130%）（即 7.93 元/股），已触发"海 澜转债"的有条件赎回条款。 （二）本次赎回的审议及公告情况 2024 年 3 月 6 日，公司召开第九届董事会第四次会议，审议通过了《关于 提前赎回"海澜转债"的议案》，决定行使"海澜转债"的提前赎回权利，对赎 回登记日登记在册的"海澜转债"按照债券面值加当期应计利息的价格全部赎回。 具体内容详见公司于 2024 年 3 月 7 日在上海证券交易所网站（www.sse.com.cn） 披露的《海澜之家集团股份有限公司关于提前赎回"海澜转债"的公告》（公告 编号：2024—003）。 2024 年 3 月 15 日，公司披露了《海澜之家集团股份有限公司关于实施"海 澜转债"赎回暨摘牌的公告》（公告编号：20 ...

证券代码：600398 证券简称：海澜之家 编号：2024—022 海澜之家集团股份有限公司 关于控股股东及其一致行动人合计持股比例 被动稀释超过 1%的提示性公告 重要内容提示： 本次权益变动系海澜之家集团股份有限公司（以下简称"公司"）股份 回购注销及发行的可转换公司债券转股引起的总股本变动，公司控股股东及其一 致行动人（以下简称"信息披露义务人"）合计所持公司股份比例被动稀释，不 涉及持股数量发生变化，不触及要约收购，不会导致公司控股股东及实际控制人 发生变化。 本次权益变动后，信息披露义务人合计持有公司股份的比例将从 64.28% 被动稀释至 60.13%。 一、本次权益变动基本情况 （一）信息披露义务人基本情况 信息披露义务人 1：海澜集团有限公司（以下简称"海澜集团"） 统一社会信用代码：913202811422746807 类型：有限责任公司（自然人投资或控股的法人独资） 注册地址：江阴市新桥镇陶新路 8 号 法定代表人：周立宸 成立日期：1991-12-13 信息披露义务人 2：荣基国际（香港）有限公司（以下简称"荣基国际"） 公司注册证书号：660845 注册资本：10,000 港币 本公司 ...

| 证券代码：600398 | 证券简称：海澜之家 | 编号：2024—020 | | --- | --- | --- | | 债券代码：110045 | 债券简称：海澜转债 | | 海澜之家集团股份有限公司 可转债转股结果暨股份变动公告 公司于 2022 年 9 月 21 日至 2022 年 9 月 27 日进行了可转债回售，回售价 格为 100.25 元人民币/张（含当期利息），回售数量为 1,000 元（10 张），回售 金额为 1,002.50 元，回售资金到账日为 2022 年 9 月 30 日。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 转股情况：截至 2024 年 3 月 31 日，累计共有 2,944,788,000 元"海澜转 债"已转换成公司股票，因转股形成的股份数量为 482,688,579 股，占可转债转 股前公司已发行股份总额的 10.7437%。 未转股可转债情况：截至 2024 年 3 月 31 日，除已回售的可转债外尚未 转股的可转债金额为 5,637,000 元，占可转债 ...

| 证券代码：600398 | 证券简称：海澜之家 | 编号：2024—019 | | --- | --- | --- | | 债券代码：110045 | 债券简称：海澜转债 | | 海澜之家集团股份有限公司 关于实施"海澜转债"赎回暨摘牌的最后一次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 自 2024 年 3 月 29 日起，"海澜转债"停止交易。 最后转股日：2024 年 4 月 2 日 截至 2024 年 4 月 1 日收市后，距离 4 月 2 日（"海澜转债"最后转股日） 仅剩 1 个交易日，4 月 2 日为"海澜转债"最后一个转股日。 本次提前赎回完成后，"海澜转债"将自 2024 年 4 月 3 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内按照 6.10 元的转股价格进行转股外， 仅能选择以 100 元/张的票面价格加当期应计利息（即 101.307 元）被强制赎回。 若被强制赎回，可能面临较大投资损失。 特提醒"海澜转债"持有人注意在限期内转股。 海澜之家集团股份 ...

| 证券代码：600398 | 证券简称：海澜之家 | 编号：2024—018 | | --- | --- | --- | | 债券代码：110045 | 债券简称：海澜转债 | | 海澜之家集团股份有限公司 关于实施"海澜转债"赎回暨摘牌的第十一次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 自 2024 年 3 月 29 日起，"海澜转债"停止交易。 最后转股日：2024 年 4 月 2 日 截至 2024 年 3 月 29 日收市后，距离 4 月 2 日（"海澜转债"最后转股日） 仅剩 2 个交易日，4 月 2 日为"海澜转债"最后一个转股日。 本次提前赎回完成后，"海澜转债"将自 2024 年 4 月 3 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内按照 6.10 元的转股价格进行转股外， 仅能选择以 100 元/张的票面价格加当期应计利息（即 101.307 元）被强制赎回。 若被强制赎回，可能面临较大投资损失。 特提醒"海澜转债"持有人注意在限期内转股。 海澜之家集团股 ...