证券研究报告 纺织服饰 | 服装家纺 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | | | | | 2025 | 年 | 04 | 月 | | 30 日 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 8.30 | | | / | | | 低 | | | | | | | | | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 39,862.99 | | | | | 流通市值（百万元） | | | | | | | | | 39,862.99 | | | | | 总股本（百万股） | | | | | | | | | 4,80 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's basic operations are stabilizing, and the new retail format is continuously expanding [1] - The company achieved better-than-expected earnings in Q1 2025, with a projected high dividend payout for the year [1] - The main brand's revenue decline is narrowing, and the proportion of direct sales is increasing [2] - Other brands, including Sporz and JD Outlet, are contributing to new growth points [3] - The company is expected to see revenue growth in the coming years, driven by new retail formats and a strong dividend policy [4] Summary by Sections Financial Performance - In 2024, the company reported revenue of 20.96 billion yuan (down 2.7% year-on-year) and a net profit of 2.16 billion yuan (down 26.9% year-on-year) [1] - Q1 2025 revenue reached 6.19 billion yuan (up 0.2% year-on-year) with a net profit of 935 million yuan (up 5.5% year-on-year) [1] - The company plans a cash dividend of 1.969 billion yuan for 2024, with a dividend payout ratio of 91.22% [1] Main Brand Performance - The main brand's revenue in 2024 was 15.27 billion yuan (down 7.2% year-on-year), but gross margin improved by 1.3 percentage points to 46.5% [2] - The number of direct stores increased by 216 to 1,468, while franchise stores decreased by 359 to 4,365 [2] - The company is expanding into overseas markets, with 101 stores opened by the end of 2024, generating 355 million yuan in overseas revenue (up 30.75% year-on-year) [2] Other Brands - Other brands generated revenue of 2.67 billion yuan in 2024 (up 32.4% year-on-year), with Q1 2025 revenue reaching 740 million yuan (up 100.2% year-on-year) [3] - The company increased its stake in Sporz to 51% and reported significant contributions from this brand [3] - The partnership with JD to open JD Outlet stores is also expected to drive growth [3] Earnings Forecast and Investment Advice - Revenue is projected to grow to 22.3 billion yuan in 2025, 24.8 billion yuan in 2026, and 26.6 billion yuan in 2027, with corresponding net profits of 2.41 billion yuan, 2.66 billion yuan, and 2.91 billion yuan [4] - The new retail formats are expected to open up growth opportunities, and the company's high dividend yield is seen as stable [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 30 年 月 日 海澜之家（600398.SH） 分红卓越，主业稳健，期待京东奥莱引领增长 2024 年公司收入同比-3%/归母净利润同比-27%，股利支付率高达 91%。1）2024 年公司收 入为 209.6 亿元，同比-3%；归母净利润为 21.6 亿元，同比-27%；扣非归母净利润为 20.1 亿元， 同比-26%。少数股东损益为 0.30 亿元，我们推算品牌管理（斯搏兹+京东奥莱）子公司口径全年 利润约为 1 亿元。2）盈利质量：毛利率同比持平为 44.5%；销售/管理/财务费用率同比分别 +2.9/+0.5/-1.1pct 至 23.1%/4.9%/-0.8%（我们判断销售费用率提升主要系直营渠道占比增加）； 综合以上，净利率同比-3.1pct 至 10.4%。3）单 Q4：2024Q4 公司收入为 57.0 亿元，同比-4%； 归母净利润为 2.5 亿元，同比-50%；扣非归母净利润为 2.7 亿元，同比-45%。4）公司 2024 年合 计拟分配现金股利 19.69 亿元，股利支付率约为 91%，以 2025 年 4 月 ...

服装家纺板块盘初走高，探路者（300005）、安正时尚（603839）、莱绅通灵（603900）涨停，海澜之 家（600398）、萃华珠宝（002731）、新华锦（600735）涨幅居前。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company is focusing on precise development of new customers and projects, which has shown effectiveness in expanding its product categories and customer base [2][3] - The outdoor market is experiencing intensified competition, leading to a decrease in the company's pricing power for traditional products, which has resulted in a decline in gross margins [1][2] - The company has expanded its overseas production bases and is implementing intelligent production systems to enhance efficiency and quality control [3] Financial Performance Summary - For Q1 2025, the company reported revenue of 240 million, a year-on-year increase of 9%, while net profit attributable to the parent company was 30 million, a decrease of 27% [1] - In 2024, the company achieved total revenue of 800 million, a decrease of 2% year-on-year, with a net profit of 140 million, down 37% [1] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 40 million, with a payout ratio of 47% [1] Product and Market Breakdown - In 2024, tent revenue was 360 million, down 22% year-on-year, with a gross margin of 29% [2] - Revenue from clothing increased by 42% year-on-year to 260 million, with a gross margin of 22% [2] - Domestic revenue surged by 150% to 90 million, while international revenue decreased by 9% to 740 million [2] Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 140 million, 180 million, and 220 million respectively [4] - Earnings per share (EPS) are projected to be 2.1, 2.6, and 3.2 yuan for 2025-2027 [4]

三、分红送配方案情况 本次公司不分配不转赠。 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0000 | -0.0068 | 100 | -0.0700 | | 每股净资产（元） | 0.25 | 0.05 | 400 | 1.24 | | 每股公积金(元) | 1.61 | 1.56 | 3.21 | 1.56 | | 每股未分配利润(元) | -2.40 | -2.55 | 5.88 | -1.39 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.62 | 0.71 | -12.68 | 0.84 | | 净利润(亿元) | -0.02 | -0.04 | 50 | -0.32 | | 净资产收益率(%) | -1.84 | -6.12 | 69.93 | -4.47 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 2 ...

