森马服饰：线下渠道实现净开店，存货大幅改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.06 CNY, based on a 2024 PE valuation of 11 times [2][3][6] Core Insights - The company reported a revenue of 5.96 billion CNY for the first half of 2024, representing a year-on-year growth of 7.1%, with a net profit attributable to the parent company of 0.55 billion CNY, also up 7.1% [1] - The growth in children's apparel outpaced that of adult clothing, with net store openings in offline channels. The company added 52 and 151 stores for leisure and children's apparel respectively, reaching a total of 2,755 and 5,385 stores [1] - The gross margin improved significantly, with a gross margin of 46.11% for the first half of 2024, an increase of 1.5 percentage points year-on-year [1] - Inventory turnover days decreased significantly to 157 days, down 48 days year-on-year, with inventory balance decreasing by 10.3% [1] - The company is focusing on brand development, with a transformation of the Semir brand and continued emphasis on core categories for the Balabala brand [1] Financial Summary - The company’s revenue for 2024 is projected to be 14.84 billion CNY, with a year-on-year growth of 8.6% [2] - The net profit attributable to the parent company is expected to reach 1.25 billion CNY in 2024, reflecting an 11% increase [2] - The earnings per share are forecasted to be 0.46 CNY for 2024, 0.52 CNY for 2025, and 0.58 CNY for 2026 [2][6] - The gross margin is expected to improve to 44.6% in 2024, with a net margin of 8.4% [2]