Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.50 RMB [7][8]. Core Views - The company reported a 2024 annual revenue of 14.63 billion RMB, a year-on-year increase of 7.1%, and a net profit of 1.14 billion RMB, up 1.4% year-on-year, exceeding previous expectations due to effective channel adjustments [1]. - In Q1 2025, the company experienced a revenue of 3.08 billion RMB, a decrease of 1.9% year-on-year, and a net profit of 210 million RMB, down 38.1% year-on-year, indicating short-term performance pressure but long-term value potential remains optimistic [1][5]. - The company is focusing on channel optimization and enhancing store efficiency, which is expected to lay a solid foundation for long-term development [1][2]. Summary by Sections Financial Performance - The company's gross margin for 2024 decreased by 0.2 percentage points to 43.8%, primarily due to increased sales and financial expense ratios from channel layout adjustments [3]. - The net profit margin for Q1 2025 dropped by 4.9 percentage points to 6.9% [3]. Inventory and Operational Efficiency - As of the end of 2024, the company's inventory was 3.481 billion RMB, a year-on-year increase of 26.8%, with inventory turnover days increasing to 188 days in Q1 2025, up 45 days year-on-year [4]. - Accounts receivable turnover days also increased, indicating a slight short-term pressure on operational efficiency [4]. Revenue and Profit Forecast - The company forecasts net profits of 1.29 billion RMB for 2025 and 1.48 billion RMB for 2026, with an introduction of a 2027 forecast of 1.74 billion RMB [5][6]. - The report suggests a PE ratio of 15.7 for 2025, reflecting the company's position as a leading brand in children's clothing and casual wear despite short-term operational pressures [5].

Core Viewpoint - The company's 1Q25 performance fell short of expectations, primarily due to higher-than-expected expense inputs, despite stable revenue growth driven by franchise shipments and retail recovery [1][2]. Revenue and Profitability - 1Q25 revenue was 3.079 billion yuan, a year-on-year decrease of 1.9% - Net profit attributable to shareholders was 214 million yuan, down 38.1% year-on-year - Non-recurring net profit was 194 million yuan, a decline of 42.7% year-on-year - The revenue performance was weaker than the overall terminal flow performance, partly due to the early timing of the 2025 Spring Festival, which led to some shipments being advanced to 4Q24 [1][2]. Cost Structure - Gross margin increased by 0.4 percentage points to 47.0%, attributed to a higher proportion of direct sales channels - Selling expense ratio rose by 4.1 percentage points to 28.6%, mainly due to increased advertising and marketing expenses, as well as higher depreciation and amortization costs from an increased number of stores - Management expense ratio increased by 0.7 percentage points to 5.1%, while financial expense ratio rose by 1.2 percentage points to -0.8%, mainly due to reduced interest income - Overall, net profit margin decreased by 4.1 percentage points to 7.0% [2]. Inventory and Cash Flow - As of the end of 1Q25, inventory increased by 29.4% to 3.347 billion yuan, with the proportion of goods within one year rising from 55% to 72% - Inventory turnover days increased by 45.1 days to 188.3 days - Accounts receivable rose by 19.2% to 1.217 billion yuan, with turnover days increasing by 7.3 days to 41.1 days - Operating cash flow net amount decreased by 81.7% year-on-year to 153 million yuan, primarily due to increased payments for goods [2]. Development Trends - The company is expected to maintain its aggressive store expansion strategy initiated in 2024, while dynamically adjusting based on the macroeconomic environment - The company will further evaluate the cost-to-benefit ratio of its expenditures, aiming to align expense growth more closely with revenue growth while controlling total annual expense inputs [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at 1.197 billion yuan and 1.297 billion yuan, respectively - The current stock price corresponds to a P/E ratio of 14.3x for 2025 and 13.2x for 2026 - The rating of outperforming the industry and the target price of 7.13 yuan remain unchanged, with the target price corresponding to a P/E of 16.1x and 14.8x for 2025 and 2026, indicating a potential upside of 12.3% from the current price [4].

森马服饰（002563）公告，2025年第一季度营收为30.79亿元，同比下降1.93%；净利润为2.14亿元，同 比下降38.12%。 ...

