公司报告 | 年报点评报告 地素时尚（603587） 证券研究报告 优化组织管理，加速资源整合 公司发布 24 年年报及 25 年一季报 25Q1：营收 4.8 亿，同比-11%，归母净利润 0.8 亿，同比-25%，扣非归母 净利润 0.6 亿，同比-15%。 24Q4：营收 6.1 亿，同比-25%，归母净利润 0.2 亿，同比-69%，扣非归母 净利润 0.1 亿，同比-89%。 24A：营收 22 亿，同比-16%，归母净利润 3.0 亿，同比-39%，扣非归母净 利润 2.5 亿，同比-46%。 公司拟向全体股东每 10 股派发现金股利 5.00 元（含税），现金分红和回购 金额总计 2.7 亿，占 2024 年归母净利润 89%。 门店优化，品牌调整 25Q1：DA 品牌营收 2.4 亿，同比-9%，毛利率 77%；DM 品牌营收 0.3 亿， 同比-29%，毛利率 82%；DZ 品牌营收 2.0 亿，同比-10%，毛利率 74%；RA 品牌营收 0.1 亿，同比-22%，毛利率 81%。 24A：DA 品牌营收 12 亿，同比-18%，毛利率 76%，同比+1pct；直营店净 减 2 家至 11 ...

2025 年 05 月 07 日 投资评级：买入（维持） | 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 8.05 | | 一年最高最低(元) | 10.04/5.15 | | 总市值(亿元) | 386.62 | | 流通市值(亿元) | 386.62 | | 总股本(亿股) | 48.03 | | 流通股本(亿股) | 48.03 | | 近 3 个月换手率(%) | 45.73 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 海澜之家 沪深300 相关研究报告 纺织服饰/服装家纺 公 司 研 究 《Q3 弱零售下负经营杠杆显著，并表 及备货推高库存—公司信息更新报 告》-2024.10.31 《Q2 线下承压线上高增，斯搏兹并 表，延续高分红—公司信息更新报告》 -2024.8.22 2025Q1 主业稳健，期待京东奥莱、FCC 双线发力 ——公司信息更新报告 lvming@kysec.cn 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） zhoujiale@kyse ...

| 日期 | 2025/5/6 | | --- | --- | | 当前股价(元) | 8.05 | | 一年最高最低(元) | 10.04/5.15 | | 总市值(亿元) | 386.62 | | 流通市值(亿元) | 386.62 | | 总股本(亿股) | 48.03 | | 流通股本(亿股) | 48.03 | | 近 3 个月换手率(%) | 45.73 | 股价走势图 纺织服饰/服装家纺 公 司 研 究 2025 年 05 月 07 日 投资评级：买入（维持） 2025Q1 主业稳健，期待京东奥莱、FCC 双线发力 ——公司信息更新报告 lvming@kysec.cn 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 海澜之家 沪深300 相关研究报告 《Q3 弱零售下负经营杠杆显著，并表 及备货推高库存—公司信息更新报 告》-2024.10.31 《Q2 线下承压线上高增，斯搏兹并 表，延续高分红—公司信息更新报告》 -2024.8.22 吕明（分析师） 周嘉乐（分析师） 张霜凝（分析师） zhoujiale@kyse ...

