Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [1][12]. Core Insights - The company experienced a slight revenue decline of 4.68% year-on-year in 2024, with total revenue reaching 6.589 billion yuan. However, the net profit attributable to shareholders fell significantly by 44.10% to 469 million yuan, primarily due to increased sales and management expenses [2][4]. - The online sales channel showed strong growth, contributing to the overall revenue despite declines in offline direct and distribution channels. Online revenue increased by 16.57% to 1.129 billion yuan, accounting for 17.14% of total revenue [3][4]. - The company plans to enhance brand value and operational efficiency in physical stores while focusing on online platforms like Xiaohongshu to maintain competitive advantages [10]. Revenue and Profitability - In 2024, the company's gross margin improved to 75.4%, up by 1.1 percentage points year-on-year. However, the net profit margin decreased to 7.1%, down by 5.0 percentage points due to rising expense ratios [4][11]. - The company reported a significant increase in inventory, which rose by 36.4% to 1.572 billion yuan by the end of 2024, indicating potential challenges in inventory management [4][11]. Financial Projections - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.89 yuan, 1.00 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.9, 7.0, and 6.4 [10][11]. - Revenue is expected to recover slightly in 2025, with projections of 6.962 billion yuan, representing a year-on-year growth of 5.7% [11][14]. Market Performance - The company's stock closed at 6.800 HKD, with a market capitalization of 4.788 billion HKD [8]. - The stock has seen a year-to-date high of 13.420 HKD and a low of 6.560 HKD, indicating significant volatility [8]. Brand Performance - The high-end brand La Koradior achieved over 10% revenue growth, while other brands like NEXY.CO and ELSEWHERE showed mixed results, with some brands experiencing declines [3][4]. - The company operates 1,444 direct stores and 395 distribution stores, with a net decrease in both types of stores over the year [3]. Conclusion - The report suggests that despite the current challenges in the domestic consumption environment, the company's focus on online growth and brand enhancement may provide resilience and potential for recovery in the coming years [5][10].
赢家时尚（03709）：2024年盈利能力稳中有升，线上渠道快速增长