Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported strong domestic business growth in the first half of 2024, with revenue of 1.45 billion yuan, a year-on-year increase of 5.5%, while net profit attributable to shareholders was 58.55 million yuan, a year-on-year decrease of 46.6%, primarily due to losses in overseas operations [1] - Domestic brands, excluding Ed Hardy, showed good growth, with the main brand and others like Laurel and IRO experiencing revenue increases of 21%, 28%, and 20% respectively [1] - Online sales channels have seen significant growth, with online revenue increasing by 33.2% year-on-year, while the overall performance was impacted by a decline in overseas markets [1] Summary by Sections Financial Performance - Total revenue for 2022 was 2.395 billion yuan, with a projected increase to 3.108 billion yuan in 2024, reflecting a year-on-year growth of 6.62% [1] - Net profit attributable to shareholders was 20.45 million yuan in 2022, expected to rise to 184.44 million yuan in 2024, indicating a year-on-year growth of 74.59% [1] - The company’s gross margin improved slightly to 69.24% in the first half of 2024, while the net profit margin decreased to 4.04% [1] Revenue Breakdown - In the first half of 2024, domestic business revenue grew by 9% when excluding overseas operations, indicating resilience in the domestic market [1] - Online sales accounted for 18% of total revenue, with significant contributions from various platforms [1] Future Projections - The company’s net profit forecasts for 2024 and 2025 have been adjusted to 184 million yuan and 272 million yuan respectively, with a new projection for 2026 at 315 million yuan [1] - The price-to-earnings ratio is projected to decrease from 13x in 2024 to 7x in 2026, reflecting a more favorable valuation outlook [1]

深圳歌力思服饰股份有限公司 关于完成注册地址工商变更登记的公告 证券代码：603808 证券简称：歌力思 公告编号：2024-020 特此公告。 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。 1 深圳歌力思服饰股份有限公司（以下简称"公司"或"歌力思"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第五届董事会第三次临时会议、2023 年年 度股东大会，审议通过了《关于变更注册地址、公司章程修订暨办理工商变更登 记的议案》。 深圳歌力思服饰股份有限公司 董事会 2024 年 7 月 12 日 近日，公司完成了注册地址的工商变更登记手续，并取得了深圳市市场监督 管理局换发的《营业执照》，公司注册地址由"深圳市福田区车公庙天安创新科 技广场 A 栋 1901-1905"变更为"深圳市福田区沙头街道天安社区泰然四路 85 号 泰然立城 B 座 1201"。 ...

北京市中伦（深圳）律师事务所 关于深圳歌力思服饰股份有限公司 差异化权益分派事项的 法律意见书 二〇二四年五月 法律意见书 致：深圳歌力思服饰股份有限公司 北京市中伦（深圳）律师事务所（下称"本所"）接受深圳歌力思服饰股份 有限公司（简称"公司"）的委托，根据《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司股份回购规 则》（下称"《回购规则》"）、《上海证券交易所上市公司自律监管指引第 7 号—— 回购股份》（下称"《回购指引》"）等法律、法规和规范性文件的规定以及《深圳 歌力思服饰股份有限公司章程》（下称"《公司章程》"）的相关规定，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，为公司 2023 年度利润分配涉及 的差异化权益分派（下称"本次差异化权益分派"）的相关事项出具本法律意见 书。 为出具本法律意见书，本所律师审查了公司提供的相关文件。本所在进行法 律审查时公司向本所作出的如下保证：公司已经向本所提供了为出具本法律意见 书所需的全部资料，并保证该等资料的真实性、准确性、完整性，所有副本与正 本、复印件与原件一致。对出具本法律意见书至 ...

差异化分红送转： 是 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/12 | － | 2024/6/13 | 2024/6/13 | 一、 通过分配方案的股东大会届次和日期 证券代码：603808 证券简称：歌力思 公告编号：2024-019 本次利润分配方案经深圳歌力思服饰股份有限公司（以下简称"公司"或"本公司"）2024 年 5 月 20 日的 2023 年年度股东大会审议通过。 深圳歌力思服饰股份有限公司 2023 年年度权益分派实施公告 规范性文件及《公司章程》的有关规定，公司存放于回购专用账户的股份不参与利润分配。 3. 差异化分红送转方案： （1）差异化权益分派方案 公司于 2024 年 4 月 28 日召开了第五届董事会第三次临时会议及第五届监事会第二次临 时会议，于 2024 年 5 月 20 日召开了 2023 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 7.62 CNY and a reasonable value of 8.70 CNY [14]. Core Views - The company is expected to see a gradual improvement in performance throughout 2024, despite facing challenges in overseas operations [2][44]. - The company's 2023 performance showed a significant recovery post-pandemic, with a revenue of 2.915 billion CNY, a year-on-year increase of 21.73%, and a net profit of 106 million CNY, up 416.56% [23][30]. - The first quarter of 2024 saw a revenue of 749 million CNY, a 12.47% increase year-on-year, but a net profit decline of 38.25% due to increased overseas losses and new equity incentive costs [7][49]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.915 billion CNY, with a net profit of 106 million CNY, marking a 416.56% increase year-on-year [23][30]. - The first quarter of 2024 showed a revenue of 749 million CNY, a 12.47% increase, but a net profit of 29 million CNY, down 38.25% year-on-year [7][49]. - The company plans to distribute a cash dividend of 2.40 CNY for every 10 shares [23]. Revenue Forecast - The company forecasts revenues of 3.308 billion CNY in 2024, 3.772 billion CNY in 2025, and 4.251 billion CNY in 2026, with growth rates of 13.5%, 14.0%, and 12.7% respectively [16][30]. - The expected EPS for 2024, 2025, and 2026 are 0.58 CNY, 0.80 CNY, and 1.03 CNY respectively [19][30]. Brand Performance - The main brand ELLASSAY is projected to generate revenues of 1.252 billion CNY in 2024, with a growth rate of 16.73% [52]. - The Laurel brand is expected to see revenues of 427 million CNY in 2024, growing by 22.67% [52]. - The IRO brand is forecasted to have a slight decline in revenue in 2024, with a projected revenue of 724 million CNY [52]. Cost and Margin Analysis - The gross margin for 2024 is expected to be 68.98%, with slight increases projected for the following years [28][30]. - The company aims to optimize costs and reduce losses in overseas operations by closing unprofitable stores [44][54].

