DAZZLE FASHION(SH:603587) Tianfeng Securities·2025-05-07 03:42Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a decline in revenue and profit margins, with a focus on optimizing organizational management and accelerating resource integration [1][3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 2.7 billion yuan, which represents 89% of the net profit attributable to shareholders for 2024 [1] Financial Performance Summary - In Q1 2025, the company reported revenue of 480 million yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 80 million yuan, down 25% [1] - For Q4 2024, revenue was 610 million yuan, down 25% year-on-year, with a net profit of 20 million yuan, a decline of 69% [1] - The total revenue for 2024 was 2.2 billion yuan, a decrease of 16% year-on-year, with a net profit of 300 million yuan, down 39% [1] Brand Performance Summary - The DA brand generated revenue of 240 million yuan in Q1 2025, down 9% year-on-year, with a gross margin of 77% [2] - The DM brand reported revenue of 30 million yuan, a decrease of 29%, with a gross margin of 82% [2] - The DZ brand's revenue was 200 million yuan, down 10%, with a gross margin of 74% [2] - The RA brand had revenue of 10 million yuan, down 22%, with a gross margin of 81% [2] Profit Forecast Adjustments - The profit forecast for 2025-2026 has been adjusted downwards, with expected net profits of 330 million yuan and 350 million yuan respectively, compared to previous estimates of 410 million yuan and 460 million yuan [4] - The expected EPS for 2025 and 2026 is adjusted to 0.69 yuan and 0.74 yuan respectively, down from 0.86 yuan and 0.97 yuan [4] - The PE ratios for 2025, 2026, and 2027 are projected to be 17x, 16x, and 14x respectively [4]