Financial Performance - The company's revenue for Q1 2025 was ¥3,078,754,281.52, a decrease of 1.93% compared to ¥3,139,311,437.98 in the same period last year[5] - Net profit attributable to shareholders was ¥214,367,053.13, down 38.12% from ¥346,443,875.90 year-on-year[5] - Basic and diluted earnings per share both decreased by 38.46%, from ¥0.13 to ¥0.08[5] - Total operating revenue for the current period is ¥3,078,754,281.52, a decrease of 1.93% from ¥3,139,311,437.98 in the previous period[23] - Net profit for the current period is ¥212,993,803.10, down 38.1% from ¥345,304,131.13 in the previous period[24] - Operating profit decreased to ¥288,408,918.91, a decline of 36.0% from ¥450,785,045.37 in the previous period[24] - The total comprehensive income for the current period is ¥214,151,026.58, down from ¥341,252,578.37 in the previous period[24] - The total comprehensive income attributable to the parent company was CNY 215,524,276.61, down from CNY 342,392,323.14 in the previous period, representing a decrease of approximately 37%[25] Cash Flow - The net cash flow from operating activities was ¥152,533,690.47, representing a significant decline of 81.71% compared to ¥833,987,358.15 in the previous year[5] - Cash inflow from operating activities totaled CNY 3,944,939,978.48, compared to CNY 3,846,253,863.61 in the prior period, showing a slight increase of about 2.6%[25] - Cash outflow from operating activities increased to CNY 3,792,406,288.01 from CNY 3,012,266,505.46, marking an increase of approximately 25.8%[25] - Cash flow from investing activities resulted in a net outflow of CNY 123,919,371.74, compared to a net outflow of CNY 15,869,362.90 in the previous period, indicating a worsening of approximately 680%[26] - Cash flow from financing activities showed a net outflow of CNY 82,042,140.04, compared to a net outflow of CNY 753,384,504.55 in the prior period, reflecting an improvement of about 89%[26] - The ending balance of cash and cash equivalents was CNY 6,023,974,704.55, down from CNY 8,158,877,290.76, representing a decrease of approximately 26.2%[26] - The company received CNY 2,678,440.00 from investment activities, a decrease from CNY 4,000,000.00 in the previous period, indicating a decline of about 33%[26] - The company reported a significant increase in cash received from investment recoveries, totaling CNY 2,935,837,230.35, compared to CNY 105,754,957.04 in the prior period, representing an increase of approximately 2,676%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,794,716,920.39, down 1.60% from ¥19,100,703,356.69 at the end of the previous year[5] - The company's total assets as of the latest report amount to ¥18,794,716,920.39, a decrease from ¥19,100,703,356.69 at the beginning of the period[19] - Cash and cash equivalents decreased to ¥6,232,473,666.20 from ¥6,285,081,629.10, indicating a decline of approximately 0.84%[19] - The company's inventory decreased to ¥3,347,308,962.18 from ¥3,481,423,549.29, reflecting a reduction of about 3.84%[20] - The total liabilities decreased to ¥6,742,137,683.90 from ¥7,274,043,740.05, reflecting a reduction of 7.33%[21] - Total equity attributable to shareholders increased to ¥12,054,949,166.91 from ¥11,830,344,557.93, an increase of 1.89%[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,064, with the top ten shareholders holding significant stakes[10] - As of March 31, 2025, Qiu Jianqiang holds 359,442,552 shares, accounting for 13.34% of the total share capital, with 136,780,000 shares pledged, representing 5.08% of total share capital and 38.05% of his holdings[13] Strategic Plans - The company plans to focus on expanding its market presence and enhancing product development strategies in the upcoming quarters[5] Other Financial Metrics - The company reported a tax expense of ¥74,438,263.31, down from ¥104,541,063.96, a decrease of 28.8%[24] - Research and development expenses were ¥41,644,818.76, a decrease of 10.5% from ¥46,328,736.81 in the previous period[24] - Other comprehensive income after tax for the current period is ¥1,157,223.48, compared to a loss of ¥4,051,552.76 in the previous period[24] - Non-recurring gains and losses totaled ¥20,817,312.30, with government subsidies contributing ¥12,835,781.25[6] - The company reported a significant increase in trading financial assets, rising to ¥1,190,338,663.44 from ¥938,955,261.71, an increase of approximately 26.69%[19] - The total amount invested in asset custody plans reached ¥131,492,022.43, focusing on low-risk investments[18] - The company approved a stock option incentive plan on September 24, 2024, granting 97,233,500 stock options at an exercise price of ¥3.69 per option[16] - The company plans to cancel 39,145,520 stock options due to unmet performance targets for the first exercise period[17]

Group 1 - Zhejiang Senzhi Future Technology Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Lu Lina [1] - The business scope includes internet information services, software development, software sales, computer system services, information system integration services, network equipment sales, and retail of electronic components [1] Group 2 - The company is wholly owned by Semir Apparel (002563) through indirect holdings [1]

