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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][16]. Core Views - The company is expected to benefit from government subsidies aimed at boosting home textile sales, particularly through online channels [2][4]. - The company is focusing on optimizing its product structure and developing high-quality products, which is anticipated to improve sales margins in the e-commerce channel [3][4]. - The financial forecasts for 2025-2027 have been adjusted, with projected revenues of 44 billion, 47 billion, and 49 billion respectively, and net profits of 3.9 billion, 4.1 billion, and 4.3 billion [4][8]. Financial Performance Summary - For Q1 2025, the company reported revenue of 900 million, a year-on-year increase of 1%, and a net profit of 90 million, a decrease of 4% year-on-year [1]. - In Q4 2024, the company achieved revenue of 1.5 billion, a 4% increase year-on-year, and a net profit of 160 million, a 24% increase year-on-year [1]. - The annual revenue for 2024 was 4.2 billion, a slight decrease of 0.42% year-on-year, with a net profit of 400 million, down 3% year-on-year [1]. Product Development and Innovation - The company is committed to developing high-quality products, including an ergonomically designed pillow that has received multiple certifications and patents [3]. - The company has upgraded its flagship product, the "ice cream quilt," to the 5.0 and 5.0 Pro series, which exceeds national standards for cooling performance [3]. - Collaborations with popular IPs such as Hello Kitty and others have enhanced the brand's reputation and product value [3].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The implementation of the parenting subsidy policy is expected to benefit the children's clothing business, as 23 provinces in China have begun exploring various forms of birth subsidies [2]. - The company aims to enhance its retail transformation and supply chain capabilities by focusing on consumer insights, efficient product operations, and precise product development [3]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 15.3 billion, 16 billion, and 17 billion respectively, with net profits of 1.1 billion, 1.2 billion, and 1.3 billion [4]. Financial Performance Summary - For Q1 2025, the company reported revenue of 3.1 billion, a year-on-year decrease of 2%, and a net profit of 200 million, down 38% year-on-year [1]. - The gross margin remained stable at 47%, while the net profit margin decreased by 4 percentage points to 7% [1]. - The sales expense ratio increased by 4 percentage points to 29%, and the management expense ratio rose by 1 percentage point to 5% [1]. Financial Forecast Summary - The company expects revenues for 2025 to be 15.25 billion, with a growth rate of 4.3% [5]. - The earnings per share (EPS) is projected to be 0.41, 0.45, and 0.49 for 2025, 2026, and 2027 respectively [4]. - The price-to-earnings (P/E) ratio is forecasted to be 14x, 13x, and 11x for the next three years [4].

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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to accelerate the opening of JD Outlet stores, which aligns with the trend of rational consumption and the demand for high cost-performance products [3]. - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 221 billion, 243 billion, and 268 billion respectively, with net profits of 24 billion, 27 billion, and 29 billion [5]. Financial Performance Summary - For Q1 2025, the company reported revenue of 6.2 billion, a year-on-year increase of 0.16%, and a net profit of 900 million, up 5% year-on-year [1]. - In Q4 2024, the company experienced a revenue decline of 4% year-on-year, with a net profit drop of 50% [1]. - The total revenue for 2024 was 21 billion, down 3% year-on-year, with a net profit of 2.2 billion, down 27% [1]. Brand Performance - The main brand, HLA, generated revenue of 15.3 billion in 2024, a decrease of 7% year-on-year, with a gross margin of 47% [1]. - The group purchase and customization series saw revenue of 2.2 billion in 2024, a decline of 3% year-on-year [1]. - In Q1 2025, the HLA series revenue was 4.6 billion, down 10% year-on-year, while the group purchase series revenue increased by 18% to 600 million [2][1]. Strategic Initiatives - The company is expanding into the sports sector through a partnership with Adidas, enhancing its retail management capabilities [3]. - A strategic collaboration with JD has been established to create a new "City Outlet" business model, leveraging JD's brand and traffic advantages [3]. - The company aims to expand its overseas presence, achieving 355 million in revenue from international markets in 2024, a growth of 30.75% [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6]. Core Views - The implementation of a parenting subsidy system is expected to benefit the children's clothing business, as 23 provinces in China are exploring various forms of birth subsidies [2]. - The company aims to enhance its retail transformation and supply chain capabilities, focusing on consumer