证 券 研 究 报 告 一年内股价与大盘对比走势： 相关研究 《森马服饰（002563）点评：23 年经营质 量提升，维持高分红比例》 2024/04/02 《森马服饰（002563）点评：23 年利润预 增 66%-82% ， 24 年 有 望 轻 装上 阵 》 2024/01/29 王立平 A0230511040052 wanglp@swsresearch.com 研究支持 李璇 A0230122060008 lixuan@swsresearch.com 联系人 李璇 (8621)23297818× lixuan@swsresearch.com ⚫ 风险提示：消费复苏不及预期；出生率下滑；存货管理及跌价风险；供应链成本压力。 152.0 154.2 133.3 136.6 31.4 -30% -20% -10% 0% 10% 0 50 100 150 200 250 2020 2021 2022 2023 24Q1 亿元 营业收入 YoY 40.3% 42.6% 41.3% 44.0% 46.6% 5.2%9.6%4.6%8.2% 11.0% 0% 20% 40% 60% 2020 2021 2022 2 ...

证 券 研 究 报 告 股 票 研 究 [Table_Range] 52 周内价格范围 4.88-6.98 市值（百万元） 17,565 [Table_Page] 森马服饰(002563) [Table_Page] 森马服饰(002563) 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来自合规渠道，分析 逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或 影响，特此声明。 本报告的信息来源于已公开的资料，本公司对该等信息的准确性、完整性或可靠性不作任何保证。本报告所载的资料、意见及 推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可升可跌。过往表现不应 作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信 息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。 本报告版权仅为本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制、发表或 ...

证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [相Ta关b研le究_Report] 1、森马服饰（002563）：公司简评 报 告 ： 门 店 优 化 ， 高 质 成 长 — 20240403 2、森马服饰（002563）：公司深度 报 告 ： 能 力 沉 淀 ， 再 启 新 程 — 20240112 毛利率为历史高水平，存货改善切换至补库阶段。1）费率：2024Q1毛利率为46.63%（同 比+2.29pct），为历史相对高水平，预计与供应链能力提升、线上线下深化同价有关，在 折扣改善、线上盈利释放下毛利率仍有上行空间。销售/管理/研发/财务费用率为 24.47%/4.38%/1.48%/-2.07%（同比+1.07/+0.10/+0.12/-1.14pct），带动期间费率微增 0.15pct至28.26%。2）存货，2024Q1存货为25.87亿元（同比-23.27%），带动存货周转 天数下降51天至143天，自2022年以来逐年改善，销售端已逐渐从去库切换至补库。 [Table_QuotePic] 投资建议：公司作为休闲服饰和童装的双龙头，品牌、 ...

浙江森马服饰股份有限公司 Zhejiang Semir Garment Co., Ltd 证券代码：002563 证券简称：森马服饰 浙江森马服饰股份有限公司 投资者关系活动记录表 编号：2024-04 □特定对象调研 分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场调研 □其他 上市公司接待人员姓名： 活动参与人员 宗惠春（董事会秘书）、范亚杰（证券事务代表） 其他与会人员：见附件 时间 2024年 4月30日10:00-11:00 地点 上海闵行区莲花南路 2689号 形式 电话会议 交流内容及具体问答记录 见附件 关于本次活动是否涉及应 ...

证券研究报告 | 季报点评 公司发布 2024Q1 季报，收入+5%/业绩+11%/扣非业绩+16%。2024Q1 公 司收入为 31.4 亿元，同比+5%，业绩为 3.5 亿元，同比+11%，扣非业绩为 3.4 亿元，同比+16%（非经常性损益主要系政府补助、理财产品收益等）。盈利质量 方面：2024Q1 公司毛利率同比+2.3pct 至 46.6%，销售/管理/财务费用率同比分 别+1.1/+0.1/-1.1pct 至 24.5%/4.4%/-2.1%，净利率同比+0.6pct 至 11.0%。 分渠道：2024Q1 流水估计同比略有增长，电商表现估计好于线下。1）分月度来 看，根据行业及公司业务具体情况，我们估计公司 2024Q1 全渠道零售流水同比 略有增长（估计其中 1~2 月同比略有下滑/3 月同比稳健增长）。考虑加盟商信心 增强、渠道补库，我们判断公司加盟渠道发货同比增速快于流水增速。2）分渠道 来看：①我们判断 2024Q1 公司线下流水同比略有下降。2023 年末公司线下直营 /加盟店数分别 681/7256 家（同比分别-42/-161 家，环比分别-25/-312 家），考 虑消费环境趋 ...

