Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 12.76 CNY [7][14]. Core Insights - The company reported a revenue of 1.426 billion CNY for the DA brand, an increase of 8.9%, with a gross margin of 75.2%, down by 1.1 percentage points. The DM brand saw a revenue decrease of 7.4% to 152 million CNY, while the DZ brand's revenue increased by 14.5% to 1.02 billion CNY, with a gross margin of 72.3%, down by 0.6 percentage points. The RA brand experienced a significant revenue increase of 56.1% to 47 million CNY, with a gross margin of 81.9%, down by 0.2 percentage points [4][22]. - The company has implemented a digital operation strategy to enhance supply chain capabilities and improve consumer engagement through differentiated marketing efforts [11][21]. - The financial forecast for the company indicates a projected net profit of 5.1 billion CNY in 2024, with an expected EPS of 1.1 CNY per share, reflecting a decrease from previous estimates [11][22]. Financial Performance - The company reported a total revenue of 2.4 billion CNY in 2022, with a growth rate of -17.16%. The EBITDA for the same year was 602.34 million CNY, and the net profit attributable to the parent company was 384.55 million CNY, reflecting a decline of 44.23% [8][26]. - In Q1 2024, the company reported a revenue of 537 million CNY, a decrease of 12.0%, and a net profit of 110 million CNY, down by 33.0% [6][22]. - The company’s gross margin for 2023 was reported at 74.5%, a decrease of 0.9 percentage points, while the net margin improved to 18.6%, an increase of 2.6 percentage points [21][22]. Market Position and Strategy - The company is focusing on channel expansion to fill market gaps and is developing a national marketing network that emphasizes both first and second-tier cities while also targeting third and fourth-tier cities [5][12]. - The company plans to continue enhancing its retail support and marketing efforts, aiming to build a smart supply chain and introduce new brands and business lines [21][22].

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于地素时尚股份有限公司 2023 年年度股东大会的 法律意见书 上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：+86-21-2051-1000 传真：+86-21-2051-1999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于地素时尚股份有限公司 2023 年年度股东大会的 法律意见书 致：地素时尚股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受地素时尚股份有限公司 （以下简称"地素时尚"或"公司"）的委托，就公司召开 2023 年年度股东大 会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股东大会规则》等法律、法规、规章和其他规范性文件以 及《地素时尚股份有限公司章程》（以下简称"《公司章程》"）、《地素时尚 股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》"）的有 关规定，出具本法律意见书。 为出具本法律意 ...

证券代码：603587 证券简称：地素时尚 公告编号：2024-022 地素时尚股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 5 月 22 日 (二)股东大会召开的地点：上海市普陀区丹巴路 28 弄 1-2 号旭辉世纪广场 8 号楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 371,882,642 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 78.1272 | | 总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采用现场投票和网络投票相结合的方式召开，会议召集、召开程序 符合《公司法》等有关法律法规、部门规章、规范性文件及《公司章 ...

证券简称：地素时尚 证券代码：603587 公告编号：2024-021 一、说明会类型 本次业绩说明会以视频直播和网络互动方式召开，公司将针对 2023 年度经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 地素时尚股份有限公司 关于参加2023年报沪市主板国货潮品 集体业绩说明会的公告 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： 地素时尚股份有限公司（以下简称"公司"）已于 2024 年 4 月 26 日披露公 司 2023 年年度报告，详见上海证券交易所网站（www.sse.com.cn）。为便于广 大投资者更全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 5 月 29 日参加 2023 年报沪市主板国货潮品集体业绩说明会，会议时间为下午 14:00-17:30，会上公司将就投资者关心的问题进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 29 日（星期三）14:00-17: ...

地素时尚股份有限公司 关于董事、副总经理、董事会秘书辞职的公告 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。 证券代码：603587 证券简称：地素时尚 公告编号：2024-020 地素时尚股份有限公司（以下简称"公司"或"地素时尚"）董事会于 2024 年 5 月 19 日收到公司董事、副总经理、董事会秘书田霖先生的辞职报告，田霖 先生因个人原因辞去公司第四届董事会董事及战略发展委员会委员、副总经理、 董事会秘书职务。辞去上述职务后，田霖先生将不再担任公司及子公司任何职务。 特此公告。 地素时尚股份有限公司 董事会 2024 年 5 月 21 日 办公地址：上海市普陀区丹巴路 28 弄 1-2 号旭辉世纪广场 8 号楼 联系电话：021-31085111、021-31085300 传真号码：021-31085352 电子邮箱：info@dazzle-fashion.com 根据《公司法》《上海证券交易所股票上市规则》《公司章程》等有关规定， 田霖先生辞去上述职务未导致公司董事会成员人数低于法定人数，其提交的辞职 报告自送达 ...

