Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company, Winner Fashion (03709.HK), is expected to have stable revenue growth for the full year, with a projected revenue of approximately CNY 33.1 billion for H1 2024, reflecting a year-on-year decrease of 1% and a net profit of CNY 2.8 billion, down 37% year-on-year [1]. - The company is a leading player in the domestic mid-to-high-end women's fashion market, with ongoing product efficiency improvements and store expansion expected to drive long-term performance growth [1][3]. - The report anticipates that the company's revenue for 2024 will remain flat year-on-year, with net profits projected at CNY 6.72 billion, CNY 8.07 billion, and CNY 9.21 billion for 2024, 2025, and 2026 respectively [1][2]. Financial Performance - For H1 2024, the company reported a gross margin of 76.3%, an increase of 1.0 percentage points year-on-year, while the net profit margin decreased by 4.7 percentage points to 8.6% [1]. - The revenue breakdown by brand shows varied performance, with Koradior generating CNY 10.57 billion (up 6% year-on-year), NAERSI at CNY 7.35 billion (up 4%), and NEXY.CO at CNY 5.04 billion (up 5%) [1]. - The company's revenue from direct sales, franchises, and e-commerce for H1 2024 was CNY 26.3 billion, CNY 1.3 billion, and CNY 5.5 billion respectively, with e-commerce showing a significant growth of 17.8% year-on-year [1]. Market Position and Strategy - The company is focusing on channel upgrades and store quality optimization, with a reduction in the number of stores to enhance overall efficiency [1]. - The report highlights the company's strategy of increasing investment in core product lines and improving inventory turnover, with inventory levels rising by 40% year-on-year to CNY 12.7 billion as of H1 2024 [1]. - The company is expected to benefit from a more efficient product system and improved inventory management in the future [1].
赢家时尚：渠道升级调整，全年收入估计以平稳为主