2024 年 05 月 05 日 歌力思 (603808) | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 7.94 | | 资产负债率 % | 31.02 | | 总股本/流通 A 股（百万） | 369/369 | | 流通 B 股 /H 股（百万） | -/- | 《歌力思（603808）点评：品牌延续复苏 态势，收入再创历史新高 》 2023/10/31 《歌力思（603808）点评：终端销售稳步 复苏，盈利能力恢复明显》 2023/08/30 ——国内业务表现超预期，海外业务仍待改善 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|--------|------- ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a potential investment opportunity with expected returns above the market benchmark index of 5% to 15% over the next 6-12 months [1][19]. Core Insights - The company has shown a strong recovery in its performance for the first half of 2023, with a revenue increase of 21.73% year-on-year, and a remarkable net profit growth of 416.56% [15][19]. - The gross profit margin improved significantly, contributing to the faster growth of net profit compared to revenue, with a net profit margin increase of 2.77 percentage points to 3.62% [15][19]. - The company is expected to continue leveraging its multi-brand strategy and gradually reduce losses in its overseas business [6][19]. Financial Performance Summary - In 2023, the company achieved a total revenue of 2.915 billion yuan, with a net profit of 106 million yuan, and an EPS of 0.29 yuan, proposing a cash dividend of 0.24 yuan per share [15][28]. - The gross profit margin for 2023 was 67.79%, with significant contributions from various brands, including ELLASSAY and LAUREL, which saw revenue increases of 21% and 47% respectively [16][27]. - The company’s operating cash flow for 2023 was 480 million yuan, reflecting a year-on-year increase of 52.71% [18][28]. Brand and Channel Performance - The main brand ELLASSAY accounted for 37% of total revenue, with a year-on-year growth of 20.68%, while online sales grew by 12.04% [15][27]. - The company has expanded its store count to 652 by the end of 2023, with a net increase of 6.36% year-on-year, indicating a robust expansion strategy [15][27]. - The performance of the online channel has been strong, with significant growth in brands like ELLASSAY and LAUREL, which saw increases of 17% and 63% respectively [15][27]. Future Earnings Forecast - The earnings forecast for 2024 and 2025 has been adjusted downwards due to the impact of overseas business, with expected EPS of 0.67 yuan and 0.88 yuan respectively [19][28]. - The projected net profit for 2024 is 248 million yuan, reflecting a growth rate of 135.03% compared to 2023 [28].

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company achieved a revenue of 2.915 billion yuan in 2023, representing a year-on-year growth of 22%, and a net profit attributable to shareholders of 106 million yuan, reflecting a significant increase of 416% [24] - The domestic business is experiencing high-quality growth, while overseas operations are currently dragging down overall performance [5][24] - The company is expected to see rapid growth in net profit in 2024, driven by market share opportunities and continued channel expansion [24] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 revenue: 2.915 billion yuan, 2024 expected revenue: 3.332 billion yuan, 2025 expected revenue: 3.752 billion yuan, 2026 expected revenue: 4.223 billion yuan [15] - 2023 net profit: 106 million yuan, 2024 expected net profit: 276 million yuan, 2025 expected net profit: 344 million yuan, 2026 expected net profit: 394 million yuan [15] - **Growth Rates**: - Revenue growth rate for 2023: 21.7%, expected growth rate for 2024: 14.3% [15] - Net profit growth rate for 2023: 416.6%, expected growth rate for 2024: 161.1% [15] - **Profitability Metrics**: - Gross margin for 2023: 67.8%, expected gross margin for 2024: 68.8% [15] - Net margin for 2023: 3.6%, expected net margin for 2024: 8.3% [15] Business Segment Analysis - **Domestic vs. Overseas Performance**: - In 2023, domestic revenue accounted for 83% of total revenue, while overseas revenue accounted for 17% [24] - Domestic business profits have significantly rebounded, surpassing 2021 levels, while overseas operations are facing losses due to a challenging consumption environment [24] - **Sales Channels**: - Online revenue in 2023 increased by 12% to 390 million yuan, while offline revenue grew by 23.5% to 2.49 billion yuan [24] - Direct sales channel revenue rose by 23.9% to 2.4 billion yuan, with a gross margin increase of 4.7 percentage points to 71.7% [24] Brand Performance - **Brand Revenue Growth**: - Key brands such as ELLASSAY, Laurel, Edhardy, IRO, and SP saw revenue increases of 21%, 47%, 3%, 10%, and 50% respectively in 2023 [24] - The number of stores for these brands has also increased, indicating successful expansion efforts [24] Cash Flow Management - The company has demonstrated good cash flow management, with operating cash flow net amounts of 480 million yuan in 2023 and 428 million yuan expected in 2024 [27] - Inventory turnover is expected to improve, with inventory days increasing to 335.1 days in 2024 Q1 [24][27]

