Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company's retail performance has improved since October, with a notable increase in sales across all channels [2] - The company reported a revenue of 3.4 billion in Q3 2024, a year-on-year increase of 3%, while net profit attributable to the parent company decreased by 36% to 200 million [1] - The company has opened 1,172 new stores in the first three quarters of 2024, with a net increase of 326 stores [2] - The inventory structure has shown significant improvement, with a healthy inventory age for new products [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 9.4 billion, representing a 5.6% year-on-year increase, while net profit attributable to the parent company decreased by 9.25% to 800 million [1] - The gross profit margin for the first three quarters was 44.77%, an increase of 0.64 percentage points year-on-year [1] - The company expects EPS for 2024, 2025, and 2026 to be 0.42, 0.48, and 0.55 respectively, with corresponding PE ratios of 14X, 12X, and 11X [3] Retail Growth and Market Outlook - The company experienced a retail growth of 2.08% in the first three quarters, with online sales growing by 12.28% while offline sales decreased by 2.09% [2] - The fourth quarter is expected to see strong sales due to traditional peak shopping seasons and government measures to boost consumption [2] - The company’s total inventory as of September 30, 2024, was 4.17 billion, an increase of 5.15 billion from the previous year, indicating proactive inventory management to meet anticipated sales [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.16 CNY for 2025, based on an 11x PE valuation [2][7]. Core Insights - The company reported a revenue of 9.399 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 5.62%, while the net profit attributable to the parent company was 755 million CNY, a decline of 9.25% [1]. - In Q3 2024, the company achieved a revenue growth of 3.15% year-on-year, although the net profit saw a significant decline of 36% [1]. - The company has successfully increased its store count, with net additions of 52 and 151 stores in the leisure and children's apparel segments, respectively, reaching a total of 2,755 and 5,385 stores [1]. - The company has implemented a stock incentive plan, granting 97.234 million stock options to 144 employees, which reflects confidence in future growth [1]. Financial Performance Summary - Revenue for 2024 is projected to be 14.186 billion CNY, with a year-on-year growth of 3.8% [5]. - The gross profit margin for Q3 2024 decreased by 0.8 percentage points to 42.4%, while the net profit margin fell by 3.6 percentage points to 5.9% [1]. - The company’s earnings per share for 2024-2026 are forecasted to be 0.42, 0.56, and 0.62 CNY, respectively [2][7]. - The company’s net profit attributable to the parent company is expected to grow from 1.128 billion CNY in 2024 to 1.677 billion CNY in 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 9.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.62%, while the net profit attributable to shareholders was 755 million yuan, down 9.25% year-on-year [2] - In Q3, the company achieved revenue growth against a backdrop of weak domestic consumption, outperforming peers, although net profit declined significantly due to lower gross margins and increased expense ratios [2][4] - The company is in a new store opening cycle, with over 100 net new stores opened in Q3, focusing on optimizing channel structure and enhancing online sales performance [3] Financial Performance Summary - For Q3 2024, the gross margin decreased by 0.84 percentage points to 42.44%, attributed to increased discounts and rising costs, while the expense ratio rose by 2.04 percentage points to 30.93% [4] - The company's inventory at the end of Q3 was 4.17 billion yuan, up 14.1% year-on-year, with inventory turnover days decreasing by 48 days to 180 days [4] - The report slightly adjusts the net profit forecasts for 2024-2026 to 1.20 billion, 1.34 billion, and 1.48 billion yuan, respectively, corresponding to P/E ratios of 13, 12, and 11 [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.50 CNY, reflecting a price-to-earnings (PE) ratio of 16 times for 2024, which is above the industry average [5][3]. Core Insights - The company's Q3 revenue met expectations, but earnings fell short primarily due to lower gross margins and increased expense ratios. The company plans to continue expanding its store network, and with seasonal sales expected to improve, a stable growth in performance is anticipated for Q4 [2][3]. - For the first three quarters of 2024, the company reported revenue of 9.4 billion CNY, a year-on-year increase of 5.6%, while net profit attributable to shareholders was 760 million CNY, a decrease of 9.3% year-on-year. Q3 alone saw revenue of 3.44 billion CNY, up 3.2% year-on-year, but net profit dropped 36.0% to 200 million CNY [3][5]. Financial Summary - **Revenue Forecast**: The company expects revenues to grow from 13.66 billion CNY in 2023 to 17.31 billion CNY by 2026, with annual growth rates of 2.5%, 6.5%, 9.4%, and 8.8% respectively [1]. - **Net Profit**: Net profit attributable to shareholders is projected to increase from 1.12 billion CNY in 2023 to 1.49 billion CNY in 2026, with growth rates of 76.1%, 9.4%, 9.7%, and 10.4% respectively [1]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.42 CNY in 2023 to 0.55 CNY in 2026 [1]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 9.8% in 2023 to 11.5% in 2026 [1]. Operational Insights - The company is actively increasing its inventory in preparation for the peak sales season, with a 14% year-on-year increase in inventory to 4.17 billion CNY by the end of Q3. This is attributed to preparations for winter sales, which are expected to perform well due to seasonal demand [3][2]. - The company has maintained a strong market position in the casual apparel sector, which supports its growth outlook despite recent earnings fluctuations [3].

