证券研究报告 | 2025年08月27日 森马服饰（002563.SZ） 优于大市 上半年收入增长 3%，费用率增加致利润承压 上半年收入增长 3%，费用率增加致利润承压。森马服饰 2025 年上半年实现 营业收入 61.49 亿元，同比+3.3%，归母净利润 3.25 亿元，同比-41.2%，扣 非净利润 2.96 亿元，同比-45.2%。毛利率同比提高 0.6pct 至 46.7%；销售/ 财务费用率分别同比+3.6/2.0pct，销售费用增加主要系线下新开门店增加 以及线上投流费用增加所致，财务费用增加主要系本期定期存款利息收入减 少所致；受费用率增加影响，净利率同比-4.1pct 至 5.2%。存货同比+10.1%， 存货周转天数同比+30 天至 187 天，主要由于销售未达预期。拟每 10 股派发 1.5 元中期现金红利，总额 4.04 亿元。 第二季度收入增长环比转正，毛利率提升。第二季度实现收入 30.70 亿元， 同比+9.0%，增速环比一季度由负转正；归母净利润 1.11 亿元，同比-46.3%， 扣非归母净利润 1.03 亿元，同比-49.4%。毛利率同比+0.9pct 至 46.4%；期 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 上半年收入、归母净利润同比增3%/下降41%，二季度收入好转但利润降幅加大 森马服饰发布2025年中报。公司上半年实现营业收入61.5亿元，同比增长3.3%，归母净利润3.3亿元， 同比下降41.2%，扣非净利润3亿元，同比下降45.2%，EPS（基本）为0.12元。公司拟每股派发现金红 利0.15元（含税），对应上半年派息比例为124%。 分季度来看，25Q1~Q2公司单季度收入分别同比-1.9%/+9%，归母净利润同比-38.1%/-46.3%。 点评： 上半年直营店净开店、收入同比增35%，线上收入持平、加盟收入小幅下降3% 分渠道来看：上半年线上/线下收入占比分别为44%/54%，收入分别同比持平/+4.9%。 ...

2025 年 8 月 26 日 公司研究 上半年收入稳健增长、利润下滑，保持积极分红 ——森马服饰（002563.SZ）2025 年中报点评 买入（维持） 当前价：5.55 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -2.36 | -13.98 | -5.12 | | 绝对 | 3.93 | -2.12 | 27.02 | | 资料来源：Wind | | | | 相关研报 Q3 业绩环比走弱、Q4 开局顺利，期待冬装 旺季提振——森马服饰（002563.SZ）2024 年三季报点评（2024-10-31） 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 26.9 ...

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 08 月 25 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 | | | 年 | 月 22 | 08 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 5.55 | | | | | | 最 / 低 | 高 | 最 | | 7.48/4.34 | | | 内 | | | （元） | | | | | | | | | | 总市值（百万元） | | | | 14,952.20 | | | | | | 流通市值（百万元） | | | | 12,256.85 | | | | | | 总股本（百万股） | | | | 2,694.09 | | | | | | 资产负债率（%） | | | | 34.47 | | | | | | 每股净资产（元/股） | ...

Group 1 - The article highlights the integration of traditional cultural elements with modern consumption experiences during the Dragon Boat Festival and Children's Day, creating a vibrant shopping atmosphere in Guangzhou [1][3] - Retailers such as Guangbai, Guangzhou Friendship, and New Daxin are organizing various interactive activities, including DIY workshops and themed exhibitions, to engage families and promote traditional customs [3][4] - The sales of traditional festive products, particularly zongzi (sticky rice dumplings), have surged due to promotional activities, with hotels and supermarkets offering beautifully packaged options that are popular for gifting [3][4] Group 2 - The Children's Day promotions include significant discounts on children's clothing and toys, as well as interactive events like fishing games and DIY bread-making, aimed at enhancing family engagement [4][5] - Guangbai Electric is running a campaign themed "New Home Appliances + Parent-Child Interaction + Cultural Heritage," offering discounts on home appliances and organizing activities like zongzi-making to attract consumers [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][40]. Core Views - The company achieved a revenue growth of 7.1% year-on-year in 2024, reaching 14.626 billion yuan, with a net profit of 1.137 billion yuan, reflecting a 1.4% increase [1][4]. - The fourth quarter of 2024 saw a revenue increase of 9.8% year-on-year, with a net profit growth of 32.1% [2][4]. - The children's clothing segment performed particularly well, with revenue of 10.268 billion yuan, a 9.6% increase, and a gross margin improvement [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 14.626 billion yuan, with a net profit of 1.137 billion yuan and a gross margin of 43.8% [1][5]. - The fourth quarter revenue was 5.227 billion yuan, with a net profit of 382 million yuan, marking significant growth compared to the previous year [2][5]. - The company maintained a healthy inventory turnover, reducing turnover days by 19 days to 140 days [1][4]. Revenue Breakdown - By category, children's clothing accounted for 70.2% of total revenue, while casual wear contributed 41.90 billion yuan [3][4]. - Online sales reached 6.672 billion yuan, reflecting a 7.1% increase, while direct sales and franchise channels also showed positive growth [3][4]. Future Outlook - The company plans to continue expanding its store network, with expectations for revenue growth to remain strong in 2025 [4][36]. - The estimated net profits for 2025-2027 are projected to be 1.213 billion yuan, 1.295 billion yuan, and 1.385 billion yuan, respectively, indicating steady growth [4][5]. - The reasonable valuation range for the company has been adjusted to 7.2-7.7 yuan, reflecting an increase in valuation levels due to favorable consumption policies [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Views - The company is expected to achieve a revenue growth of 7% year-on-year in 2024, reaching 14.63 billion yuan, with a net profit of 1.14 billion yuan, reflecting a 1% increase [1]. - The children's clothing segment is projected to grow by 10% in revenue, while the adult clothing segment shows stable performance [3]. - The company is enhancing its product functionality and fabric research, focusing on consumer needs to drive sales and improve efficiency [3]. - E-commerce revenue is expected to increase by 7.1% to 6.67 billion yuan, with a gross margin improvement of 2.4 percentage points [4]. Financial Performance Summary - For 2024, the company anticipates a gross margin of 43.8%, a slight decrease of 0.2 percentage points from the previous year [1]. - The net profit margin is projected to decrease by 0.4 percentage points to 7.8% [1]. - The company plans to distribute a total cash dividend of 940 million yuan, with a payout ratio of 83% and a dividend yield of 5% [1]. - The end-of-year inventory is expected to increase by 27% to 3.48 billion yuan, primarily due to an increase in winter merchandise [5]. Business Segment Performance - The children's clothing business is expected to generate 10% revenue growth, reaching 10.27 billion yuan, with a gross margin of 47.3% [3]. - The leisure clothing segment is projected to see a modest revenue increase of 0.4% to 4.19 billion yuan, with a gross margin of 35.5% [3]. - The company is optimizing its store image and product quality, with over 500 "New Semir" stores expected by the end of 2024 [3]. Channel Development - The company has successfully opened nearly 400 new stores in 2024, with over 1,400 new openings planned [4]. - Direct sales and franchise revenue are expected to grow by 12.6% and 5.1%, respectively, with gross margins of 66.1% and 36.2% [4]. - The company is enhancing its online and offline channel integration, leading to improved e-commerce performance [4].