行 业 及 产 业 纺织服饰 2025 年 05 月 06 日 业绩收官表现分化，运动及户外产业链景气占优 看好 ——纺织服装行业周报 20250505 相关研究 《国货家纺彰显红利本色，优质制造迎来 超 跌 反 弹 — — 纺 织 服 装 行 业 周 报 20250427》 2025/04/27 《3 月服装零售稳步改善，纺织品出口反 弹 明 显 —— 纺 织 服 装 行 业 周 报 20250420》 2025/04/20 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 本期投资提示： 重要信息回顾： 证 券 研 究 报 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 告 ⚫ 本周纺织服饰板块表现弱于市场。4 月 25-4 月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is expected to be strong, with significant contributions from the consolidation of Jia Le. In 2024, the company achieved revenue of 4.24 billion yuan (up 36.6% year-on-year) and a net profit attributable to shareholders of 0.381 billion yuan (up 229.5% year-on-year) [1][5] - The company's manufacturing segment saw revenue growth driven by acquisitions and improved production efficiency. In 2024, the manufacturing revenue reached 3.534 billion yuan (up 44.6% year-on-year), with notable growth in apparel manufacturing [2] - The brand management segment is actively expanding new channels, with a revenue of 0.658 billion yuan in 2024 (up 5.1% year-on-year). The collaboration with Xiaomi has deepened, launching multiple new products [3] Summary by Sections Performance Overview - In Q1 2025, the company reported revenue of 1.234 billion yuan (up 35.6% year-on-year) and a net profit of 0.085 billion yuan (up 20.1% year-on-year) [1] - The company’s net profit margin for 2024 was 9.0% (up 5.3 percentage points year-on-year) [4] Manufacturing Segment - The manufacturing revenue for 2024 was 3.534 billion yuan, with apparel manufacturing revenue growing by 146.4% year-on-year [2] - The gross margin for manufacturing in 2024 was 22.55%, with a decline attributed to the consolidation of Jia Le [2] Brand Management - The brand management revenue for 2024 was 0.658 billion yuan, with distribution revenue increasing by 20.8% year-on-year [3] - The gross margin for brand management was 25.52%, reflecting adjustments in product and channel structure [3] Financial Projections - Revenue projections for 2025-2027 are 5.344 billion yuan, 6.222 billion yuan, and 7.190 billion yuan, respectively, with year-on-year growth rates of 26%, 16%, and 16% [5][11] - The net profit attributable to shareholders is projected to be 0.384 billion yuan in 2025, with a growth rate of 0.7% [5][11]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has reported a revenue of 690 million yuan in Q1 2025, a year-on-year decrease of 8%, while the net profit attributable to shareholders increased by 40% to 40 million yuan [1] - The divestment of the Ed Hardy brand has alleviated the company's financial burden, leading to a comparable revenue growth of 1.5% when excluding this brand [1] - The self-portrait, Laurèl, and IRO brands have shown significant growth in the Chinese market, with increases of 17%, 13%, and 14% respectively [1] - The online sales channel has performed well, with a year-on-year growth of 26%, driven by strong performances on platforms like Tmall and Douyin [1] Financial Performance Summary - For the year 2024, the company reported a revenue of 3 billion yuan, a year-on-year increase of 4%, but a net loss of 300 million yuan, a significant decline of 393% [2] - The self-portrait brand achieved a revenue of over 500 million yuan, growing by 21%, while Laurèl brand revenue reached 415 million yuan, up 19% [2] - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 3.2 billion, 3.3 billion, and 3.5 billion yuan respectively, with net profits projected at 160 million, 180 million, and 200 million yuan [4] Strategic Developments - The company is implementing a multi-brand and multi-platform strategy, which has resulted in a 32% year-on-year growth in online sales for 2024 [3] - The company has expanded its physical presence by adding 27 new stores in various cities, including Macau and Shenzhen, indicating a robust expansion strategy [3]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 16.48 CNY [5][16]. Core Views - The company is implementing a youth-oriented strategy to reshape its brand image, transitioning from being recognized as the "first association brand in golf" to a multi-brand strategy in the apparel sector [3]. - The company has reported a revenue of 1.3 billion CNY in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 8% to 300 million CNY [1]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares, totaling 290 million CNY, with a payout ratio of 37% [1]. Financial Performance Summary - For the year 2024, the company achieved a revenue of 4 billion CNY, a 13% increase year-on-year, with a net profit of 800 million CNY, down 14% [1][4]. - The company's revenue channels include: 1. Direct sales revenue of 2.6 billion CNY in 2024, up 7% year-on-year, with a gross margin of 81% [1]. 2. Franchise revenue of 1.1 billion CNY, up 24% year-on-year, with a gross margin of 70% [1]. 3. E-commerce revenue of 300 million CNY, up 35% year-on-year, with a gross margin of 75% [1]. - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 4.2 billion CNY, 4.4 billion CNY, and 4.8 billion CNY respectively, with net profits of 820 million CNY, 880 million CNY, and 960 million CNY [4]. Market Position and Strategy - The company is focusing on establishing a multi-brand portfolio, which includes brands like CARNAVAL DE VENISE, KENT & CURWEN, and CERRUTI 1881, to strengthen its position in the segmented apparel market [3]. - The appointment of youth actor Ding Yuxi as the brand ambassador reflects the company's commitment to engaging with younger consumers and promoting a trendy lifestyle [3].