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][12] Core Views - The company reported a steady revenue growth of 5.6% year-on-year for the first three quarters of 2024, with total revenue reaching 9.4 billion yuan, while net profit decreased by 9.2% to 760 million yuan [4][6] - The third quarter of 2024 saw revenue of 3.44 billion yuan, a 3.2% increase year-on-year, but net profit dropped by 36.0% to 200 million yuan, primarily due to increased expenses [4][6] - The company is actively expanding its store network, with a net increase of 326 stores in the first three quarters of 2024, bringing the total to 8,263 stores [5][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 9.4 billion yuan, a year-on-year increase of 5.6%, while net profit was 760 million yuan, down 9.2% [4][8] - The gross margin for Q3 2024 was 42.4%, slightly down by 0.8 percentage points year-on-year, with a net profit margin of 5.9%, down 3.6 percentage points [6][8] Market Position and Strategy - The company is focusing on the children's clothing and casual wear sectors, with a notable growth in online sales, which increased by 12.28% year-on-year [5][6] - The company is enhancing its marketing efforts and adjusting its store strategy, leading to a temporary increase in expense ratios, which is expected to support future growth [6][8] Future Outlook - The company anticipates a positive sales performance in the fourth quarter of 2024, with October sales showing double-digit year-on-year growth [4][6] - The profit forecast for the years 2024 to 2026 is set at 1.24 billion yuan, 1.39 billion yuan, and 1.54 billion yuan respectively, with corresponding price-to-earnings ratios of 13, 12, and 11 [6][8]

证券代码：002563 证券简称：森马服饰 公告编号：2024-39 浙江森马服饰股份有限公司 关于公司股东股份解除质押的公告 1 合计 60,000,000 24.00% 2.23% 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江森马服饰股份有限公司（以下简称"公司"）近日接到股东周平凡先生 的通知，获悉周平凡先生所持有本公司的部分股份办理了解除质押，具体事项如 下： 一、股东股份解除质押情况 股东名 称 是否为控股股 东或第一大股 东及其一致行 动人 本次解除质押 股份数量 占其所 持股份 比例 占公司 总股本 比例 起 始 日 解 除 日 期 质权人 周平凡 是 60,000,000 24.00% 2.23% 2022 年 7 月 11 日 2024 年 10 月 31 日 中信银行股份 有限公司温州 分行 1、股东股份解除质押基本情况 二、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 特此公告 浙江森马服饰股份有限公司 | 股东名称 | 持股数量（股） | 持股比 例 | 累计被质押 数量（股） | 累计被标 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5][7]. Core Insights - The company reported a revenue growth of 6% year-on-year for the first three quarters of 2024, reaching 9.4 billion yuan, while the net profit attributable to shareholders decreased by 9% to 760 million yuan [1]. - In Q3 2024, revenue increased by 3% year-on-year to 3.44 billion yuan, but net profit fell significantly by 36% to 200 million yuan [2]. - The company is expected to achieve stable revenue growth in 2024, with projected net profits of 1.103 billion yuan, 1.285 billion yuan, and 1.409 billion yuan for 2024, 2025, and 2026 respectively [5][6]. Revenue and Profitability - For the first three quarters of 2024, the gross profit margin improved by 0.6 percentage points to 44.8%, while the net profit margin decreased by 1.3 percentage points to 8.0% [1]. - The company’s operating cash flow showed a net outflow of 370 million yuan for the first three quarters of 2024, with accounts receivable turnover days increasing by 3.2 days to 37.8 days [4]. Channel Performance - E-commerce channels are performing better than offline channels, with an estimated increase in e-commerce revenue share due to product structure optimization [3]. - The company continues to expand its store network, with a net increase of 151 stores in the children's clothing segment and 52 stores in the adult casual wear segment by the end of H1 2024 [4]. Brand Performance - The children's clothing segment is expected to outperform the adult clothing segment, with steady growth in all-channel revenue for children's clothing [4]. - The adult casual wear segment is projected to show slightly weaker performance compared to children's clothing in Q3 2024 [4]. Financial Projections - The company’s revenue is projected to reach 14.615 billion yuan in 2024, with a year-on-year growth rate of 7% [6]. - The expected P/E ratio for 2024 is 16 times, indicating a favorable valuation compared to historical performance [5][6].

