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]

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

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） | | | | | | | | | | | --- | -- ...

Investment Rating - The report maintains a strong buy rating for the company [5][8] Core Views - The company is expected to achieve steady growth in 2024, with revenue projected to increase by 7.06% year-on-year, reaching 146.26 billion yuan, and net profit expected to rise by 1.42% to 11.37 billion yuan [2][8] - The children's clothing segment is leading the growth, with both online and offline channels developing comprehensively [2][3] - The company is accelerating channel expansion and enhancing channel capabilities, although this has led to an increase in expense ratios, impacting net profit margins [1][4] Revenue and Profit Forecast - For 2025-2027, the company is projected to achieve net profits of 12.2 billion yuan, 13.6 billion yuan, and 15.0 billion yuan, representing year-on-year growth rates of 7%, 11%, and 11% respectively [1][8] - The company plans to distribute a cash dividend of 0.35 yuan per share, resulting in a dividend payout ratio of 82.9% for 2024 [2] Channel Performance - Online revenue reached 66.72 billion yuan, growing by 7.14%, while offline direct sales increased by 12.64% to 15.48 billion yuan [3] - The total number of stores at the end of 2024 was 8,325, with a net increase of 388 stores during the year [3] Margin Analysis - The overall gross margin for 2024 is expected to decrease slightly to 43.82%, with online gross margin improving to 45.35% [4] - The net profit margin for 2024 is projected at 7.76%, down by 0.44 percentage points from the previous year [4] Financial Metrics - The company’s total market capitalization is approximately 19.5 billion yuan, with a current share price of 7.24 yuan [5] - The return on equity (ROE) is reported at 9.6%, with an asset-liability ratio of 38.1% [5][8] Future Growth Strategy - The company is focusing on a multi-brand strategy and channel capability enhancement, which is expected to drive long-term growth in the children's clothing sector [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][40]. Core Views - The company achieved a revenue growth of 7.1% year-on-year in 2024, reaching 14.626 billion yuan, with a net profit of 1.137 billion yuan, reflecting a 1.4% increase [1][4]. - The fourth quarter of 2024 saw a revenue increase of 9.8% year-on-year, with a net profit growth of 32.1% [2][4]. - The children's clothing segment performed particularly well, with revenue of 10.268 billion yuan, a 9.6% increase, and a gross margin improvement [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 14.626 billion yuan, with a net profit of 1.137 billion yuan and a gross margin of 43.8% [1][5]. - The fourth quarter revenue was 5.227 billion yuan, with a net profit of 382 million yuan, marking significant growth compared to the previous year [2][5]. - The company maintained a healthy inventory turnover, reducing turnover days by 19 days to 140 days [1][4]. Revenue Breakdown - By category, children's clothing accounted for 70.2% of total revenue, while casual wear contributed 41.90 billion yuan [3][4]. - Online sales reached 6.672 billion yuan, reflecting a 7.1% increase, while direct sales and franchise channels also showed positive growth [3][4]. Future Outlook - The company plans to continue expanding its store network, with expectations for revenue growth to remain strong in 2025 [4][36]. - The estimated net profits for 2025-2027 are projected to be 1.213 billion yuan, 1.295 billion yuan, and 1.385 billion yuan, respectively, indicating steady growth [4][5]. - The reasonable valuation range for the company has been adjusted to 7.2-7.7 yuan, reflecting an increase in valuation levels due to favorable consumption policies [4][5].

森马服饰 20250401 摘要 Q&A 森马服饰的主要业务和品牌有哪些？ 森马服饰创建于 2002 年，主要业务包括休闲服饰和儿童服饰。公司旗下有两大 主力品牌：森马品牌在成人休闲服饰领域占据重要地位，巴拉巴拉品牌在童装 行业连续多年保持市场第一。这两个主力品牌采用事业部形式独立运营。此外， 公司还代理压缩式、彪马等品牌，并自营一些线上品牌如书库。公司通过全渠 道运营，包括线上线下一体化销售，在中国 1 到 5 线市场及国内知名电子商务 • 2024 年森马服饰总营收 146.26 亿元，同比增长 7.06%；归母净利润 11.37 亿元，同比增长 1.42%；扣非净利润 10.84 亿元，同比增长 6.16%。年末总 资产 191.01 亿元，净资产 118.30 亿元。公司计划每 10 股派发 3 元红利， 总额 9 亿，占今年利润 82%。 • 2024 年，休闲服饰营收 41.90 亿元，同比增长 0.44%；儿童服饰营收 102.68 亿元，同比增长 9.55%。线上销售收入 66.72 亿元，同比增长 7.14%；线下整体销售收入 77.86 亿元，同比增长 6.42%。 • 2024 年公司整 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Views - The company is expected to achieve a revenue growth of 7% year-on-year in 2024, reaching 14.63 billion yuan, with a net profit of 1.14 billion yuan, reflecting a 1% increase [1]. - The children's clothing segment is projected to grow by 10% in revenue, while the adult clothing segment shows stable performance [3]. - The company is enhancing its product functionality and fabric research, focusing on consumer needs to drive sales and improve efficiency [3]. - E-commerce revenue is expected to increase by 7.1% to 6.67 billion yuan, with a gross margin improvement of 2.4 percentage points [4]. Financial Performance Summary - For 2024, the company anticipates a gross margin of 43.8%, a slight decrease of 0.2 percentage points from the previous year [1]. - The net profit margin is projected to decrease by 0.4 percentage points to 7.8% [1]. - The company plans to distribute a total cash dividend of 940 million yuan, with a payout ratio of 83% and a dividend yield of 5% [1]. - The end-of-year inventory is expected to increase by 27% to 3.48 billion yuan, primarily due to an increase in winter merchandise [5]. Business Segment Performance - The children's clothing business is expected to generate 10% revenue growth, reaching 10.27 billion yuan, with a gross margin of 47.3% [3]. - The leisure clothing segment is projected to see a modest revenue increase of 0.4% to 4.19 billion yuan, with a gross margin of 35.5% [3]. - The company is optimizing its store image and product quality, with over 500 "New Semir" stores expected by the end of 2024 [3]. Channel Development - The company has successfully opened nearly 400 new stores in 2024, with over 1,400 new openings planned [4]. - Direct sales and franchise revenue are expected to grow by 12.6% and 5.1%, respectively, with gross margins of 66.1% and 36.2% [4]. - The company is enhancing its online and offline channel integration, leading to improved e-commerce performance [4].