公司报告 | 年报点评报告 水星家纺（603365） 证券研究报告 受益家纺补贴，打造优势单品 公司发布 24 年报和 25 年一季报 国补提振家纺销售 2024 年 3 月 13 日，国务院发布《推动大规模设备更新和消费品以旧换新 行动方案》，提出推动家装消费品换新。 2024 年 7 月 24 日，国家发改委、财政部发布《关于加力支持大规模设备 更新和消费品以旧换新的若干措施》，支持地方提升消费品以旧换新能 力，安排超长期特别国债资金，用于支持地方自主提升消费品以旧换新能 力。 2024 年 10 月下旬起，上海、江苏等地将家纺类产品纳入消费补贴范围， 提振了消费信心，促进了品牌家纺企业的销售增长，尤其是线上渠道因高 覆盖率和平台补贴带动效果明显。 25Q1：营收 9 亿，同比+1%；归母净利润 0.9 亿，同比-4%；扣非归母净利 润 0.8 亿，同比-10%； 24Q4：营收15亿，同比+4%；归母净利润1.6 亿，同比+24%；扣非归母净 利润 1.5 亿，同比+31%； 24A：营收42 亿，同比-0.42%；归母净利润4亿，同比-3%；扣非归母净利 润 3 亿，同比+2%。 分渠道，1）24 年 ...

毛利率 47%，同比持平，归母净利率 7%，同比-4pct； 销售费率 29%，同比+4pct；管理费率 5%，同比+1pct；研发费率 1%，同比 持平；财务费率同比-0.85%，同比+1pct。 公司报告 | 季报点评 森马服饰（002563） 证券研究报告 育儿补贴制度或利好童装业务 公司发布 25 年一季报 营收 31 亿，同比-2%，归母净利润 2 亿，同比-38%，扣非归母净利润 2 亿， 同比-43%； 截至 3 月 31 日，包括加盟和直营在内的全系统终端动态零售数据同比中个 位数增加。 育儿补贴制度或利好童装业务 3 月 13 日，内蒙古呼和浩特及时出台实施育儿补贴细则，据国家卫生健康 委，截至 24 年 10 月，全国已有 23 个省份，在不同层级开始探索实施生 育补贴制度，或一次性发放现金，或定期给予补贴、实行税收减免。生育 补贴政策落地后，从宏观层面看，有望带来生育率的回升，从而利好童装。 零售转型，供应链提质 2025 年，公司将继续围绕核心关键能力深化布局，持续提升和构建洞察消 费者能力、高效的商品运营能力、精准的商品开发能力、广泛的渠道分发 能力、全面的供应链能力等关键能力。 公 ...

公司报告 | 年报点评报告 嘉曼服饰（301276） 证券研究报告 成人装有望提升整体毛利率 公司发布 24 年报和 25 年一季报 25Q1：营收 3 亿，同比+3%；归母净利润 0.4 亿，同比-16%；扣非归母净 利润 0.4 亿，同比-15%； 24Q4：营收 4 亿，同比-5%；归母净利润 0.7 亿，同比+28%；扣非归母净 利润 0.6 亿，同比+23%； 24A：营收 11 亿，同比-5%；归母净利润 1.7 亿，同比-5%；扣非归母净利 润 1.3 亿，同比+5%。 此外，公司拟每 10 股派发现金股利人民币 7.2 元（含税），同时每 10 股转 增 2 股，派息率为 45%。 童装和电商拖累营收，成人装毛利率明显高于童装 分产品，1）24 年童装营收 10 亿，同比-17%，毛利率 61%，同比+1pct。 2）成人装营收 1 亿，于 24 年年中完成并表，毛利率 80%，明显高于童装 毛利率。 3）其他营收 0.3 亿，或为收购品牌的授权费收入。 分渠道，1）24 年直营营收 3 亿，同比+14%，毛利率 66%，同比+3pct。门 店 176 家，净增 11 家，经营满 1 年的门店 ...