森马服饰：三季度收入正增长，股权激励彰显信心

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.16 CNY for 2025, based on an 11x PE valuation [2][7]. Core Insights - The company reported a revenue of 9.399 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 5.62%, while the net profit attributable to the parent company was 755 million CNY, a decline of 9.25% [1]. - In Q3 2024, the company achieved a revenue growth of 3.15% year-on-year, although the net profit saw a significant decline of 36% [1]. - The company has successfully increased its store count, with net additions of 52 and 151 stores in the leisure and children's apparel segments, respectively, reaching a total of 2,755 and 5,385 stores [1]. - The company has implemented a stock incentive plan, granting 97.234 million stock options to 144 employees, which reflects confidence in future growth [1]. Financial Performance Summary - Revenue for 2024 is projected to be 14.186 billion CNY, with a year-on-year growth of 3.8% [5]. - The gross profit margin for Q3 2024 decreased by 0.8 percentage points to 42.4%, while the net profit margin fell by 3.6 percentage points to 5.9% [1]. - The company’s earnings per share for 2024-2026 are forecasted to be 0.42, 0.56, and 0.62 CNY, respectively [2][7]. - The company’s net profit attributable to the parent company is expected to grow from 1.128 billion CNY in 2024 to 1.677 billion CNY in 2026 [5].