ELLASSAY(603808) 证券时报网·2024-11-21 05:28Core Viewpoint - The company, Geli Si, has achieved growth in the high-end women's clothing market despite macroeconomic pressures and changes in the consumer environment through a multi-brand strategy, strong online growth, and refined management [1][2]. Financial Performance - In the first three quarters of 2024, Geli Si reported revenue of 2.152 billion yuan, a year-on-year increase of 4.2% [1]. - Domestic business grew by 11.5% year-on-year, driven by the multi-brand strategy, with the main brand ELLASSAY seeing a 14.2% increase in revenue [1]. - International brands self-portrait, Laurèl, and IRO achieved revenue growth of 18%, 21%, and 15% respectively in China [1]. Online Strategy - The company has significantly enhanced its online presence, with online revenue increasing by 38% year-on-year in the first three quarters, and a remarkable 48% growth in the third quarter [1]. - During the "Double Eleven" shopping festival, several brands performed well, with self-portrait and Laurèl ranking among the top sellers in women's clothing on Tmall [1]. Profitability and Cost Management - Despite fierce online price competition, the company's online sales gross margin rose to 63.68%, an increase of 4.98 percentage points year-on-year, attributed to a higher proportion of full-price items and increased acceptance of high-priced products on Douyin [2]. - The company is accelerating adjustments in its overseas business, implementing cost reduction and efficiency improvement measures, and plans to strictly control expenses to mitigate the long-term profit drag from overseas operations [2]. Strategic Outlook - The company believes that the high-end market still has vast potential due to increasing consumer demand for personalization and high quality [2]. - Geli Si aims to become an internationally competitive high-end fashion brand group, focusing on enhancing core competitiveness through design and research investment, brand image improvement, channel expansion, and operational efficiency [2].