海澜之家（600398）：主业稳健提质，新业态拓展赋能

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of 6-12% over the next 6-12 months compared to the benchmark index [7]. Core Insights - The company achieved a revenue of 21.626 billion yuan in 2025, reflecting a year-on-year growth of 3.2%, with a net profit of 2.166 billion yuan, which is a slight increase of 0.3% [5][6]. - The gross margin for the year was 44.87%, up by 0.36 percentage points, while the net margin was 9.86%, down by 0.59 percentage points [5]. - The main brand, 海澜之家, saw a revenue of 149.03 billion yuan, a decrease of 2.40%, but with an improved gross margin of 48.39%, up by 1.85 percentage points [5]. - The company is expanding its overseas business, achieving a revenue of 4.53 billion yuan, which is a 27.70% increase year-on-year [5]. - The company plans to distribute a cash dividend of 4.1 yuan per 10 shares, totaling 1.969 billion yuan, with a dividend payout ratio of 91.11% and a dividend yield of 6.7% [5]. Financial Projections - Revenue projections for the company are as follows: 23.576 billion yuan in 2026, 25.645 billion yuan in 2027, and 27.775 billion yuan in 2028, with growth rates of 9%, 9%, and 8% respectively [3][6]. - The net profit is expected to reach 2.386 billion yuan in 2026, 2.583 billion yuan in 2027, and 2.792 billion yuan in 2028, with growth rates of 10%, 8%, and 8% respectively [3][6]. - The earnings per share (EPS) are projected to be 0.50 yuan in 2026, 0.54 yuan in 2027, and 0.58 yuan in 2028 [3][6]. Operational Efficiency - The company reported a significant increase in operating cash flow, reaching 4.482 billion yuan, which is a 93.46% increase year-on-year [5]. - Inventory levels decreased by 9.74% compared to the beginning of the year, indicating improved operational efficiency [5]. - The company has been optimizing its channel structure, with direct store revenue increasing by 19.21%, while franchise and other revenues decreased by 3.85% [5].