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.2200 | -1.3274 | 83.43 | -0.9684 | | 每股净资产（元） | 0.06 | 0.05 | 20 | 1.15 | | 每股公积金(元) | 1.73 | 1.56 | 10.9 | 1.56 | | 每股未分配利润(元) | -2.72 | -2.55 | -6.67 | -1.46 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.27 | 2.68 | 22.01 | 3.51 | | 净利润(亿元) | -1.16 | -6.56 | 82.32 | -4.8 | | 净资产收益率(%) | -3510.18 | -219.19 | -1501.43 | -54.79 | | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | -- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 14 times for 2025 [6][8]. Core Views - The company's revenue is projected to grow by 13% year-on-year in 2024, reaching 4 billion yuan, while net profit is expected to decline by 14% to 780 million yuan [1]. - The company is focusing on enhancing its main brand's competitiveness and nurturing a second growth curve through the development of sub-brands [4][6]. - E-commerce is experiencing high-quality and rapid growth, while offline stores are expanding steadily [3]. Revenue and Profitability - In 2024, the company's revenue is expected to be 4 billion yuan, with a net profit of 780 million yuan, resulting in a net profit margin of 19.5%, down 6.3 percentage points year-on-year [1]. - For Q1 2025, revenue is projected to be 1.29 billion yuan, with a net profit of 330 million yuan, reflecting a year-on-year decline of 8% [2]. Sales Channels - In 2024, sales revenue from various channels is expected to be: e-commerce 263 million yuan (+35%), direct sales 2.568 billion yuan (+7.2%), franchise 1.139 billion yuan (+24.1%), and others 34 million yuan (+19.9%) [3]. - The company plans to open approximately 100 new stores in 2025, contributing to its growth strategy [3]. Brand Strategy - The main brand is focusing on youth-oriented marketing and product differentiation, while the sub-brand K&C is progressing well in store openings [4]. - The company is enhancing its brand image through strategic partnerships and sponsorships in sports [4]. Cash Flow and Inventory Management - The company has maintained healthy cash flow management, with operating cash flow of 750 million yuan in 2024, approximately 1.0 times the net profit [5]. - Inventory levels increased by 34.3% year-on-year to 950 million yuan by the end of 2024, with inventory turnover days improving [5]. Financial Projections - The company expects steady revenue growth of over 10% in 2025, driven by ongoing store expansion and new brand investments [5]. - Projected net profits for 2025-2027 are 707 million yuan, 797 million yuan, and 890 million yuan, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE of 14 times for 2025 [4][6]. Core Views - The company reported a revenue of 3.08 billion yuan and a net profit of 210 million yuan for Q1 2025, reflecting a year-on-year decline of 2% and 38% respectively [1]. - The retail channel is expected to show steady growth, with a cautious accounting approach leading to better performance in retail sales compared to revenue [2]. - The company is focusing on optimizing its store structure, with a net increase of 299 direct stores and 96 franchise stores expected in 2024 [2]. - The children's clothing segment is anticipated to grow healthily, while the adult casual wear segment is expected to decline due to industry conditions [3]. - Inventory levels increased by 29.4% year-on-year to 3.35 billion yuan, with a healthy inventory turnover structure [4]. Financial Summary - For 2025, the company is projected to achieve revenues of 15.77 billion yuan, with a year-on-year growth rate of 7.8% [5]. - The net profit for 2025 is estimated at 1.23 billion yuan, reflecting an 8.5% year-on-year increase [5]. - The latest diluted EPS is projected to be 0.46 yuan per share for 2025 [5]. - The company’s return on equity (ROE) is expected to be 10.2% in 2025, increasing to 12.2% by 2027 [5].

Investment Rating - The investment rating for Li Ning is "Outperform the Market" (maintained) [1][5][13] Core Views - In the first quarter of 2025, Li Ning's retail sales recorded low single-digit growth year-on-year, with improvements in discount rates compared to the previous year [2][3] - The management maintains guidance for flat revenue growth and a high single-digit net profit margin for the year 2025 [10][12] - The company achieved steady revenue growth despite a challenging operating environment and continued contraction in offline channels, while maintaining good operational quality [3][13] Summary by Relevant Sections Retail Performance - As of March 31, 2025, Li Ning's retail sales (excluding Li Ning YOUNG) recorded low single-digit growth year-on-year, with offline channels showing low single-digit growth and e-commerce virtual stores achieving a growth rate in the low double digits [2][3] - The total number of sales points in China was 6,088, a net decrease of 29 from the end of the previous year [2] Financial Forecasts - The forecast for net profit for 2025-2027 is 2.51 billion, 2.83 billion, and 3.04 billion yuan, reflecting year-on-year changes of -16.8%, +12.8%, and +7.6% respectively [3][14] - The target price is set between 17.9 and 19.2 HKD, corresponding to a 2025 PE ratio of 17.2-18.5x [3][13] Inventory and Discount Rates - The inventory turnover ratio slightly increased to 5 months, indicating a healthy inventory level [4][3] - Discounts in both online and offline channels improved, although the trend showed signs of weakening in April [4][12]