罗莱生活(002293)：24年直营继续拓店 25Q1业绩修复 高分红持续

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, but showed signs of recovery in Q1 2025, with a strong dividend payout ratio of 115% for the year [1][2] Financial Performance - In 2024, the company's revenue was 4.559 billion, down 14.22% year-on-year, and the net profit attributable to shareholders was 433 million, down 24.39% year-on-year [2] - The company plans to distribute an annual cash dividend of 0.4 per share, with a total dividend payout ratio of 115.48% [2] - In Q1 2025, revenue was 1.094 billion, up 0.57% year-on-year, and net profit was 113 million, up 26.31% year-on-year [2] Business Segment Analysis - The domestic home textile business generated revenue of 3.737 billion in 2024, down 12.43% year-on-year, while the U.S. furniture business had revenue of 822 million, down 21.54% year-on-year, resulting in a net loss of 28.71 million [3][4] - The company is actively supporting franchisees to reduce inventory and close underperforming stores to improve long-term operational capabilities [3] Channel Performance - Online revenue in 2024 was 1.382 billion, down 14.12%, while offline direct sales revenue was 401 million, down 1.48% [4] - The company had a total of 2,638 stores by the end of 2024, with 411 direct stores (up 76) and 2,227 franchise stores (down 168) [4] Profitability Metrics - The overall gross margin for 2024 was 48.01%, with the U.S. business gross margin at 28.07% [5] - The net profit margin for 2024 was 9.44%, down 1.30 percentage points year-on-year [5] Cash Flow and Efficiency - Operating cash flow for 2024 was 847 million, down 9.46%, but improved significantly in Q1 2025 to 176 million, up 83.29% [6] - Inventory turnover days improved to 157 days in Q1 2025, down 36 days year-on-year [6] Future Outlook and Investment Recommendation - The company is expected to optimize its channel structure and enhance direct store openings, with projected revenues of 4.859 billion, 5.163 billion, and 5.449 billion from 2025 to 2027 [7] - The net profit for the same period is forecasted to be 521 million, 571 million, and 627 million, with respective growth rates of 20%, 10%, and 10% [7]