2024 年 10 月 31 日 公司研究 Q3 业绩环比走弱、Q4 开局顺利，期待冬装旺季提振 ——森马服饰（002563.SZ）2024 年三季报点评 要点 前三季度收入、归母净利润同比+5.6%、-9.2% 森马服饰发布 2024 年三季报。公司 2024 年前三季度实现营业收入 94.0 亿元， 同比增加 5.6%，归母净利润 7.6 亿元，同比下滑 9.2%，扣非净利润 7.3 亿元， 同比下滑 5.3%，EPS 为 0.28 元。 前三季度归母净利率同比下降 1.3PCT 至 8.0%。单季度来看，2024Q3 公司实现 收入 34.4 亿元，同比增长 3.2%，归母净利润 2.0 亿元，同比下滑 36.0%，归母 净利率同比下降 3.6PCT 至 5.9%。另外，2024Q1/Q2 公司收入分别同比 +4.6%/+10.1%，归母净利润分别同比+11.4%/+0.7%，归母净利率分别为 11.0%/7.3%，2024Q3 公司收入增速环比放缓，利润增速环比转为下滑。 前三季度公司全系统终端零售额同比增长约 2%，其中巴拉巴拉增长约 3%/森马 下降近 2%，线上增长约 12%/线下下滑约 2%。 ...

Group 1: Company Overview - Semir Apparel was established in 2002, focusing on casual and children's clothing, with two main brands: Semir for adults and Balabala for children [6] - Semir brand, founded in 1996, emphasizes comfort and quality, while Balabala, established in 2002, targets children aged 0-14 [6] - Both brands dominate their respective markets, with Semir leading in casual wear and Balabala holding a significant share in the children's clothing sector [6] Group 2: Financial Performance - In Q3 2024, the company achieved revenue of CNY 3.444 billion, a year-on-year increase of 3.15% and a quarter-on-quarter increase of 22.30% [9] - Net profit for Q3 2024 was CNY 203 million, down 35.97% year-on-year due to rising operating costs and expenses [9] - For the first nine months of 2024, total revenue reached CNY 9.399 billion, up 5.62%, while net profit decreased by 9.25% to CNY 755 million [9] Group 3: Inventory and Sales - As of September 30, 2024, inventory stood at CNY 4.168 billion, an increase of CNY 515 million from the previous year, to support Q4 sales [9] - The retail sector saw an overall growth of 2.08% in the first three quarters, with Semir down 1.69% and Balabala up 2.91% [14] - October sales performance was strong, with double-digit growth across all channels [14] Group 4: Market Trends and Economic Indicators - In the first three quarters, the total retail sales of consumer goods reached CNY 35.3564 trillion, growing by 3.3% year-on-year [8] - The clothing, shoes, and textile category saw sales of CNY 1.0225 trillion, with a slight year-on-year increase of 0.2% [8] - The overall retail environment is expected to improve with government measures to boost consumption [14] Group 5: Cost and Profitability - The gross margin for the first three quarters of 2024 was 44.77%, an increase from 44.13% in the same period of 2023 [11] - Selling expenses for the first three quarters were CNY 2.345 billion, up 9.10% year-on-year, primarily due to increased online marketing and store setup costs [12] - R&D expenses rose to CNY 210 million, a 20.63% increase from the previous year, indicating a focus on product quality improvement [12][13]

Investment Rating - The report maintains a "Buy" rating with a target price of RMB 7.50 for Semir Apparel [7][15]. Core Views - The company reported a steady revenue growth of 5.62% year-on-year to RMB 9.399 billion in the first three quarters of 2024, although net profit decreased by 9.25% to RMB 755 million [1]. - The third quarter saw a revenue increase of 3.15% year-on-year to RMB 3.444 billion, but net profit dropped significantly by 35.97% to RMB 203 million, primarily due to increased channel and R&D expenses [1][3]. - The outlook for the fourth quarter is optimistic, with expectations of improved terminal performance and continued channel optimization and marketing investments [1][2]. Revenue and Profit Forecast - The forecast for 2024-2026 indicates a net profit of RMB 10.9 billion, RMB 12.9 billion, and RMB 14.8 billion, with corresponding EPS of RMB 0.41, RMB 0.48, and RMB 0.55 [5][14]. - Revenue is projected to grow to RMB 14.51 billion in 2024, reflecting a year-on-year increase of 6.2%, with further growth expected in subsequent years [10][14]. Channel Performance - Online sales are expected to outperform offline sales, driven by the company's comprehensive retail strategy and multiple platform efforts [2][12]. - The children's clothing segment, particularly the "Balabala" brand, is anticipated to show higher growth rates compared to the main Semir brand [2][11]. Cost and Margin Analysis - The gross margin for the third quarter decreased by 0.84 percentage points to 42.44%, attributed to rising procurement costs and promotional activities [3][14]. - The sales expense ratio increased by 0.69 percentage points to 23.11%, while R&D expense ratio rose by 0.48 percentage points to 2.70% [3][14]. Inventory and Cash Flow - As of the third quarter, inventory increased by 14.10% year-on-year to RMB 4.168 billion, with inventory turnover days improving by 23.84 days to 179.83 days [4]. - Operating cash flow turned negative, with a net cash flow of RMB -360 million, primarily due to new inventory purchases and loan repayments [4]. Valuation and Comparable Analysis - The report suggests a valuation premium for Semir Apparel, considering its leading position in the children's clothing market and ongoing channel optimization [15]. - The target price is based on a 2025 PE of 15.7x, compared to the industry average of 10.3x for comparable companies [15][16].