基本数据 23 年收入 136.6 亿同增 2.5%，归母净利润 11.2 亿同增 76% 公司报告 | 年报点评报告 森马服饰（002563） 证券研究报告 2024 年 04 月 10 日 投资评级 行业 纺织服饰/服装家纺 6 个月评级 买入（维持评级） 当前价格 5.87 元 目标价格 元 公司发布 23 全年财报，23Q4 收入 47.6 亿同增 8.5%，归母净利润 2.9 亿同 减 21%，扣非归母净利 2.5 亿同减 25%；23 年收入 136.6 亿同增 2.5%，归 母净利润 11.2 亿同增 76%，扣非归母净利 10.2 亿同增 105%； 从终端零售看，23 年公司全系统终端零售同增 3.4%，逐季转好；24Q1 全 系统终端零售同比增长 1.6%，其中森马同减 1.5%，巴拉巴拉同增 3.3%。 线下渠道恢复明显，巴拉巴拉保持稳健增长 分渠道，线上收入 62.3 亿同减 3.5%，加盟收入 57.8 亿同增 10%，直营收 入 13.7 亿同增 19%，联营收入 1.6 亿同减 52%。 23 年毛利率 44%创新高，净利率 8.2%同增 3.6pct 23Q4 净利率 6.1% ...

[Table_invest] 买入（维持） 报告原因：业绩点评 ➢ 风险提示：人口出生率下滑的风险；消费疲软的风险；门店拓展不及预期的风险；海外业 务受阻的风险等。 二、分析师声明： ➢ 事件：4月1日，公司发布2023年年度报告，实现营收136.61亿元（+2.47%），归母净利 润11.22亿元（+76.06%）。其中，Q4实现营收47.62亿元（+8.52%），归母净利润2.89亿 元（-20.81%），基本符合预期。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|-----------------------------|--------|--------|--------------------------|-------|-------|-----------------------------|-------| | 单位：百万元 | 2023A | 2024E | 2025E | 2026E | 单位：百万元 | 2023A | 2024E | 2025 ...

公司研究 买入（维持） 当前价：5.63 元 总股本(亿股) 26.94 总市值(亿元)： 151.68 一年最低/最高(元)： 4.80/6.80 近 3 月换手率： 31.40% 股价相对走势 2024 年 4 月 2 日 收益表现 % 1M 3M 1Y 相对 1.80 -9.50 7.57 绝对 2.93 -3.76 -1.89 资料来源：Wind 23 年利润端修复明显、库存去化，24 年期待终端零售继续向好 ——森马服饰（002563.SZ）2023 年年报点评 作者 相关研报 23 年收入、归母净利润同比增长 2%、76% 森马服饰发布 2023 年年报。公司 2023 年实现营业收入 136.61 亿元、同比增长 2.47%，归母净利润 11.22 亿元、同比增长 76.06%，扣非净利润 10.21 亿元、同比 增长 105.29%，EPS 为 0.42 元，拟每股派发末期现金红利 0.30 元（含税）。 分季度来看，23Q1~Q4 公司单季度收入分别同比-9.29%、+9.71%、+1.11%、 +8.52%，归母净利润分别同比+48.85%、扭亏、+89.37%、-20.81%。 线上/线 ...

森马服饰（002563.SZ） 增持 分品类看儿童服饰表现更优，分渠道看直营渠道表现亮眼。1）儿童服饰收 入与毛利率均表现较好。儿童服饰全年收入同比+4.9%至 93.7 亿元，毛 利率提升 4.9 百分点；休闲服饰收入同比-2.6%至 41.7 亿元，毛利率下 滑 2.6 百分点。2）零售增速好于批发，线下好于线上。直营/加盟/线 上渠道收入分别同比+19.2%/+9.7%/-3.5%,毛利率均有提升，其中线上 渠道毛利率提升幅度最大，主要因公司采取线上线下同款同价的策略， 线上折扣率收窄，从而也一定程度影响线上销售。2024 年一季度终端零 售预计保持增长，同时在市场库存健康基础上批发渠道恢复较快增速。 风险提示：品牌形象受损；存货大幅减值；市场竞争加剧。 《森马服饰（002563.SZ）-第三季度净利润同比增长 89%，库存 持续向好》 ——2023-11-03 《森马服饰（002563.SZ）-上半年收入同比减少 1%，库存同比下 降 17%》 ——2023-08-31 《森马服饰（002563.SZ）-2022 年收入下降 14%，近期终端零售 改善》 ——2023-04-09 《森马服饰（0025 ...

