重回净开店周期，加大直营开店。分渠道看，2024 年线上/直营/加盟收入分别同比 +7.14%/+12.64%/+5.12%，收入占比分别为46%/11%/42%。 公司公布2024 年年报：2024 年营收146.26 亿元/yoy+7.06%，归母净利润11.37 亿元/yoy+1.42%，扣非归 母净利润10.84 亿元/yoy+6.16%。单Q4 营收52.27 亿元/yoy+9.76%，归母净利润3.82 亿元/yoy+32.07%， 归母净利润增长快于营收主因资产减值同比减少。年末分红0.35 元/股，全年分红比例82.9%，较2023 年显著提升（2023 年分红比例72.1%）。 童装产品迭代、翻新门店，贡献主要增长，休闲服焕新"新森马"形象。 分产品看，2024 年休闲服/童装收入分别同比+0.4%/+9.6%，收入占比分别为29%/70%。24 年巴拉品牌 对产品线迭代更新，确立日常生活、城市户外和高光时刻三大核心场景产品线，并逐步构建心智商品 群，目前已打造 Bala T、轻羽绒、冲锋衣、防晒服等百万级销量的商品集群，24年翻新扩改门店超500 家。森马品牌聚焦8 大心智产品，爆款产品规 ...

公司发布 2024 年年报，实现营业收入146.3 亿，同比增长7.1%，实现归母净利润11.4 亿，同比增长 1.4%，其中24Q4 收入和归母净利润分别同比增长9.8%和-32.1%，分红率预计为82.9%，维持高分红。 截至2024 年底，公司存货周转天数为173 天，去年同期为190 天。经营活动现金流净额为12.6 亿，去年 同期为19.4 亿。 积极开拓中国香港地区市场及海外市场。2024 年公司在新加坡、马来西亚、越南、蒙古、约旦等多个 市场新开 30 多家门店。截至期末，森马和巴拉巴拉品牌成功进驻全球 15 个国家和地区，中国香港地区 及海外门店数量突破 100 家。 根据年报，我们调整盈利预测并引入2027 年的盈利预测，预计2025-2027 年每股收益分别为0.46、0.53 和0.61 元（原25-26 年0.56 和0.62 元），参考可比公司，给予2025 年17 倍PE 估值，对应目标价7.82 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费复苏不及预期等 24 年两品牌均实现净开店，新森马门店逐步推广。分品类来看，1）休闲服饰： 2024 年收入同比增长0.4%，毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.82 CNY for 2025, based on a 17x PE valuation [2][9]. Core Insights - The company achieved a revenue of 14.63 billion CNY in 2024, representing a year-on-year growth of 7.1%. The net profit attributable to the parent company was 1.14 billion CNY, with a slight increase of 1.4% [8]. - The company plans to continue its high dividend payout, with an expected dividend rate of 82.9% for 2024 [8]. - The company successfully opened new stores under both of its brands, with a net increase of 108 stores in casual wear and 280 stores in children's wear [8]. - The online sales channel saw a gross margin increase, with online sales revenue growing by 7.1% [8]. - The company is actively expanding into international markets, having opened over 30 new stores in countries such as Singapore, Malaysia, and Vietnam [8]. Financial Summary - The company's projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.46 CNY, 0.53 CNY, and 0.61 CNY, respectively [2][9]. - Revenue is expected to grow from 15.78 billion CNY in 2025 to 18.71 billion CNY in 2027, with corresponding profit growth [6]. - The gross margin is projected to remain stable, with slight improvements expected over the forecast period [6]. - The company’s net profit margin is expected to increase from 7.9% in 2025 to 8.7% in 2027 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on brand renewal and store expansion, which is expected to enhance its dividend payout ratio [1] - In 2024, the company reported a revenue of 14.626 billion yuan, a year-on-year increase of 7.06%, and a net profit attributable to shareholders of 1.137 billion yuan, up 1.42% year-on-year [8] - The company has initiated a net store opening cycle, increasing its direct-operated stores and enhancing its online and franchise revenue channels [8] Financial Performance Summary - Total revenue for 2023 was 13.661 billion yuan, with a projected increase to 14.626 billion yuan in 2024, and further growth expected in subsequent years [1] - The net profit attributable to shareholders is forecasted to grow from 1.122 billion yuan in 2023 to 1.137 billion yuan in 2024, with a compound annual growth rate expected in the following years [1] - The company has increased its dividend payout ratio