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]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 电商毛利率提升，关注智能家纺进展 [Table_Title2] 水星家纺(603365) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603365 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 19.9/10.73 | | 目标价格： | | 总市值(亿) | 42.55 | | 最新收盘价： | 16.2 | 自由流通市值(亿) | 41.81 | | | | 自由流通股数(百万) | 258.06 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/扣非归母净利/经营性现金流分别为 41.93/3.67/3.33/5.16 亿元、同比增长- 0.42%/-3.28%/1.77%/4.58%，未达到股权激励目标（24 年净利润增长 4%-6%）。非经主要为政府补助 0.22 亿 元（同比下降 60.31%）；剔除资产及信用减值损失、公允价值变动、资产处置收益后归母净利 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to increase online investments, leveraging product strength and effective management to enhance live e-commerce and drive revenue and profit growth [7] - The company plans to expand its franchise stores, targeting high-end brand demand in lower-tier cities, while enhancing brand image through direct store empowerment [7] - The company maintains a high dividend payout ratio of 95.8% for 2024, with a dividend per share of 6.2 yuan, resulting in a dividend yield of 7.4% [3] Financial Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 3.011 billion yuan, 542 million yuan, and 504 million yuan, respectively, showing year-on-year declines of 0.6%, 5.2%, and 3.47% [2] - The company's gross margin improved by 0.4 percentage points to 56.1% in 2024, while the net profit margin decreased by 0.9 percentage points to 18.0% [5] - For Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 536 million yuan, 56 million yuan, and 49 million yuan, respectively, reflecting year-on-year declines of 17.8%, 54.12%, and 53.43% [3] Operational Insights - The company's direct sales efficiency declined, while franchise efficiency remained stable in 2024, with revenue from direct sales, franchises, e-commerce, group purchases, and others being 736 million yuan, 836 million yuan, 1.121 billion yuan, 173 million yuan, and 147 million yuan, respectively [4] - The company experienced a significant increase in accounts receivable, which grew by 41.2% year-on-year, leading to longer turnover days [6] Future Projections - The company forecasts revenues of 3.176 billion yuan, 3.339 billion yuan, and 3.511 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 559 million yuan, 592 million yuan, and 622 million yuan for the same years [9][11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.67 yuan, 0.71 yuan, and 0.74 yuan, respectively [9][11]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown stable performance over 2024, but faced pressure in Q1 2025, with a significant decline in revenue and net profit. The company remains a leader in the home textile industry, and its high dividend payout provides stable returns for investors [1][10]. - In 2024, the company achieved a revenue of 3.01 billion yuan, a year-on-year decrease of 0.6%, and a net profit of 540 million yuan, down 5.2% year-on-year. The first quarter of 2025 saw a more pronounced decline, with revenue dropping 17.8% and net profit falling 54.1% [5][6]. Summary by Sections Financial Performance - In 2024, the company’s revenue and net profit showed a slight decline, with revenue at 3.01 billion yuan and net profit at 540 million yuan. The first quarter of 2025 reported revenue of 540 million yuan and net profit of 56.14 million yuan, reflecting a significant year-on-year decline [5][6]. - The company’s gross margin improved to 56.1% in 2024, with a slight increase in various product categories [8][15]. Revenue Breakdown - In 2024, the revenue from different product categories was as follows: bedding sets (39.7%), comforters (39.8%), and pillows (7.2%), with respective year-on-year changes of -0.2%, -1.6%, and -2.8% [7]. - Revenue from various sales channels in 2024 showed a decline in e-commerce sales by 7.4%, while franchise and direct sales saw slight increases of 1.4% and 1.8%, respectively [7]. Dividend and Shareholder Returns - The company proposed a cash dividend of 0.62 yuan per share for 2024, resulting in a dividend payout ratio of 96%. The current dividend yield is 7.9% based on the stock price as of April 29, 2025 [5][10]. Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 548 million yuan, 574 million yuan, and 596 million yuan, respectively, with corresponding EPS of 0.65 yuan, 0.68 yuan, and 0.71 yuan [10][11].

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].