Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is expected to improve its overall gross margin through the growth of adult clothing, which has a significantly higher gross margin compared to children's clothing [2][3]. - The financial performance for Q1 2025 shows a revenue of 300 million RMB, a year-on-year increase of 3%, while the net profit attributable to the parent company decreased by 16% to 40 million RMB [1][3]. - The company plans to distribute a cash dividend of 7.2 RMB per 10 shares (including tax) and a stock dividend of 2 shares for every 10 shares held, resulting in a payout ratio of 45% [1]. Financial Performance Summary - For the year 2024, the company reported a revenue of 1.1 billion RMB, a decrease of 5% year-on-year, with a net profit of 170 million RMB, also down by 5% [1][5]. - The gross margin for adult clothing is reported at 80%, significantly higher than the 61% gross margin for children's clothing [2]. - The company’s revenue projections for 2025 to 2027 are adjusted to 1.2 billion RMB, 1.3 billion RMB, and 1.5 billion RMB respectively, with net profits expected to be 180 million RMB, 200 million RMB, and 230 million RMB [3][5]. Product and Channel Performance - Children's clothing revenue for 2024 was 1 billion RMB, down 17% year-on-year, while direct sales revenue increased by 14% to 300 million RMB [2]. - E-commerce revenue decreased by 18% to 600 million RMB, with the gross margin improving by 6 percentage points to 66% [2]. - The company operates 176 stores, with a net increase of 11 stores, although the number of stores operating for over a year decreased by 45 [2].
嘉曼服饰（301276）：成人装有望提升整体毛利率