公司报告 | 季报点评 请务必阅读正文之后的信息披露和免责申明 1 元），EPS 分别为 0.65/0.85/1.03 元/股，对应 PE 分别为 12/9/7X。 请务必阅读正文之后的信息披露和免责申明 2 货币资金 518.39 585.40 1,086.66 1,311.97 1,638.33 营业收入 2,394.74 2,915.18 3,294.45 3,700.98 4,139.92 存货 775.48 944.72 849.66 1,127.63 1,239.44 销售费用 1,134.90 1,343.40 1,312.84 1,349.01 1,626.57 长期股权投资 447.64 522.89 522.89 522.89 522.89 财务费用 34.07 18.87 85.65 79.42 54.68 无形资产 627.07 581.27 563.39 545.51 527.63 投资净收益 42.82 71.49 57.15 64.32 60.74 资产总计 4,343.46 4,621.99 4,926.86 5,613.33 6,024.89 营业外收入 15.15 3.98 ...

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].

证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Forcast] 财务预测（单位：百万元） 损益表 2022A 2023A 2024E 2025E 2026E 营业总收入 2,395 2,915 3,303 3,678 4,120 营业成本 867 939 1,015 1,124 1,251 税金及附加 15 19 20 22 25 销售费用 1,135 1,343 1,503 1,655 1,854 管理费用 224 243 248 257 288 EBIT 102 299 451 546 620 公允价值变动收益 -8 4 0 0 0 投资收益 43 71 66 74 82 财务费用 34 19 -5 -8 -9 营业利润 81 222 448 617 753 所得税 37 59 126 173 211 少数股东损益 35 56 97 133 163 净利润 20 106 226 311 380 资产负债表 货币资金、交易性金融资产 519 586 781 884 1,017 其他流动资产 59 49 49 49 49 长期投资 448 523 523 523 523 固定资产合计 ...

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、 ...

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》 ...

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 ...