to 82.9% in 2024, up from 72.1% in 2023, reflecting a commitment to returning value to shareholders [8] Product and Market Strategy - The company is focusing on product iteration in children's clothing and the renovation of stores, contributing to revenue growth [8] - The company has established three core product lines for its Bala brand, targeting daily life, urban outdoor, and high-light moments, with significant sales achievements in these categories [8] - The company has expanded its store presence internationally, opening over 30 new stores in markets such as Singapore, Malaysia, and Vietnam in 2024 [8] Cost and Margin Analysis - The gross margin slightly decreased to 43.82% in 2024, primarily due to increased discounts in the casual wear category [8] - The company has seen an increase in its expense ratio, with sales expenses rising due to the expansion of direct-operated stores and brand promotion efforts [8] - Inventory turnover days improved, decreasing by 19 days to 136 days, indicating better inventory management [8]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to achieve a revenue growth of 7.06% in 2024, reaching 14.626 billion yuan, while the net profit attributable to the parent company is projected to grow by 1.42% to 1.137 billion yuan [1][10] - The "2+N" multi-brand strategy is showing positive results, with the company focusing on enhancing its retail channel management capabilities and expanding its market presence both domestically and internationally [3][4][10] Financial Performance Summary - **Revenue and Profitability**: In 2024, the company is projected to generate revenue of 14.626 billion yuan, with a year-on-year growth rate of 7.1%. The net profit attributable to the parent company is expected to be 1.137 billion yuan, reflecting a growth rate of 1.4% [1][2] - **Gross and Net Margins**: The gross margin for 2024 is forecasted at 43.82%, slightly down by 0.21 percentage points year-on-year. The net margin is expected to be 7.76%, a decrease of 0.44 percentage points [2] - **Earnings Per Share (EPS)**: The basic EPS for 2024 is projected to remain at 0.42 yuan, with future estimates of 0.48 yuan in 2025, 0.56 yuan in 2026, and 0.61 yuan in 2027 [1][10] Strategic Initiatives Summary - **Channel Development**: The company is enhancing its retail channel management and focusing on opening high-quality stores, with over 30 new stores planned in various international markets in 2024 [3] - **Brand Strategy**: The company is actively upgrading its brand strategies, particularly for its children's clothing brand, to strengthen its market position and enhance brand influence [4][9] - **Operational Efficiency**: The implementation of a 52-week MD mechanism aims to streamline operations and improve decision-making through advanced digital tools [9]

上 市 公 司 纺织服饰 2025 年 04 月 02 日 森马服饰 (002563) ——促进生育政策催化，经营周期触底开启新一轮增长 报告原因：有业绩公布需要点评 买入（上调） | 市场数据： | 2025 年 04 月 01 日 | | --- | --- | | 收盘价（元） | 7.24 | | 一年内最高/最低（元） | 7.48/4.34 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 4.14 | | 流通 A 股市值（百万元） | 15,940 | | 上证指数/深证成指 | 3,348.44/10,503.66 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 4.39 | | 资产负债率% | 38.08 | | 总股本/流通 A 股（百万） | 2,694/2,202 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-01 05-01 06-01 07-01 08-01 09-01 10-01 11-01 12-01 ...

