Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 6.589 billion RMB for FY2024, a decrease of 4.7% year-on-year, and a net profit of 469 million RMB, down 43.1% year-on-year, which aligns with expectations [7] - The company aims to build a Chinese luxury brand management group and has shown strong multi-brand operational capabilities, with potential for stronger growth momentum under new positioning and management upgrades [7] - The online sales channel has shown significant growth, with a 17% increase in revenue to 1.13 billion RMB in FY2024, contributing to the overall performance despite challenges in the retail environment [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - FY2023: Revenue 6,912 million RMB, Net Profit 838 million RMB - FY2024: Revenue 6,589 million RMB, Net Profit 469 million RMB - FY2025E: Revenue 6,998 million RMB, Net Profit 642 million RMB - FY2026E: Revenue 7,402 million RMB, Net Profit 707 million RMB - FY2027E: Revenue 7,775 million RMB, Net Profit 772 million RMB - The company’s net profit is expected to recover to 6.4 billion RMB by FY2025, with corresponding PE ratios of 8, 7, and 6 for FY2025E, FY2026E, and FY2027E respectively [6][17] Brand Performance - The revenue performance of the company's eight brands shows a mixed trend, with three brands increasing and five decreasing: - Koradior: 2.16 billion RMB, down 9.7% - NAERSI: 1.44 billion RMB, down 2% - NEXY.CO: 1.01 billion RMB, up 1% - La Koradior: 510 million RMB, up 10% - FF: 170 million RMB, up 22% [7][14] Store Optimization and E-commerce Growth - The total number of stores decreased by 125 to 1,839, with a focus on optimizing store quality and enhancing sales performance [7] - The company has successfully expanded its e-commerce channels, with significant contributions from platforms like Vipshop and Douyin, indicating a strategic shift towards online sales [15]
赢家时尚（03709）：逆境之下规模稳定，线上渠道表现亮眼