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].

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][16]. Core Views - The company is expected to improve its overall gross margin through the growth of adult clothing, which has a significantly higher gross margin compared to children's clothing [2][3]. - The financial performance for Q1 2025 shows a revenue of 300 million RMB, a year-on-year increase of 3%, while the net profit attributable to the parent company decreased by 16% to 40 million RMB [1][3]. - The company plans to distribute a cash dividend of 7.2 RMB per 10 shares (including tax) and a stock dividend of 2 shares for every 10 shares held, resulting in a payout ratio of 45% [1]. Financial Performance Summary - For the year 2024, the company reported a revenue of 1.1 billion RMB, a decrease of 5% year-on-year, with a net profit of 170 million RMB, also down by 5% [1][5]. - The gross margin for adult clothing is reported at 80%, significantly higher than the 61% gross margin for children's clothing [2]. - The company’s revenue projections for 2025 to 2027 are adjusted to 1.2 billion RMB, 1.3 billion RMB, and 1.5 billion RMB respectively, with net profits expected to be 180 million RMB, 200 million RMB, and 230 million RMB [3][5]. Product and Channel Performance - Children's clothing revenue for 2024 was 1 billion RMB, down 17% year-on-year, while direct sales revenue increased by 14% to 300 million RMB [2]. - E-commerce revenue decreased by 18% to 600 million RMB, with the gross margin improving by 6 percentage points to 66% [2]. - The company operates 176 stores, with a net increase of 11 stores, although the number of stores operating for over a year decreased by 45 [2].

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][36][41] Core Views - The company is expected to achieve a revenue growth of 37% in 2024, driven by the acquisition of Shanghai Jiale, which will contribute both one-time gains and ongoing performance post-consolidation [1][36] - The main business segments include bag and clothing OEM, with the OEM business accounting for 83% of total revenue in 2024 [1] - The company reported a significant increase in net profit, with a year-on-year growth of 229.5% to 381 million yuan in 2024, aided by the consolidation of Jiale [1][36] - The overall gross margin is expected to decline slightly due to the lower margin of Jiale, with a year-on-year decrease of 1.5 percentage points to 22.9% [1][36] - The company anticipates continued high growth in Q1 2025, with revenue of 1.234 billion yuan, a 35.6% increase year-on-year, and a net profit of 85 million yuan, up 20.1% [2][36] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.24 billion yuan, a 36.6% increase year-on-year, and a net profit of 381 million yuan [1][38] - The first quarter of 2025 saw revenue of 1.234 billion yuan, reflecting a 35.6% growth, with net profit reaching 85 million yuan [2][38] - The gross margin for Q1 2025 improved slightly to 24.7%, despite the impact of Jiale's lower margin [2][38] Business Segments - Bag OEM revenue for 2024 is projected to grow by 20.3% to 2.372 billion yuan, benefiting from client replenishment and increased orders from major clients like Nike and Decathlon [2][36] - Clothing OEM revenue is expected to surge by 146.43% to 1.162 billion yuan, primarily due to the consolidation of Jiale [2][36] - Brand business revenue grew by 5.1% to 658 million yuan, driven by collaboration with Xiaomi [2][36] Future Outlook - The company is optimistic about expanding its OEM business in Indonesia, with production capacity expected to ramp up in the next two years [36] - Profitability is anticipated to improve as Jiale's margins align with industry peers, with significant potential for margin expansion [36] - The target price is set between 22.8 and 23.8 yuan, corresponding to a PE ratio of 15-16x for 2025 [36][38]