报喜鸟（002154）：品牌矩阵丰富，提供更多可能

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 1.6 billion in Q4 2024, a year-on-year increase of 2%, while the net profit attributable to shareholders was 80 million, down 44% year-on-year [1] - For the full year 2024, the company expects a revenue of 5.2 billion, a decrease of 2% year-on-year, and a net profit of 500 million, down 29% year-on-year [1] - The company is facing challenges due to weak domestic textile and apparel retail consumption and intensified industry competition, leading to a slight decline in revenue despite efforts to enhance management and control discounts [1][4] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders, with a dividend payout ratio of 15% [1] Revenue Breakdown - In 2024, the direct sales channel generated 2 billion in revenue, down 4% year-on-year, with a net increase of 58 stores; the franchise channel generated 800 million, slightly down, with a net decrease of 4 stores; online sales generated 800 million, up 2%; and group purchases generated 1.1 billion, down 1% [2] - The brand "Baoxini" generated 1.6 billion in revenue, down 8% year-on-year, with a net increase of 4 stores; "Haggis" generated 1.8 billion, up 1%, with a net increase of 21 stores; and "Baoniao" generated 1 billion, down 3% [2][3] Financial Performance - The company achieved a gross margin of 65% in 2024, an increase of 0.3 percentage points year-on-year, with online gross margin at 72%, direct sales at 78%, franchise at 69%, and group purchases at 46% [4] - Total expenses for the period amounted to 2.6 billion, up 4% year-on-year, with sales expenses at 2.1 billion, up 5% due to increased market expansion and brand promotion efforts [4] - The inventory turnover days increased to 235 days, up 9 days year-on-year [5] Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 540 million, 680 million, and 810 million respectively, with EPS projected at 0.4 yuan, 0.5 yuan, and 0.6 yuan [9]