核心观点 森马服饰 002563.SZ 公司研究 | 年报点评 | --- | --- | |--------|-------------------------------| | | | | 施红梅 | 021-63325888*6076 | | | shihongmei@orientsec.com.cn | | | 执业证书编号： S0860511010001 | | 朱炎 | 021-63325888*6107 | | | zhuyan3@orientsec.com.cn | | | 执业证书编号： S0860521070006 | | | 香港证监会牌照： BSW044 | 公司主要财务信息 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|--------|---------------|-------|-------|------- ...

Financial Performance - The company's operating revenue for 2023 was ¥13,660,527,097.37, an increase of 2.47% compared to ¥13,331,204,046.27 in 2022[100]. - Net profit attributable to shareholders for 2023 reached ¥1,121,501,423.25, representing a significant increase of 76.06% from ¥636,999,237.66 in 2022[100]. - Basic and diluted earnings per share for 2023 were both ¥0.42, reflecting a 75.00% increase from ¥0.24 in 2022[100]. - The weighted average return on equity was 10.06%, an increase of 4.36% compared to 5.70% in 2022[100]. - The company reported a significant retail growth of nearly 3 times in key product categories, driven by enhanced consumer insights and product competitiveness[76]. - The operating profit for 2023 was 1.505 billion CNY, representing a year-on-year increase of 72.75%[183]. - Revenue from children's clothing reached 9.373 billion CNY, accounting for 68.61% of total revenue, with a year-on-year growth of 4.92%[192]. - Revenue from casual wear was 4.171 billion CNY, which is a decrease of 2.58% year-on-year, representing 30.54% of total revenue[192]. - Online sales contributed 6.228 billion CNY, making up 45.59% of total revenue, but decreased by 3.51% compared to the previous year[192]. - Direct sales increased by 19.19% to 1.374 billion CNY, representing 10.06% of total revenue[192]. Cash Flow and Assets - The net cash flow from operating activities increased by 65.08% year-on-year, mainly due to a reduction in payments for goods[16]. - Financial assets at the beginning of the period were approximately CNY 1.49 billion, with a fair value change of CNY 30.14 million during the period[42]. - The total financial assets at the end of the period amounted to approximately CNY 1.07 billion, reflecting significant changes in asset composition[42]. - As of the end of the reporting period, the company's cash assets amounted to 8.911 billion yuan, indicating a strong cash reserve[160]. - The company maintains a low debt ratio, with most liabilities being operational, which contributes to its strong financial health and risk resilience[160]. Research and Development - R&D investment amounted to ¥280,839,330.86, representing 2.06% of operating revenue, a decrease of 0.16% from the previous year[13]. - The R&D personnel accounted for 26.19% of the total workforce, indicating a strong emphasis on innovation[13]. - The company established R&D bases with leading suppliers to enhance fabric technology and increase the market share of functional products[67]. - The company plans to continue investing in product innovation in 2024, aiming to create leading mental explosive products centered around consumer needs[77]. Brand Strategy and Marketing - The company is committed to improving brand influence through collaborations and media promotions, particularly in the education sector[2]. - Balabala brand will focus on the strategic goal of "brand leadership, product leadership, and efficiency-driven" for its core work in 2024[33]. - The company plans to enhance brand marketing by promoting the "New Semir" store image and increasing marketing investments to boost brand influence[54]. - The brand's reputation increased by 86% after collaborating with well-known male and female endorsers and participating in the Shanghai Fashion Week for a down jacket launch[64]. - Balabala's brand slogan "Childhood is Different" was revitalized, generating strong engagement on social media and enhancing brand influence through collaborations with KOLs[80]. Operational Efficiency - The company will continue to enhance the shopping experience for consumers and focus on product development and operational efficiency for quality growth[31]. - Balabala improved operational efficiency in 2023, enhancing inventory turnover and overall brand health, with significant improvements in new product sell-through rates[35]. - The company aims to enhance the efficiency of the entire product chain by continuing to deepen the product manager system reform[67]. - The new basic store pilot in 2023 exceeded expectations, with product efficiency higher than regular stores, promoting nationwide replication through category management and standardized operations[63]. - Inventory turnover days for apparel stood at 159 days, with total inventory quantity at 70,421,911 pieces, and a year-on-year decrease in inventory balance of ¥1,161,612,148.86, or 25.58%[74]. Market Presence and Expansion - The company plans to expand its offline store presence in key shopping centers and build a digital store model in 2023[8]. - The company opened its first store in Singapore in December 2023, expanding its international presence to 70 stores in total[189]. - The company operates primarily in the casual and children's clothing sectors, with its main brands being Semir and Balabala, targeting consumers aged 18-35 and 0-14 respectively[129]. - The company has established a comprehensive online and offline retail system, including specialty stores, supermarkets, shopping centers, and e-commerce platforms, with a focus on franchise and direct sales models[131]. Challenges and Risks - The company faced risks related to macroeconomic fluctuations and increased competition in the children's clothing market, which could impact future performance[107]. - The company is facing increased competition in the children's clothing market due to consumption upgrades and demographic changes, which may pose risks to its business[132]. - The company is facing challenges from rapid changes in consumer preferences and the competitive landscape, particularly from international brands expanding into lower-tier cities[147].

