Investment Rating - The report maintains an "Accumulate" rating for the company [16][23]. Core Views - The company has shown significant revenue growth driven by domestic business, despite facing losses from overseas operations. The report highlights a strong growth potential for the main brand and emerging sub-brands [23]. - Due to substantial goodwill impairment and ongoing overseas losses, the net profit for 2023 is expected to fall short of projections. The report revises net profit forecasts downward for 2024-2026, while maintaining revenue expectations [23]. Financial Forecasts and Key Metrics - **Revenue Forecast (in million CNY)**: - 2022: 2,395 - 2023: 2,915 (+21.7%) - 2024E: 3,243 (+11.2%) - 2025E: 3,654 (+12.7%) - 2026E: 4,095 (+12.1%) [11][23] - **Net Profit Forecast (in million CNY)**: - 2022: 20 - 2023: 106 (+416.6%) - 2024E: 231 (+118.8%) - 2025E: 314 (+35.9%) - 2026E: 370 (+17.8%) [11][23] - **Earnings Per Share (in CNY)**: - 2022: 0.06 - 2023: 0.29 - 2024E: 0.61 - 2025E: 0.83 - 2026E: 0.98 [11][23] - **Key Ratios**: - **EBIT Margin**: - 2022: 7.2% - 2023: 13.5% - 2024E: 12.0% - 2025E: 14.1% - 2026E: 14.8% [11] - **Return on Equity (ROE)**: - 2022: 0.7% - 2023: 3.6% - 2024E: 7.8% - 2025E: 10.3% - 2026E: 11.7% [11] - **Valuation Metrics**: - **Price-to-Earnings Ratio (P/E)**: - 2022: 146.4 - 2023: 28.3 - 2024E: 13.2 - 2025E: 9.7 - 2026E: 8.3 [11] - **Enterprise Value to EBITDA (EV/EBITDA)**: - 2022: 19.7 - 2023: 10.3 - 2024E: 10.5 - 2025E: 8.3 - 2026E: 7.2 [11] - **Price-to-Book Ratio (P/B)**: - 2022: 1.1 - 2023: 1.0 - 2024E: 1.0 - 2025E: 1.0 - 2026E: 1.0 [11]

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 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|--------|------- ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家早上好我是声望红颜证券的纺织服装研究员王丽萍那今天呢我们非常荣幸能邀请来歌丽丝的董蜜王薇总来跟大家就昨天发布的年报和一季报的情况做个交流那歌丽丝呢是女装行业的龙头公司也是我们非常看好的公司然后在这个昨天大家也看到可能海外业务有所拖累但是我们觉得国内业务还是做得非常出色的 那下面我们先请魏总来跟大家介绍一下公司的整体情况然后我们后面给大家留有提问的时间今天和我一起主持电话会的还有我们服装的高级研究员刘沛那下面请魏总来介绍一下公司的情况好的各位投资者大家上午好然后今天首先非常感谢声浪宏远帮我们组织这场电话会特别感谢力挺老师和刘沛老师 这个辛苦的组织因为今天应该点评也很多大家都比较辛苦的再次感谢然后昨天的话呢我们是发布了这个年报和季报应该说信息含量也比较大那我简单的先把一些要点跟大家做一个梳理应该说去年来说的话我们的整体的收入在全行业来说应该还是我们认为是 ...

2024 年 5 月 4 日 公司研究 增持（下调） 当前价：7.78 元 分析师：唐佳睿 CFA FCPA(Aust.) ACCA CAIA FRM 执业证书编号：S0930516050001 021-52523866 tangjiarui@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 总股本(亿股) 3.69 总市值(亿元)： 28.72 一年最低/最高(元)： 6.16/14.57 近 3 月换手率： 70.18% -49% -35% -20% -5% 10% 05/23 07/23 10/23 01/24 04/24 歌力思 沪深300 上半年业绩顺利复苏，期待下半年复苏推进 ——歌力思（603808.SH）2023 年中报点评 （2023-08-31） 23 年收入、归母净利润同比增 22%、417%，24Q1 同比+12%、-38% 毛利率提升，费用率 23 年降、24Q1 ...

歌力思（603808.SH） | --- | --- | |-------------------------------|----------| | | | | 买入（调高） | | | 股票信息 | | | 行业 | 服装家纺 | | 前次评级 | 增持 | | 4 月 30 日收盘价 ( 元 ) | 7.78 | | 总市值 ( 百万元 ) | 2,871.54 | | 总股本 ( 百万股 ) | 369.09 | | 其中自由流通股 (%) | 100.00 | | 30 日日均成交量 ( 百万股 ) | 3.43 | | 股价走势 | | | --- | |-------------------------------| | 作者 | | 分析师 杨莹 | | 执业证书编号： S0680520070003 | | 邮箱： yangying1@gszq.com | | 分析师 侯子夜 | | 执业证书编号： S0680523080004 | | 邮箱： houziye@gszq.com | | 研究助理 王佳伟 | | 执业证书编号： S0680122060018 | | 邮箱： wangjiawei ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家早上好我是声望红颜证券的纺织服装研究员王丽萍那今天呢我们非常荣幸能邀请来歌丽丝的董蜜王薇总来跟大家就昨天发布的年报和一级报的情况做个交流那歌丽丝呢是女装行业的龙头公司也是我们非常看好的公司然后在这个昨天大家也看到可能海外业务有所拖累但是我们觉得国内业务还是做得非常出色的 那下面我们先请魏总来跟大家介绍一下公司的整体情况然后我们后面给大家留有提问的时间今天和我一起主持电话会的还有我们纺服装的高级研究员刘沛那下面请魏总来介绍一下公司的情况好的各位投资者大家上午好然后今天首先非常感谢声浪宏远帮我们组织这场电话会特别感谢丽婷老师和刘沛老师 这个辛苦的组织因为今天应该点评也很多大家都比较辛苦的再次感谢然后昨天的话呢我们是发布了这个年报和季报应该说信息含量也比较大那我简单的先把一些要点跟大家做一个梳理应该说去年来说的话我们的整体的收入在全行业来说应该还是我 ...

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].

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].

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：2024-007 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 ...