Financial Performance - The company's revenue for Q1 2024 was CNY 748,548,486.02, representing a 12.47% increase compared to CNY 665,561,700.60 in the same period last year[4]. - Net profit attributable to shareholders decreased by 38.25% to CNY 29,194,964.40 from CNY 47,275,662.16 year-on-year[4]. - Basic earnings per share decreased by 38.46% to CNY 0.08 from CNY 0.13 in the previous year[4]. - Operating profit for Q1 2024 decreased to ¥61,927,268.78, down 19.4% from ¥76,815,217.52 in Q1 2023[24]. - Net profit for Q1 2024 was ¥62,282,641.72, compared to ¥75,022,602.19 in Q1 2023, indicating a decline of 17.0%[24]. - Total comprehensive income for Q1 2024 was CNY 44,298,546.78, significantly lower than CNY 96,600,554.05 in the same period last year, marking a decrease of 54.1%[26]. Cash Flow - The net cash flow from operating activities was CNY 109,343,501.16, down 16.2% from CNY 130,489,167.98 in the previous year[4]. - Operating cash flow for Q1 2024 was CNY 109,343,501.16, down from CNY 130,489,167.98 in Q1 2023, reflecting a decline of 16.2%[30]. - The company reported cash inflows from operating activities totaling CNY 857,077,779.55, compared to CNY 721,714,248.52 in the previous year, an increase of 18.7%[30]. - Cash outflows from operating activities were CNY 747,734,278.39, up from CNY 591,225,080.54, indicating a rise of 26.5%[30]. - Cash and cash equivalents rose to ¥608,378,253.13 as of March 31, 2024, compared to ¥585,395,623.67 at the end of 2023, an increase of 3.4%[20]. - Cash and cash equivalents at the end of Q1 2024 increased to CNY 585,295,902.21 from CNY 497,699,057.74, showing a growth of 17.6%[31]. Store Operations - The company opened 12 new stores during the reporting period, increasing the total number of stores to 655, while closing 9 stores[10]. - The total number of stores increased from 652 at the end of 2023 to 655 at the end of the reporting period, with 12 new openings and 9 closures[12]. - The company plans to continue expanding its store network and enhancing its online sales channels to drive future growth[12]. Revenue Breakdown - The domestic revenue growth was approximately 20%, driven by strong performance from brands such as ELLASSAY, Laurèl, and IRO, which grew by 29%, 40%, and 21% respectively[10]. - Overseas revenue declined by about 20% due to macroeconomic factors such as inflation and geopolitical issues[10]. - Direct store revenue reached CNY 633.01 million with a gross profit margin of 69.75%, an increase of 24.93% year-over-year[13]. - Online sales accounted for 15.20% of total revenue, generating CNY 112.93 million with a gross profit margin of 60.62%[14]. - The ELLASSAY brand generated CNY 305.85 million in revenue, with a gross profit margin of 67.86%, but a decrease of 2.96 percentage points compared to the previous year[12]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,509,473,042.69, a decrease of 2.43% from CNY 4,621,989,751.92 at the end of the previous year[5]. - Total current assets as of March 31, 2024, amounted to ¥2,011,797,431.03, a decrease of 3.0% from ¥2,073,890,394.49 as of December 31, 2023[20]. - Total non-current assets decreased to ¥2,497,675,611.66 as of March 31, 2024, down from ¥2,548,099,357.43 at the end of 2023, a decline of 2.0%[21]. - Total liabilities as of March 31, 2024, were ¥1,398,746,971.33, down from ¥1,562,407,715.34 at the end of 2023, reflecting a decrease of 10.5%[22]. - Total equity increased to ¥3,110,726,071.36 as of March 31, 2024, compared to ¥3,059,582,036.58 at the end of 2023, an increase of 1.7%[22]. Financial Expenses - The company's financial expenses increased by 43.44% primarily due to increased exchange losses[11]. - The overall cost of goods sold for the first quarter was CNY 241.40 million, reflecting a 13.83% increase from the previous year[13]. - Total operating costs for Q1 2024 were ¥688,331,895.04, up from ¥606,709,150.49 in Q1 2023, reflecting a year-over-year increase of 13.4%[24].