insights, efficient product operations, and precise product development [3]. - The financial forecast has been adjusted, with expected revenues for 2025-2027 projected at 153 billion, 160 billion, and 170 billion respectively, and net profits at 11 billion, 12 billion, and 13 billion [4]. Financial Performance Summary - For Q1 2025, the company reported revenue of 31 billion, a year-on-year decrease of 2%, and a net profit of 2 billion, down 38% year-on-year [1]. - The gross margin remained stable at 47%, while the net profit margin decreased by 4 percentage points to 7% [1]. - The sales expense ratio increased by 4 percentage points to 29%, and the management expense ratio rose by 1 percentage point to 5% [1]. Financial Data and Valuation - The projected revenue growth rates for 2023 to 2027 are 2.47%, 7.06%, 4.30%, 5.10%, and 6.00% respectively [5]. - The expected earnings per share (EPS) for 2025-2027 are 0.41, 0.45, and 0.49 yuan, with corresponding price-to-earnings (P/E) ratios of 14x, 13x, and 11x [4][5]. - The company's total market capitalization is approximately 15.14 billion yuan, with a circulating market value of about 12.37 billion yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][16]. Core Views - The company is expected to benefit from government subsidies aimed at boosting home textile sales, particularly through online channels [2][4]. - The company is focusing on optimizing its product structure and developing high-quality products, which is anticipated to improve sales margins in the e-commerce channel [3][4]. - The financial forecasts for 2025-2027 have been adjusted, with projected revenues of 44 billion, 47 billion, and 49 billion respectively, and net profits of 3.9 billion, 4.1 billion, and 4.3 billion [4][8]. Financial Performance Summary - In Q1 2025, the company reported revenue of 900 million, a year-on-year increase of 1%, and a net profit of 90 million, a decrease of 4% year-on-year [1]. - For Q4 2024, revenue was 1.5 billion, up 4% year-on-year, with a net profit of 160 million, reflecting a 24% increase [1]. - The annual revenue for 2024 was 4.2 billion, a slight decrease of 0.42% year-on-year, with a net profit of 400 million, down 3% [1]. Product Development and Innovation - The company is committed to developing high-quality products, including an ergonomically designed pillow that has received multiple certifications and patents [3]. - The flagship product, the "ice cream quilt," has undergone significant material and technology upgrades, enhancing its cooling properties and breathability [3]. - The company is expanding into the smart home textile sector with products like smart pillows and mattresses, leveraging its R&D capabilities [3]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 9 yuan per 10 shares (including tax), totaling 360 million, resulting in a payout ratio of 97% [1].

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 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 02 年 月 日 地素时尚（603587.SH） 2025Q1 收入降幅收窄，期待全年业绩稳健增长 2024 年公司收入同比-16%/归母净利润同比-39%。1）2024 年公司收入为 22.2 亿元， 同比-16%；归母净利润为 3 亿元，同比-39%；扣非归母净利润为 2.5 亿元，同比-46%；非 经常损益主要系政府补助及公允价值变动损益。2）盈利质量：全年毛利率同比+0.4pct 至 74.8%；销售/管理/财务费用率同比分别+5.3/+1.6/+0.1pct 至 45.7%/8.7%/-2.0%（我们 判断销售费用率提升主要系直营渠道存在刚性费用）；净利率同比-5.0pct 至 13.7%。3）单 四季度：2024Q4 收入为 6.1 亿元，同比-25%；归母净利润为 0.2 亿元，同比-69%；扣非归 母净利润为 0.1 亿元，同比-89%。4）公司 2024 年合计拟分配现金股利 2.35 亿元，股利支 付率约为 78%，以 2025 年 4 月 30 日收盘价计算的股息率约为 4.2%。 2025Q1 公司收入同比-11 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.82 CNY and an expected relative return of 10%-20% over the next six months [5][16]. Core Views - The company reported a revenue of 1.3 billion CNY in Q1 2025, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 170 million CNY, down 32% year-on-year [1]. - The increase in management expenses by 26% is attributed to the acquisition of the Woolrich brand, brand consulting services, and rising labor costs, along with depreciation from new industrial parks [1]. - Financial expenses surged by 82.24% due to reduced bank deposits and lower interest income [1]. - The report adjusts profit forecasts for 2025-2027, expecting net profits of 460.57 million CNY, 543.46 million CNY, and 629.44 million CNY respectively, with corresponding EPS of 0.32 CNY, 0.37 CNY, and 0.43 CNY [4][9]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.3 billion CNY, a 4% decrease year-on-year, with a net profit of 170 million CNY, down 32% [1]. - Management expenses increased by 26% due to various factors including brand acquisition and rising costs [1]. - Financial expenses rose by 82.24% due to decreased interest income [1]. Profit Forecasts - The report revises profit forecasts, projecting net profits of 460.57 million CNY for 2025, 543.46 million CNY for 2026, and 629.44 million CNY for 2027 [4][9]. - EPS is expected to be 0.32 CNY in 2025, 0.37 CNY in 2026, and 0.43 CNY in 2027 [4][9]. Market Positioning - The company focuses on maintaining its brand strength and market position through systematic improvements and targeted strategies across its various brands [2][3].