2023 年盈利质量修复，2024 年预计健康增长 | --- | --- | --- | --- | --- | --- | |---------------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 13,331 | 13,661 | 15,540 | 17,315 | 19,060 | | 增长率 yoy （ % ） | -13.5 | 2.5 | 13.8 | 11.4 | 10.1 | | 归母净利润（百万元） | 637 | 1,122 | 1,320 | 1,508 | 1,666 | | 增长率 yoy （ % ） | -57.1 | 76.1 | 17.7 | 14.3 | 10.5 | | EPS 最新摊薄（元 / 股） | 0.24 | 0.42 | 0.49 | 0.56 | 0.62 | | 净资产收益率（ % ） | 5.6 | 9.7 | 10.9 | 11.8 | 12.2 | | ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][17]. Core Views - The company reported its 2023 annual results, which met expectations, showing a revenue of 13.7 billion yuan, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 1.12 billion yuan, up 76.1% year-on-year [4]. - The company plans to distribute a cash dividend of 0.3 yuan per share, with a payout ratio of approximately 72%, corresponding to a current dividend yield of about 5% [4]. - The company is focusing on optimizing its business and implementing a new retail model, which has improved operational quality, with a gross margin increase of 2.7 percentage points to 44.0% in 2023 [5]. Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 4.76 billion yuan, an 8.5% year-on-year increase, but a net profit of 290 million yuan, down 20.8% year-on-year due to impairment provisions for investment properties [4]. - The company’s inventory situation improved significantly, with year-end inventory at 2.75 billion yuan, a decrease of 29% from the beginning of the year [5]. Business Segments - The children's clothing segment showed resilience, with revenue of 9.37 billion yuan, a 4.9% year-on-year increase, and a gross margin improvement of 4.9 percentage points to 46.8% [17]. - The offline channel has seen recovery, with revenue from direct and franchise channels growing by 19.2% and 9.7% respectively [17]. Future Outlook - The company plans to continue cash dividends over the next three years, distributing no less than 10% of the annual distributable profit each year, and a cumulative distribution of at least 30% of the average annual distributable profit over three years [4]. - The company expects to achieve net profits of 1.35 billion, 1.64 billion, and 1.89 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 9, and 8 times [17].

森马服饰（002563.SZ） 2024 年 04 月 02 日 股价走势图 《2023Q3 利润端超预期，看好 2024 年高质量规模扩张—公司信息更新 报告》-2023.11.16 《2022 年业绩承压，期待轻装上阵 &开店下业绩修复—公司信息更新 报告》-2023.4.6 《Q3 零售承压电商仍具韧性，期待 新零售体系推进—公司信息更新报 告》-2022.11.2 分产品看，童装具备经营韧性。2023 年休闲服饰收入为 41.71 亿元，同比下降 2.58%，占比下降 1.6pct 至 30.5%；儿童服饰收入为 93.73 亿元，同比增长 4.92%。 分渠道看，线下渠道恢复增长态势。线上渠道：2023 年线上销售为 62.28 亿元， 同比下降 3.51%，占比 45.59%，同比-2.83pct。线下渠道：直营/加盟/联营销售分 别为 13.74/57.79/1.63 亿元，分别同比+19.19%/+9.68%/-51.88%，线下渠道恢复增 长态势。从门店数量看，截至 2023 年末，总店数为 7937 家，较年初净关 203 家；其中直营/加盟/联营分别较年初净拓店-42/-172/+11 ...

股票代码：002563 投资者关系电话：021-67288431 投资者关系邮箱：ir@semir.com 环境、社会及治理报告 浙江森马服饰股份有限公司 2023 年度 2 0 2 3 E n v i r o n m e n t , S o c i a l a n d G o v e r n a n c e R e p o r t 浙江森马服饰股份有限公司 2023年度环境、社会及治理报告 关于报告 丨 02 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 报告组织范围 报告时间范围 本报告所涵盖的时间范围为2023年1月1日至2023年12月31日，并包含必要的相关信息。 报告编制依据 本报告参考全球报告倡议组织GRI《可持续发展报告指南》（GRI Standards）、中国社会 科学院《中国企业社会责任报告指南》（CASS-CSR4.0），深圳证券交易所《深圳证券交易所 上市公司社会责任报告披露要求》的相关要求。 数据来源 本报告涉及的财务数据与《浙江森马服饰股份有限公司2023年年度报告》相符，其他数据来 自公司内部统计。如无特别说明，本报告所列财务数 ...