Financial Performance - The company's operating revenue for the current period is ¥3,139,311,437.98, representing a 4.58% increase compared to ¥3,001,865,677.61 in the same period last year [18]. - Net profit attributable to shareholders of the listed company is ¥346,443,875.90, an increase of 11.40% from ¥310,983,875.03 year-on-year [18]. - The net profit after deducting non-recurring gains and losses is ¥337,697,749.92, reflecting a 15.55% increase from ¥292,255,067.89 in the previous year [18]. - Basic and diluted earnings per share are both ¥0.13, up 8.33% from ¥0.12 in the previous year [18]. - The net profit attributable to shareholders for Q1 2024 was CNY 8,746,125.98 after accounting for various income and expenses, including a tax impact of CNY 2,818,971.25 [48]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 114.18% to ¥833,987,358.15, primarily due to increased sales receipts and reduced payments [8]. - The company's cash and cash equivalents at the end of the period reached ¥8,867,240,956.02, up from ¥8,103,728,168.05 at the beginning of the period [14]. - The company reported a significant increase in cash received from sales of goods and services, totaling ¥3,713,488,428.92, compared to ¥3,548,981,431.99 in the previous year [26]. - The cash inflow from investment activities was 105,773,092.56 CNY, down from 357,487,647.26 CNY in the previous period, indicating a decrease in investment returns [28]. - The cash outflow from financing activities was 927,384,504.55 CNY, significantly higher than 53,581,533.26 CNY in the previous period, reflecting increased financing costs [28]. Assets and Liabilities - Total assets at the end of the reporting period amount to ¥18,148,207,803.73, a 1.18% increase from ¥17,936,916,562.62 at the end of the previous year [18]. - The total liabilities decreased by 45.61% for employee compensation, reflecting the payment of year-end bonuses for 2023 [8]. - The company has reclassified a significant amount of time deposits to current assets, resulting in a 76.31% decrease in other non-current assets to ¥102,462,776.00 [8]. - The company reported a total non-current liabilities of 165,901,908.40 CNY, slightly decreased from 167,092,769.35 CNY in the previous period [38]. - The total equity attributable to shareholders increased to 11,839,416,989.71 CNY from 11,493,310,382.57 CNY, showing a positive trend in shareholder equity [38]. Operational Efficiency - The total inventory decreased to ¥2,586,803,267.67 from ¥2,746,691,829.09, indicating a reduction in stock levels [14]. - The company’s cash outflow for purchasing goods and services was 1,737,373,740.90 CNY, a decrease from 2,000,989,875.15 CNY in the previous period, indicating improved cost management [28]. - Total operating costs for Q1 2024 were CNY 2,581,259,263.76, up from CNY 2,544,099,611.51, reflecting a year-on-year increase of 1.47% [53]. Investments and Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing investments in new technologies and product development [8]. - The company has invested 162,996,730.59 CNY in asset custody plans, focusing on low-risk investments such as bank deposits and bonds [33]. - The company pledged 700,000,000 CNY of its time deposits for bank credit applications in 2024 [34]. Other Income and Expenses - The company reported a decrease in other income by 56.69% to ¥5,984,830.30, primarily due to reduced government subsidies received [8]. - The company received government subsidies amounting to CNY 3,744,828.89 during the quarter, contributing positively to the financial results [48]. - The company recorded a fair value change gain of CNY 4,822,731.15 from financial assets and liabilities during the quarter [48]. - The impairment provision reversal for receivables amounted to CNY 1,648,318.57, indicating improved asset quality [48]. - Other income for the quarter was CNY 5,984,830.30, down from CNY 13,817,523.23 in the previous year, reflecting a decline in non-operating income sources [53].

上海磐明律师事务所 中国上海市浦东新区世纪大道100号 上海环球金融中心15楼T61 邮政编码: 200120 Brightstone Lawyers Suite T61, 15/F, Shanghai World Financial Center No.100 Century Avenue, Pudong New District Shanghai 200120, China Tel 电话: +86 21 6881 5499 www.brightstonelawyers.com 致：浙江森马服饰股份有限公司 关于浙江森马服饰股份有限公司 2023 年年度股东大会的法律意见书 浙江森马服饰股份有限公司（下称"公司"）2023年年度股东大会（下称"本次股东大会"） 的现场会议于 2024 年 4 月 25 日（星期四）下午 2:00 在上海市闵行区莲花南路 2689 号如期 召开，本次股东大会采取现场会议与网络投票结合的方式。上海磐明律师事务所（下称"本 所"）接受公司的委托，指派黄栩、杨露律师（下称"本所律师"）出席本次股东大会，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 ...