Financial Performance - In 2023, the company achieved a revenue of RMB 2.915 billion, representing a year-on-year growth of 21.7% compared to 2022 and 23.4% compared to 2021, marking a historical high[5]. - The company's operating revenue for 2023 reached RMB 2,915,182,182.41, representing a 21.73% increase compared to RMB 2,394,744,937.09 in 2022[34]. - The net profit attributable to shareholders for 2023 was RMB 105,645,219.84, a significant increase of 416.56% from RMB 20,451,793.62 in the previous year[34]. - The basic earnings per share for 2023 was RMB 0.29, reflecting a 383.33% increase from RMB 0.06 in 2022[35]. - The company's net profit attributable to shareholders reached 106 million RMB, representing a year-on-year growth of 417%[44]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching RMB 80,309,976.02 in 2023, compared to RMB 4,972,375.11 in 2022, marking a 1,515.12% increase[34]. - The total revenue for the year reached CNY 2,878,794,822.47, with a year-on-year increase of 21.80%[135]. - The gross profit margin improved to 69.06%, up 4.65 percentage points from the same period last year[130]. Brand Performance - The main brand, ELLASSAY, saw online sales increase by 17%, while the LAUREL brand experienced a rapid revenue growth of 47% with the number of stores increasing to 87[6]. - The IRO brand achieved a remarkable sales growth of 58% in the Chinese market despite a decline in Europe, highlighting strong performance in the domestic market[6]. - The self-portrait brand's sales revenue exceeded RMB 400 million, reflecting a 50% increase year-on-year, with a total of 56 stores opened[7]. - The ELLASSAY brand's online sales reached 1.072 billion RMB, with a year-on-year growth of 21%[49]. - The Laurèl brand achieved revenue of 348 million RMB, reflecting a rapid growth of 47%[52]. - The IRO brand in the China region saw a significant increase of 58% in revenue, despite challenges in overseas markets[46]. - The self-portrait brand achieved an online GMV exceeding 300 million yuan, with total revenue reaching 420 million yuan, a year-on-year increase of 50%[55]. Store Expansion and Strategy - The company opened 95 new stores in 2023, of which 81 were direct-operated, and established strategic partnerships with key commercial entities[7]. - The company expanded its offline presence, reaching a total of 652 stores by the end of 2023, with a net increase of 39 stores during the year[66]. - The company has opened over a hundred new stores in major shopping districts, enhancing its brand presence in top-tier markets[122]. - The IRO brand increased its store count by 12 locations in China, reflecting a strategic focus on market expansion despite challenges in overseas markets[59]. - The self-portrait has opened 56 direct-operated stores across key cities in China, with plans for further business expansion in the region[102]. Operational Efficiency and Management - The company is focusing on enhancing operational efficiency and effectiveness in 2024, aiming to improve brand investment returns despite potential short-term impacts on profits[9]. - The company has implemented a PBC performance management system across all departments to enhance execution of strategic decisions[9]. - The company implemented various strategies to enhance organizational efficiency, including a training system and a partnership system, leading to cost reduction and efficiency improvement[44]. - The company has established a digital management system that integrates data across brands, enhancing operational efficiency and marketing strategies[74]. - The company has created a diversified high-end multi-brand matrix, enhancing its competitive edge in the fashion industry through strategic investments and acquisitions[116]. Market Trends and Future Outlook - The company plans to continue expanding its market presence and invest in new product development to drive future growth[34]. - The company aims to enhance its market share through the integration of high-end brands and improved channel resources, despite challenges in the luxury goods market due to macroeconomic instability[84]. - The company is focusing on e-commerce growth by leveraging platforms like Tmall, Douyin, and Xiaohongshu, aiming to improve customer retention and business profitability through effective consumer management tools[173]. - The company has declared 2024 as the "Efficiency Year," emphasizing management innovation and resource utilization to enhance operational efficiency amid challenges from macroeconomic conditions and inflation in Europe[174]. Awards and Recognition - The company has been recognized as a "Sustainable Fashion Practitioner" and received the "ESG Model Award" in 2023, indicating progress in sustainable practices[9]. - The company received multiple awards, including "China Textile and Apparel Brand Competitiveness Advantage Enterprise" and "Best ESG Newcomer Award" from China Excellence IR[44]. Risks and Challenges - The company faces risks from adverse external market conditions that could lead to decreased consumer demand and increased inventory, negatively impacting performance[175]. - The company acknowledges the risk of not accurately grasping fashion trends, which could hinder timely product launches and affect brand and sales performance[176]. - The company is addressing the risk of product counterfeiting and unauthorized online sales, which could harm brand positioning and consumer perception[177].

证券代码：603808 证券简称：歌力思 公告编号：2024-011 深圳歌力思服饰股份有限公司 关于召开 2023 年度暨 2024 年第一季度 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： 会议召开时间：2024年5月13日(星期一) 下午 15:00-16:00 本次投资者说明会以网络远程互动形式召开，公司将针对 2023 年度和 2024 年第一季度的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。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 5 月 13 日(星期一)下午 15:00-16:00 1 会议召开地点：全景网"投资者关系互动平台"（https://rs.p5w.net/） 会议召开方式：采用网络远程互动的方式举行 （二） 会议召开地点： 全景网"投资者关系互动平台"（https://rs.p5w.net/） （三） 会议召开方式：采用网络远程互动的方式举行 三、 参加人员 公司董事长、 ...

