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 ...

转自：推广 锣鼓喧天，十里红妆；一城喜事，以城为家。5月，一场轰动宁波的"罗城喜事"即将来袭！ 4月30日上午，"雅戈尔·2025'宰相嫁女 罗城大喜'520致爱婚典"活动新闻发布会在海曙举行。此次活动 将在5月18日全天开展，围绕"宰相嫁女 罗城大喜"这一核心主题，串联天一阁·月湖景区、中山路、天一 广场等一众宁波城市地标，展现出阁仪式、十里红妆巡游、国风集体婚礼、良缘喜宴、婚庆品牌展示以 及品牌互动游等婚庆嫁娶相关内容。 最值得注意也是最令人期待的，莫过于贯穿整场活动的传统国风文化元素。 活动地点方面，位于天一阁·月湖景区的花果园庙戏台将成为新娘出阁仪式的主要阵地，跨越时空联动 曾居住在此的宋代丞相史浩，寓意"宰相嫁女"的历史重现与文化传承； 服饰礼仪方面，新人不仅将换上传统婚礼服饰，同时还将展现新娘换装、梳头礼、系红绳、上头簪、添 妆，新郎迎亲、敬茶、盖盖头、交付苹果等内容的颇具宋代风韵的出阁仪式； 表现形式方面，十里红妆巡游将以城市"母亲湖"月湖为起点，沿现代宁波城市中轴线中山路，行进至核 心商圈天一广场，其间不仅有锣鼓队开阵、沿街吹奏、拦轿门等，由新人、媒婆、管家、轿夫等组成 的"十里红妆迎亲队"也 ...

证券研究报告 | 公司点评 | 服装家纺 海澜之家(600398) 报告日期：2025 年 04 月 30 日 基本盘逐渐企稳，新零售业态持续壮大 ——海澜之家点评报告 投资要点 ❑ 25Q1 盈利超预期，全年维持高分红率 2024 年实现收入 209.6 亿元（同比-2.7%），归母净利润 21.59 亿元（同比- 26.9%），扣非后归母净利润 20.15 亿元（同比-25.6%），净利率下降主要是由于 费用杠杆及新业务并表。 25Q1 实现收入 61.9 亿元（同比+0.2%），归母净利润 9.35 亿元（同比+5.5%）， 扣非后归母净利润 9.26 亿元（同比+5.5%），高基数上业绩增速转正，表现超预 期。 24 年公司拟现金分红 19.69 亿元，分红率 91.22%，对应股息率 5.2%。 ❑ 主品牌：Q3 触底后降幅逐季收窄，直营占比提升 24 年主品牌收入 152.7 亿元（同比-7.2%），毛利率同比提升 1.3pp 至 46.5%，主 要来自直营及电商占比提升。逐季度趋势来看，24Q1 至 Q3 逐季度走弱，但 24Q4、25Q1 的同比降幅已逐渐收窄。 门店数量来看，24 年直营店净 ...

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 ...