森马服饰：扣非利润稳健增长，电商经营质量提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Insights - In H1 2024, the company reported a revenue of 5.95 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 550 million yuan, also up by 7%. The non-recurring net profit increased by 13% to 540 million yuan [1]. - The gross margin improved by 1.5 percentage points to 46.1% in H1 2024, primarily due to enhanced e-commerce profitability [1]. - The company is focusing on product functionality and fabric research, leading to improved sales efficiency and cost control [2]. - The children's clothing segment saw a revenue increase of 6% to 4.07 billion yuan in H1 2024, with a gross margin up by 3.1 percentage points to 49.6% [2]. - The adult casual wear segment experienced an 8% revenue growth to 1.81 billion yuan, although its gross margin decreased by 2.1 percentage points to 38.6% [2]. - E-commerce sales grew by 3% to 2.69 billion yuan, with a gross margin increase of 5.7 percentage points to 47.4% [2]. - The company aims for a steady revenue growth of around 10% for the full year 2024, supported by favorable industry trends and channel planning [2]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 14.73 billion yuan, with a net profit of 1.24 billion yuan, reflecting a year-on-year growth of 10.2% [4]. - The projected P/E ratio for 2024 is 10 times, indicating a favorable valuation compared to historical performance [3][4]. - The company’s operating cash flow for H1 2024 was a net outflow of 10 million yuan, attributed to increased payments for goods, which is expected to improve in the future [2].