国内业务表现优异，海外业务短期拖累业 绩 ⚫ 公司 2023 年实现营业收入 29.2 亿，同比增长 21.7%，实现归母净利润 1.06 亿，同 比增长 417%，若不考虑计提商誉减值准备及商标使用权减值准备带来的影响，实 现归母净利润 2.25 亿，同比增长 1000%。24Q1 公司的收入和归母净利润分别同比 增长 12.5%和下滑 38.3%。公司拟分红 0.87 亿，分红率约为 82.6%，同比提升。 ⚫ 各品牌实现恢复性增长，IRO 海外业务面临压力。分品牌来看，1）ELLASSAY 品 牌：2023 年收入同比增长 20.7%，品牌在天猫与抖音平台取得突破，线上全平台 GMV 突破 7 亿元，线上销售同比增长 17%。线上与线下协同发力之下 ELLASSAY 品牌实现销售 10.72 亿元同比增长 21%，已经超越了 2021 年的水平。2）IRO 品 牌：2023 年收入同比增长 10.5%，品牌在海外面临艰难的宏观环境，受高通胀、地 缘关系等多重影响，经营遇到较大压力，但在中国区经过几年的培育，焕发出了强 劲的增长动力，中国区收入同比增长 58%。3）Ed Hardy 品牌：2023 年收入 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.85 yuan based on a 15x PE valuation for 2024 [22][26]. Core Insights - The company achieved a revenue of 2.92 billion yuan in 2023, representing a year-on-year growth of 21.7%, and a net profit attributable to shareholders of 106 million yuan, a significant increase of 417% [1]. - The company plans to distribute dividends of 87 million yuan, with a dividend payout ratio of approximately 82.6%, which is an increase compared to the previous year [1]. - Domestic business performance has exceeded pre-pandemic levels, while overseas operations face challenges due to macroeconomic factors such as high inflation and geopolitical issues [1][10]. Financial Performance Summary - Revenue and net profit for Q1 2024 showed a year-on-year increase of 12.5% and a decline of 38.3%, respectively, primarily due to pressures on the IRO brand's overseas business [1]. - The company's gross margin improved to 67.8% in 2023, up 4 percentage points from the previous year, indicating enhanced profitability [1][4]. - The company’s online and offline sales channels grew by 12% and 23.5%, respectively, in 2023, with direct sales and distribution channels increasing by 23.9% and 12.2% [1]. Brand Performance - ELLASSAY brand revenue grew by 20.7% in 2023, with online sales surpassing 700 million yuan [1]. - IRO brand revenue increased by 10.5% in 2023, with a notable 58% growth in the Chinese market despite challenges abroad [1]. - LAUREL brand saw a revenue increase of 47.2%, with online sales growing by 63% [1]. - SP brand revenue surged by 49.9%, continuing its high growth trajectory [1]. Earnings Forecast - The report projects earnings per share (EPS) of 0.59, 0.78, and 0.99 yuan for 2024, 2025, and 2026, respectively [22][26].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 8.6-9.2 RMB, corresponding to a 2024 PE of 14-15x [2][8][13] Core Views - The company has been expanding its stores against the trend, which has significantly contributed to revenue growth and gross margin improvement [2] - The domestic revenue growth of the company's three growth-stage brands is impressive, with continued optimism for the steady growth of the main brand and the growth potential of the sub-brands [2] - The overseas business incurred losses in 2023, leading to a significant impairment of goodwill, which negatively impacted net profit [2] - The overseas business continued to underperform in Q1 2024, and it is expected to have a negative impact on the full-year net profit for 2024 [2] - Revenue expectations are maintained, but net profit forecasts are revised downward, with projected revenues of 3.24/3.65/4.10 billion RMB for 2024-2026, representing YoY growth of 11.2%/12.7%/12.1% [2] - Net profit for 2024-2026 is expected to be 230/310/370 million RMB, with YoY growth of 118.8%/35.9%/17.8% [2] Financial Performance - In 2023, the company's revenue increased by 21.7% YoY to 2.915 billion RMB, with a gross margin improvement of 4.0 percentage points to 67.8% [12] - Net profit attributable to shareholders increased by 416.6% YoY to 106 million RMB, with a net profit margin improvement of 3.2 percentage points to 5.6% [12] - Excluding the impact of goodwill impairment, the net profit attributable to shareholders would have been 225 million RMB, in line with previous expectations [12] - Operating cash flow increased by 52.7% YoY to 480 million RMB, with a dividend payout ratio of 82.6% [12] - In Q1 2024, revenue grew by 12.5% YoY to 750 million RMB, but net profit attributable to shareholders decreased by 32.2% YoY to 30 million RMB, mainly due to increased losses in overseas operations [12] Brand Performance - The main brand, Ellassay, saw a 21% YoY increase in revenue [12] - The three growth-stage brands (SP, IRO China, and LAUREL) performed exceptionally well, with YoY revenue growth of 50%, 58%, and 47%, respectively [12] - The IRO brand, with approximately 80% of its revenue coming from overseas, achieved a 10% overall growth despite significant challenges in overseas operations [12] - Ed HARDY's revenue increased by 3% YoY [12] - The number of stores increased by 39 compared to the end of 2022 [12] Profitability and Margins - The gross margin for the main brand Ellassay increased to 71.3% in 2023, up from 67.1% in 2022 [12] - The gross margin for IRO increased to 60.9% in 2023, up from 58.7% in 2022 [12] - The gross margin for Ed HARDY increased to 55.8% in 2023, up from 46.6% in 2022 [12] - The gross margin for LAUREL increased to 74.4% in 2023, up from 71.7% in 2022 [12] - The gross margin for self-portrait remained stable at 82.8% in 2023 [12] Future Outlook - The company is expected to continue its store expansion strategy, with a focus on the steady growth of the main brand and the growth potential of the sub-brands [2] - The overseas business is expected to continue to negatively impact net profit in 2024, but the domestic business is expected to support revenue growth [2] - The company's revenue is expected to grow at a CAGR of 12.0% from 2024 to 2026, with net profit expected to grow at a CAGR of 54.2% over the same period [2]