证券代码：002563 证券简称：森马服饰 公告编号：2024-12 浙江森马服饰股份有限公司 2023 年度股东大会决议公告 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。 出席本次股东大会的股东及股东代表共计 33 名，代表本公司有表决权股份 数 1,793,117,884 股，占公司有表决权股份总数的 66.5575%；其中现场参加本 次股东 大会 的股 东 及股东 代表 共 17 名，代 表本 公司 有 表决权 股份数 1,639,590,645 股，占公司有表决权股份总数的 60.8588%；通过网络投票的股东 16 人，代表本公司有表决权股份数 153,527,239 股，占公司有表决权股份总数 的 5.6987%。 本次会议由公司董事会召集，董事长邱坚强先生主持，公司董事、监事、高 级管理人员及上海磐明律师事务所律师现场参加了会议。本次会议的召集、召开 程序符合《中华人民共和国公司法》及其他法律、行政法规、部门规章、规范性 文件及《公司章程》等的规定。 二、提案审议表决情况 本次股东大会无新议案提交表决，也无议案被修改或否决情况。出席会议的 股东 ...

Investment Rating - Buy rating is given to the company with a target price of 5 99 yuan [7][9] Core Views - The company's 2023 annual report shows a revenue of 13 66 billion yuan, a year-on-year increase of 2 5%, and a net profit attributable to the parent company of 1 12 billion yuan, a year-on-year increase of 76 1% [10] - The company's dividend payout ratio for 2023 is 72%, with a dividend per share of 0 3 yuan, corresponding to a dividend yield of 5 2% [10] - The children's wear business has shown steady growth, with revenue increasing by 4 9% year-on-year to 9 37 billion yuan, accounting for 69% of total revenue [10] - The company's gross profit margin increased by 2 7 percentage points to 44% in 2023, driven by improved discount rates and an increase in the proportion of high-margin direct sales [10] - The company's inventory turnover days decreased by 25 8 days to 155 days, and inventory net value decreased by 28 6% to 2 75 billion yuan, indicating improved operational efficiency [10] - The company's operating cash flow increased by 65 1% to 1 941 billion yuan in 2023, reflecting a healthy cash flow position [10] Financial Forecasts - The company's revenue is expected to grow by 11 4% in 2024, 9 2% in 2025, and 8 5% in 2026 [11] - Net profit attributable to the parent company is expected to be 1 272 billion yuan in 2024, 1 489 billion yuan in 2025, and 1 747 billion yuan in 2026 [11] - The company's PE ratio is expected to be 13x in 2024, 11x in 2025, and 9x in 2026 [11] Business Performance - The company's offline channel recovery is evident, with direct sales revenue increasing by 19 2% year-on-year to 1 37 billion yuan [10] - The number of offline stores decreased by 213 in 2023, but the company expects to resume net store openings in 2024 [10] - The company's sales, management, R&D, and financial expense ratios decreased by 0 4, 0 2, 0 2, and 0 8 percentage points respectively in 2023, indicating effective cost control [10]

现就公司 2023 年度网上业绩说明会向投资者公开征集问题，听取投资者的意见和建议。 投资者可于 2024 年 4 月 22 日（周一）17:00 前将所关注问题发送至公司电子信箱 ir@semir.com。公司将在 2023 年度网上业绩说明会上回复投资者普遍关注的问题。 欢迎广大投资者积极参与。 浙江森马服饰股份有限公司 关于举行网上业绩说明会的通知 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。 浙江森马服饰股份有限公司(以下简称"公司")已于 2024 年 4 月 2 日发布了《浙江 森马服饰股份有限公司 2023 年年度报告》。为便于广大投资者更深入全面地了解公司情 况，现定于 2024 年 4 月 23 日（周二）15:00-16:00 在全景网举办 2023 年度网上业绩说明 会，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度 业绩说明会。 证券代码：002563 证券简称：森马服饰 公告编号：2024-11 出席本次网上业绩说明会的人员有：公司董事长邱坚强先生，董事兼总经理徐波先生， 董事、副总经理 ...