Page 2/59 目 录 | 会议须知 | | | 3 | | --- | --- | --- | --- | | 会议议程 | | | 5 | | 议案 1 2023 | 关于公司 | 年年度报告及其摘要的议案 | 7 | | 议案 2 2023 | 关于公司 | 年度董事会工作报告的议案 | 8 | | 议案 3 2023 | 关于公司 | 年度监事会工作报告的议案 | 17 | | 议案 4 2023 | 关于公司 | 年度财务决算报告的议案 | 23 | | 议案 5 | | 关于公司使用部分闲置募集资金进行现金管理的议案 | 27 | | 议案 6 | | 关于公司使用部分闲置自有资金进行现金管理的议案 | 28 | | 议案 7 2023 | 关于公司 | 年度利润分配预案的议案 | 29 | | 议案 8 关于确认公司董事、监事 2023 | | 年度薪酬及 2024 年度薪酬方案的议案 | 31 | | 议案 9 2024 | 关于续聘 | 年度会计师事务所的议案 | 33 | | 议案 关于公司未来三年（2024-2026 | 10 | 年）股东分红回报规划的议案 | 34 | | 议案 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company is expected to maintain stable dividends in 2023, with a projected revenue growth of 10.4% year-on-year to 2,649 million yuan and a net profit increase of 28.4% to 494 million yuan in 2023. However, the first quarter of 2024 is anticipated to face pressure on performance due to a slowdown in macro consumption [12][62]. - The reasonable valuation range has been adjusted to 14.00 - 15.10 yuan, down from the previous range of 16.50 - 17.10 yuan, reflecting a downward revision of profit forecasts for 2024-2025 [6][62]. Financial Forecasts and Indicators - Revenue (in million yuan) is projected as follows: - 2022: 2,400 - 2023: 2,649 - 2024E: 2,728 - 2025E: 3,029 - 2026E: 3,303 - Year-on-year growth rates are expected to be: - 2023: +10.4% - 2024E: +3.0% - 2025E: +11.0% - 2026E: +9.1% [5][64]. - Net profit (in million yuan) is forecasted as follows: - 2022: 385 - 2023: 494 - 2024E: 515 - 2025E: 585 - 2026E: 650 - Year-on-year growth rates are expected to be: - 2023: +28.4% - 2024E: +4.4% - 2025E: +13.6% - 2026E: +11.1% [5][64]. - Key financial ratios include: - EBIT Margin: 2023 at 25.9%, 2024E at 23.8% - Return on Equity (ROE): 2023 at 13.2%, 2024E at 13.2% [5][64]. Market Performance - The company's market capitalization is approximately 6,063 million yuan, with a closing price of 12.70 yuan. The 52-week high and low prices are 17.35 yuan and 10.98 yuan, respectively [6][12]. - The average daily trading volume over the last three months is 27.50 million yuan [6]. Channel Performance - In 2023, the company experienced growth across all channels, with e-commerce showing a significant increase of 29.5% year-on-year. Direct sales and distribution channels grew by 10.6% and 4.8%, respectively [12][62]. - The performance of individual brands varied, with DA and DZ brands showing stable growth, while RA brand experienced a remarkable increase of 56.1% [12]. Cash Flow and Dividends - The company reported a strong operating cash flow of 7.0 billion yuan, up 41.6% year-on-year, with a net cash ratio of 1.42. The dividend payout for 2023 was 3.8 billion yuan, resulting in a dividend rate of 77% [12][62]. Adjustments and Future Outlook - Due to the weak macroeconomic environment and industry trends, the profit forecasts for 2024-2025 have been revised downwards. The expected net profits for 2024-2026 are 5.2 billion yuan, 5.9 billion yuan, and 6.5 billion yuan, reflecting year-on-year growth of 4.4%, 13.6%, and 11.1%, respectively [12][62].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market benchmark [17][24]. Core Insights - The company's 2023 performance met expectations, with a revenue increase of 10.4% to 2.649 billion yuan and a net profit growth of 28.3% to 494 million yuan. The fourth quarter of 2023 saw a revenue increase of 17.9% year-on-year [17]. - The first quarter of 2024 showed a revenue decline of 12% to 537 million yuan and a net profit drop of 33% to 110 million yuan, attributed to high base effects and unfavorable weather conditions impacting demand [17]. - The company announced a cash dividend of 8 yuan per 10 shares, resulting in a dividend payout ratio of approximately 77%, with total cash returns reaching 85% when including share buybacks [17]. - The main brand DA achieved a revenue growth of 8.9% to 1.43 billion yuan, while the DZ brand saw a 14.5% increase to 1.02 billion yuan. The men's brand RA experienced significant growth of 56.1% to 46.78 million yuan [17]. - Online sales grew by 29.5% to 400 million yuan, with a gross margin improvement of 1 percentage point to 76.8% [17]. - The company plans to distribute at least 60% of its net profit to shareholders in cash annually from 2024 to 2026, ensuring strong shareholder returns [17]. Summary by Sections Financial