Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for its stock performance in the near future [4][6]. Core Insights - The company is experiencing a short-term profit pressure due to channel optimization, with a projected revenue of 6.589 billion and a net profit of 474 million for 2024, reflecting year-on-year declines of 5% and 43% respectively [1][4]. - The company is positioned as a leading player in the domestic mid-to-high-end women's fashion market, with expectations for sustained long-term growth driven by product efficiency improvements and store expansion [4]. - The brand performance is varied, with La Koradior showing stable growth while other brands like NAERSI and NEXY.CO remain relatively stable amidst a fluctuating consumer environment [2][3]. Financial Performance Summary - For 2024, the company's revenue and net profit are projected at 6.589 billion and 474 million respectively, with year-on-year changes of -5% and -43% [1][5]. - The gross profit margin is expected to increase by 1.1 percentage points to 76.4% in 2024, while the net profit margin is projected to decrease by 4.9 percentage points to 7.2% [1]. - The company anticipates a dividend payout ratio of approximately 53% for 2024, translating to a dividend yield of about 4.9% based on the closing price on March 26, 2025 [1]. Brand and Channel Performance - The company operates eight high-end women's fashion brands, with varying performance: Koradior's revenue is expected to decline by 10% to 2.16 billion, while NEXY.CO is projected to grow by 1% to 1.01 billion [2]. - The revenue breakdown by channel for 2024 shows direct sales at 5.17 billion, franchise sales at 290 million, and e-commerce at 1.13 billion, with respective year-on-year changes of -7%, -25%, and +17% [3]. - The company is focusing on optimizing its channel structure, which is expected to enhance store efficiency in the medium to long term [3].
赢家时尚（03709）：渠道优化顺利，短期利润承压，期待后续修复