Group 1: Company Overview and Brand Positioning - Semir brand, established in 1996, is a leading domestic casual wear brand, while Balabala, founded in 2002, dominates the children's clothing market with a consistent market share of over 30% [3] - The company emphasizes multi-brand development, operating Semir and Balabala independently to cater to different market segments [3] - The casual wear sector, where Semir operates, holds a significant market share, indicating a broad development potential [3] Group 2: Financial Performance - In 2024, the company achieved a total revenue of CNY 14.626 billion, a year-on-year increase of 7.06%, and a net profit of CNY 1.137 billion, up 1.42% [7] - Domestic sales account for 99.45% of total revenue, highlighting a strong focus on the domestic market [4] - The company reported a significant decline in operating cash flow in 2024 compared to the average since 2019, attributed to increased investments [5][6] Group 3: Market Strategy and Growth Opportunities - The company plans to expand its international market presence, particularly in Southeast Asia and the Middle East, using a multi-channel approach [4] - The growth strategy includes enhancing brand matrix, improving channel structure, and expanding product categories [9] - The company has already introduced family clothing lines, indicating a diversification of product offerings [10] Group 4: Consumer Trends and Economic Impact - The overall consumer market in China is expected to grow, driven by rising consumption capacity and government policies aimed at boosting consumer confidence [6] - In 2024, China's retail sales of clothing, shoes, and textiles reached CNY 1.4691 trillion, reflecting a modest growth of 0.3% [6] - The company is well-positioned to benefit from the ongoing trends of consumption upgrade and market expansion [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 14.63 billion yuan for 2024, a year-on-year increase of 7.1%, with a net profit attributable to the parent company of 1.14 billion yuan, reflecting a growth of 1.4% [1] - Despite fluctuations in profit margins due to channel investments, the company demonstrated confidence in its growth by actively opening new stores [1][4] - The children's clothing segment showed strong growth, with a revenue increase of 9.6% year-on-year, highlighting the resilience of the leading brand [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.23 billion yuan, up 9.8% year-on-year, and a net profit of 380 million yuan, reflecting a significant increase of 32.1% [1] - The gross margin for 2024 was 43.8%, with a slight decrease of 0.2 percentage points, while the sales expense ratio increased by 1.5 percentage points due to proactive marketing and store openings [3] Business Segments - The children's clothing and leisure segments generated revenues of 10.27 billion yuan and 4.19 billion yuan, respectively, with gross margins of 47.3% and 35.5% [2] - The company opened a net of 280 new children's clothing stores and 108 leisure stores, bringing the total to 5,514 and 2,811 stores, respectively [2] Future Outlook - Revenue projections for 2025, 2026, and 2027 are 15.65 billion yuan, 16.56 billion yuan, and 17.42 billion yuan, with corresponding growth rates of 7.0%, 5.8%, and 5.2% [4] - The company plans to maintain a high dividend payout ratio of 83% in 2024, indicating a commitment to shareholder returns [4]

证券代码：002563 证券简称：森马服饰 公告编号：2025-13 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 出席本次网上业绩说明会的人员有：公司董事长、总经理邱坚强先生，董事、副总经 理兼财务总监陈新生先生，独立董事刘海波先生，董事会秘书宗惠春先生。 现就公司 2024 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 2025 年 4 月 17 日（周四）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 2024 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 董事会 二〇二五年四月十一日 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 2025 年 4 月 1 日发布了《浙江 森马服饰股份有限公司 2024 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 2025 年 4 月 18 日（周五）15:00-16:00 在全景网举办 2024 年度网上业绩说明 会， ...

丨证券研究报告丨 公司研究丨点评报告丨森马服饰（002563.SZ） [Table_Title] 森马服饰 2024 年年报点评：零售改革叠加净拓 店下收入韧性显著好于同业，业绩符合预期 报告要点 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 展望未来，公司夯实基础，全域化、控折扣、降库存均取得成效。预计短期内受益于生育补贴 政策情绪催化，巴拉终端零售有望受到提振，增益业绩表现，叠加后续新零售改革逐步取得成 效，公司逆势开店有望带来一定的收入和业绩弹性增量。预计公司 2025-2027 年归母净利润为 12.8、14.2、15.4 亿元，对应 PE 为 15、13、12X，维持"买入"评级。 分析师及联系人 [Table_Author] 森马服饰（002563.SZ） cjzqdt11111 [Table_Title 森马服饰 2024 2] 年年报点评：零售改革叠加净拓 店下收入韧性显著好于同业，业绩符合预期 [T ...

21世纪经济报道记者朱艺艺杭州报道 在公布2024年成绩单之后，森马服饰（002563.SZ）4月1日收获涨停，4月1日-4月3日累计上涨12.16%。 从营收结构看，以"巴拉巴拉"品牌为代表的儿童服饰营收增长9.55%至102.68亿元，再次突破百亿元大 关，占总营收的70.21%，成为公司业绩增长的主要驱动力；休闲服饰营收增长0.44%至41.90亿元，占总 营收的28.65%。 除了继续发力童装板块，森马服饰也在加码线上和出海布局，寻求业绩新增量。 童装成为增长密码 作为老牌步行街巨头，森马服饰以主打休闲服饰定位的主品牌森马为人熟知。不过，公司最赚钱的业 务，却是以"童装一哥"巴拉巴拉品牌为代表的儿童服饰。 2024年，森马的儿童服饰营收为102.68亿元，占总营收比重的70.21%，且获得9.55%的增速。 拉长时间线来看，童装板块的收入占比几乎稳步提升。 2017年，森马的儿童服饰贡献营收63.22亿元，占公司总收入的52.56%，首次超过休闲服饰的营收占比 （46.85%），开始成为公司业绩增长的核心驱动力。 在此基础上，2018年-2023年，森马服饰的童装板块营收分别为88.25亿元、126. ...