证券代码：603808 证券简称：歌力思 公告编号：2024-006 深圳歌力思服饰股份有限公司 第五届董事会第二次临时会议决议公告 同意聘任王笃森先生为公司副总经理，任期与公司第五届董事会任期一致。 表决结果：同意 7 票，反对 0 票，弃权 0 票，通过。 董事会提名委员会对上述高级管理人员任职资格进行了审核，公司董事会完 全采纳董事会提名委员会建议。 详见公司同日在上海证券交易所网站披露的相关报告。 特此公告。 深圳歌力思服饰股份有限公司 董事会 2024 年 4 月 16 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。 一、董事会会议召开情况 深圳歌力思服饰股份有限公司（以下简称"公司"）第五届董事会第二次临 时会议于 2024 年 4 月 15 日上午 10：30 在深圳市福田区沙头街道天安社区泰然 四路泰然立城大厦 B 座 12 楼会议室以现场结合通讯表决方式召开。会议通知及 相关材料已于 2024 年 4 月 12 日以书面、电子邮件、电话等方式发出。本次会议 应到董事 7 名，实到 7 名。本次会议由公司董 ...

证券代码：603808 证券简称：歌力思 公告编号：2024-007 深圳歌力思服饰股份有限公司 关于聘任高级管理人员的公告 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。 深圳歌力思服饰股份有限公司（以下简称"公司"）董事会近日收到公司副 总经理付刚先生的书面辞职报告。付刚先生因个人身体原因向公司董事会申请辞 去公司副总经理职务，辞职自辞职报告送达董事会时生效。 1 附：王笃森简历 王笃森，1980年生，中国国籍，无境外永久居留权，天津工业大学服装设计 专业学士，正高级工艺美术师。2004年加入歌力思，历任策划主管、品牌管理部 经理、品牌管理中心总监等，现任公司董事、副总经理、集团创意总监、事业二 群总经理，依诺时尚董事长、总经理，诺北斯服饰董事长、总经理，野兽数字科 技执行董事、总经理，兼任中国美术学院纺织服装研究院客座教授、北京服装学 院客座教授、深圳大学艺术设计学院客座教授、武汉纺织大学客座教授，被评为 第十五届光华龙腾奖中国设计业十大杰出青年。 为满足公司经营发展需求，根据《公司法》《公司章程》等有关规定，公司 于 ...

[Table_Rank] 评级： 买入 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 6-Feb19-Apr 30-Jun 10-Sep 21-Nov 1-Feb 歌力思 沪深300 ⚫ 事件：公司发布 2023 年度业绩预告，2023 年预计实现归母净利润 1-1.3 亿元；若剔除计提商誉减值影响，预计实现归母净利润 2-2.3 亿元。 点评： ⚫ 成长期品牌增速亮眼，线上及线下渠道增长稳健。伴随经营环境复苏， 2023 年公司收入预计同增 20%-25%，较 2021 年增长 22%-27%。分品 牌看，公司旗下所有品牌收入均实现增长，其中 Self-Portrait/Laurel/IRO 品牌国内市场增速亮眼，歌力思品牌预计增长稳健。分渠道看，公司线 下门店覆盖全国核心商圈，截至 2023 年底旗下门店预计达到 651 家左 右（其中 503 家为直营店），较年初净增 43 家左右；电商渠道采取多品 牌、多平台策略，并推进正价化，主动收缩高折扣渠道，线上业务预计 稳健增长。分季度看，若剔除商誉减值影响，23Q4 预计实现归母净利 润 0.64-0.94 亿元，同比扭亏， ...

Investment Rating - The report assigns a "Buy" rating to the company, with an upward adjustment [1]. Core Views - The company is expected to achieve significant growth in 2023, with a projected net profit increase of 388.95% to 535.64%, reaching between 100 million to 130 million yuan [7]. - The company's revenue is anticipated to grow by 20% to 25% in 2023, amounting to approximately 2.87 billion to 3.00 billion yuan [7]. - The company is focusing on a multi-brand strategy and efficient channel expansion to capture market share and improve sales performance [7]. Financial Summary - **Revenue Forecast**: - 2022: 2.395 billion yuan - 2023E: 2.934 billion yuan (22.50% increase) - 2024E: 3.443 billion yuan (17.35% increase) - 2025E: 4.015 billion yuan (16.64% increase) [1]. - **Net Profit Forecast**: - 2022: 20 million yuan - 2023E: 125 million yuan (513.29% increase) - 2024E: 245 million yuan (95.15% increase) - 2025E: 289 million yuan (18.16% increase) [1]. - **Earnings Per Share (EPS)**: - 2022: 0.06 yuan - 2023E: 0.34 yuan - 2024E: 0.66 yuan - 2025E: 0.78 yuan [1]. - **Price-to-Earnings Ratio (PE)**: - 2023E: 23.98 - 2024E: 12.29 - 2025E: 10.40 [1].