2025 年 04 月 01 日 公司点评 买入/维持 森马服饰(002563) 目标价: 昨收盘:7.24 24 年财报点评：童装表现持续亮眼，全域实现健康发展 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/1 24/6/13 24/8/25 24/11/6 25/1/18 25/4/1 ◼ 股票数据 | 总股本/流通(亿股) | 26.94/22.02 | | --- | --- | | 总市值/流通(亿元) | 195.05/159.4 | | 12 个月内最高/最低价 | 7.48/4.34 | | (元) | | 相关研究报告 <<23 年年报点评：盈利&营运能力提 升，期待 24 年恢复规模增长>>-- 2024-04-18 <<森马服饰（002563）：电商及童装业 务增长强劲，订货模式变化导致线下 收入增速下滑>>--2017-03-29 <<森马服饰（002563）：业绩稳健增 长，投资电商产业园助力互联网业务 发展>>--2016-08-31 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券分 ...

森马服饰（002563.SZ） 2024 年分红比例提升，库存结构改善奠定增长基础 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/1 | | --- | --- | | 当前股价(元) | 7.24 | | 一年最高最低(元) | 7.48/4.34 | | 总市值(亿元) | 195.05 | | 流通市值(亿元) | 159.40 | | 总股本(亿股) | 26.94 | | 流通股本(亿股) | 22.02 | | 近 3 个月换手率(%) | 41.92 | 纺织服饰/服装家纺 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 森马服饰 沪深300 相关研究报告 《H1 线下恢复净拓，看好下半年渠 道拓展下持续增长—公司信息更新 报告》-2024.9.1 《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 ——公司信息更新报告 | 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） | | | | | | | | | | | --- | -- ...

森马服饰（002563.SZ） 2024 年稳健增长，持续拓店提升渠道能力 消费品/轻工纺服 24 年公司营收同比+7.06%，归母净利润+1.42%。童装业务引领增长，线上线 下各渠道全面发展。渠道拓展加速，渠道能力提升，使得期间费用率上升对净 利率有所拖累。预计 25-27 年归母净利润分别为 12.2 亿元、13.6 亿元、15.0 亿元，同比增长 7%、11%、11%。当前市值对应 25PE16X、26PE14X，维持 强烈推荐评级。 ❑ 2024 年稳健增长，Q4 增长提速。 1）2024 年：公司营收 146.26 亿元，同比+7.06%；归母净利润 11.37 亿元， 同比+1.42%；扣非净利润 10.84 亿元，同比+6.16%。公司拟派发现金股利 0.35 元/股，对应 2024 全年分红率 82.9%。 2）24Q4：公司营收 52.27 亿元，同比+9.76%；归母净利润 3.82 亿元，同比 +32.07%；扣非净利润 3.49 亿元，同比+42.45%。 ❑ 各渠道全面增长，童装业务更为亮眼。 强烈推荐（维持） 目标估值：NA 当前股价：7.24 元 基础数据 | 总股本（百万股） ...

证券研究报告 | 2025年04月01日 森马服饰（002563.SZ） 优于大市 2024 年收入增长 7%，各渠道品类全面增长 全年收入增长7%，存货周转效率提升。森马服饰2024年实现营业收入146.26 亿元，同比+7.1%，归母净利润 11.37 亿元，同比+1.4%，扣非净利润同比+6.2% 至 10.84 亿元。毛利率同比微降 0.2pct 至 43.8%；销售/管理费用率分别同 比+1.5/-0.6pct，销售费用增加主要系线上投流费用增加以及线下新开门店 相应费用增加所致。主要受销售费用率增加、及政府补助等其他收益减少影 响，净利率-0.4pct 至 7.8%。存货周转效率进一步优化，周转天数同比减少 19 天至 140 天，库存结构优化；经营性现金流净额 12.63 亿元，净现比为 1.1。拟每 10 股派息 3.5 元，分红率为 82.9%。 四季度收入增长提速，资产减值损失收窄。2024Q4 收入 52.27 亿元，同比 +9.8%；归母净利润 3.82 亿元，同比+32.1%，扣非归母净利润 3.49 亿元， 同比+42.4%。Q4 毛利率下滑 1.7pct 至 42.1%；期间费用 ...