Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has demonstrated stable performance with a revenue of 3.1 billion and a net profit of 290 million for the first half of 2025, reflecting a year-on-year change of -6% and +2% respectively [1]. - The company is positioned as a leading player in the domestic mid-to-high-end women's fashion market, with expectations for continued growth driven by product efficiency improvements [4]. Financial Performance - For the first half of 2025, the company's gross margin increased by 0.1 percentage points to 76.4%, while the net profit margin rose by 0.8 percentage points to 9.3% [1]. - The company's revenue from its main brands showed mixed results, with La Koradior growing by 10% to 280 million, while NAERSI declined by 11% to 650 million [2]. - The company's inventory increased by 17% year-on-year to 1.49 billion, with inventory turnover days rising by 97 days to 376 days, indicating a slowdown in inventory turnover efficiency [3]. Future Outlook - The company anticipates a stable growth in net profit for the full year of 2025, despite a potential decline in revenue due to current consumer traffic environment changes [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 497 million, 559 million, and 624 million respectively, with a corresponding PE ratio of 10 times for 2025 [5].
赢家时尚（03709）：净利润表现稳健，渠道优化持续推进