Performance - 2023 total revenue was 2.649 billion yuan, with a net profit of 494 million yuan. The projected revenues for 2024, 2025, and 2026 are 2.611 billion yuan, 2.830 billion yuan, and 3.042 billion yuan respectively [13][29]. - The gross margin for 2023 was 74.5%, with a slight improvement to 75.6% in Q1 2024 [20][29]. Market Position - The company focuses on the mid-to-high-end women's clothing sector, maintaining strong brand power and stable high profitability [17]. - The average PE ratio for comparable companies in 2024 is projected at 14 times, with the company being valued at 14 times PE, indicating a target market value of 6.6 billion yuan, suggesting a 10% upside potential [17]. Shareholder Returns - The company emphasizes shareholder returns with a robust cash dividend policy and significant cash reserves, ensuring sustainability in dividend payouts [17].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2023, the company achieved a revenue of 2.65 billion yuan, a year-on-year increase of 10%, and a net profit of 494 million yuan, up 28% year-on-year. The company plans to distribute a cash dividend of 0.8 yuan per share, representing 85.3% of the net profit [2][3]. - The company experienced a significant performance drop in Q1 2024, with revenue decreasing by 12% year-on-year to 540 million yuan and net profit down 33% to 110 million yuan, attributed to a reduction in channel scale [2][3]. - The company’s brand matrix shows clear differentiation, with DZ and RA brands performing relatively well, while DA's channel scale continues to shrink [2]. Financial Summary - Revenue and Profit Forecasts: The company is expected to generate revenues of 2.70 billion yuan in 2024, with a projected net profit of 518 million yuan, reflecting a growth rate of 5% year-on-year [3][12]. - Key Financial Metrics: The company’s P/E ratio is projected to be 11.6 times in 2024, with an expected EPS of 1.09 yuan [3][12]. - Cash Flow: The operating cash flow for 2023 was 703 million yuan, with a net cash increase of 502 million yuan [9][12]. Brand and Channel Performance - Brand Performance: In 2023, the revenue for DA, DM, DZ, and RA brands was 1.43 billion, 150 million, 1.02 billion, and 50 million yuan respectively, with growth rates of +8.9%, -7.4%, +14.5%, and +56.1% [2]. - Channel Performance: E-commerce channels showed robust growth, with a revenue increase of 29.5% in 2023, while offline stores faced challenges with a revenue decline of 20% in Q1 2024 [2][3]. Market Position - The company is positioned as a leading player in the mid-to-high-end women's clothing sector, with strong product design and supply chain management capabilities [2].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.95, down from the previous forecast of 17.76 [14]. Core Views - The company has shown steady revenue growth in 2023, with a year-on-year increase in net profit of 28%. However, due to a significant reduction in offline store numbers and more rational end-user demand, short-term performance is under pressure [12][14]. - The company maintains a high dividend payout, reflecting confidence in future development, with a dividend payout ratio of 77% in 2023 [12][14]. - The report indicates that the company's performance is expected to gradually recover as channel adjustments are implemented [12]. Financial Summary - **Revenue Growth**: The total revenue for 2023 is projected at 2,649 million, a 10.4% increase from 2022. The forecast for 2024 is 2,708 million, with a modest growth rate of 2.2% [2]. - **Net Profit**: The net profit for 2023 is expected to be 494 million, reflecting a 28.3% increase compared to 2022. The forecast for 2024 is 547 million, indicating a growth of 10.9% [2]. - **Profitability Ratios**: The EBIT margin is projected to increase from 23.2% in 2023 to 26.1% in 2024, while the net profit margin is expected to rise from 18.6% to 20.2% in the same period [2]. - **Valuation Ratios**: The PE ratio is forecasted to decrease from 12.14 in 2023 to 10.94 in 2024, indicating a more attractive valuation over time [2]. Company Overview - The company operates as a multi-brand fashion group, focusing on mid to high-end women's apparel design, promotion, and sales. It targets women aged 18-45, the demographic with the highest clothing consumption capacity [3].