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 10.20 CNY, maintaining the same rating as before [11]. Core Views - The company's domestic business performance is stable, while overseas operations are under pressure, impacting overall performance. The company is actively enhancing channel management, which is expected to gradually improve performance [9][12]. - The revenue for 2023 is projected to increase by 21.7% year-on-year, with net profit expected to rise by 416.6% [9][12]. - The report highlights that the company has adjusted its EPS forecasts for 2024-2025 due to lower-than-expected overseas business profitability, with new estimates of 0.61/0.84 CNY for 2024 [9][12]. Financial Forecast Summary - Total revenue is forecasted to grow from 2,915 million CNY in 2023 to 4,120 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [2]. - The EBIT is expected to increase significantly from 299 million CNY in 2023 to 620 million CNY in 2026, indicating strong operational growth [2]. - Net profit is projected to rise from 106 million CNY in 2023 to 380 million CNY in 2026, with a net profit margin improving from 3.6% to 9.2% over the same period [2]. Valuation Metrics - The report indicates a PE ratio decreasing from 27.18 in 2023 to 7.56 by 2026, suggesting an attractive valuation as earnings grow [2]. - The PB ratio is expected to decline from 1.17 in 2023 to 0.88 in 2026, indicating potential undervaluation [2]. - The dividend yield is projected to increase from 3.1% in 2023 to 8.4% in 2026, reflecting a commitment to returning value to shareholders [2]. Market Performance - The company's stock has a 52-week price range of 6.53 to 13.74 CNY, with a current market capitalization of 2,872 million CNY [3][11]. - The report notes a significant increase in net asset return (ROE) from 3.6% in 2023 to 11.7% by 2026, indicating improved profitability and efficiency [2].

证券代码：603808 证券简称：歌力思 公告编号：2024-018 深圳歌力思服饰股份有限公司 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 | 1、出席会议的股东和代理人人数 | 6 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 204,275,400 | | 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 | | | 份总数的比例（%） | 56.16 | (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。 本次会议由公司董事会召集，因公司董事长夏国新先生因公当天无法主持会议， (一) 股东大会召开的时间：2024 年 5 月 20 日 (二) 股东大会召开的地点：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 (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： 根据《公司法》《上市公司股东大会规则》 ...

北京市中伦（深圳）律师事务所 关于深圳歌力思服饰股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年五月 致：深圳歌力思服饰股份有限公司 根据《中华人民共和国公司法》(下称"《公司法》")《上市公司股东大会规 则》(下称"《股东大会规则》")和《深圳歌力思服饰股份有限公司章程》(下称 "《公司章程》")的规定，以及深圳歌力思服饰股份有限公司（简称"公司"）与 北京市中伦（深圳）律师事务所（简称"本所"）签订的《常年法律顾问合同》 的约定，本所律师受指派作为公司的常年法律顾问出席公司 2023 年年度股东大 会(下称"本次股东大会")，并就本次股东大会的召集和召开程序、召集人资格、 出席和列席会议人员资格、表决程序及表决结果等事宜发表法律意见。 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2024 年 4 月 30 日在上海证券交易所网 站（www.sse.com.cn）上公告了会议通知。该通知载明了会议的召开方式、召开 时间和召开地点，对会议议题的内容进行了充分披露，说明了股东有权出席并可 委托代理人出席会议和参加表决，明确了会议的登记办法、有权出席会议股东的 股权登记日、 ...

2023 年年度股东大会资料 深圳歌力思服饰股份有限公司 2023 年年度股东大会 会议资料 1 | 2023 | 年年度股东大会会议议程 3 | | --- | --- | | 2023 | 年年度股东大会会议须知 5 | | 议案一 | 2023 年度董事会工作报告 7 | | 议案二 | 2023 年度监事会工作报告 18 | | 议案三 | 2023 年度财务决算报告 23 | | 议案四 | 《2023 年年度报告》及其摘要 33 | | 议案五 | 2023 年度利润分配方案 34 | | 议案六 | 关于公司董事 2023 年度薪酬的议案 35 | | 议案七 | 关于公司监事 2023 年度薪酬的议案 36 | | 议案八 | 关于变更注册地址、公司章程修订暨办理工商变更登记的议案 37 | | 附件：2023 | 年度独立董事述职报告 43 | 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 2023 年年度股东大会会议资料 2023 年年度股东大会会议议程 一、会议召开和表决方式 本次会议采用现场投票与网络投票相结合的表决方式。深圳歌力思服饰股份 有限公司（以下简 ...

2023-09-06 证券研究报告 | 公司动态点评 2024 年 05 月 10 日 歌力思（603808.SH） 海外业务拖累短期业绩，国内业务保持高质量发展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 2,395 | 2,915 | 3,304 | 3,681 | 4,074 | 股票信息 | | | 增长率 yoy （ % ） | 1.4 | 21.7 | 13.4 | 11.4 | 10.7 | | | | 归母净利润（百万元） | 20 | 106 | 261 | 317 | 369 ...