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 ...

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 ...

Core Insights - The report emphasizes the recovery of credit demand in March, indicating a potential stabilization in the economy, although the impact of exports has yet to be fully realized [5] - The report suggests that monetary easing remains essential for sustaining domestic demand, with interest rates expected to trend downward [5] - The semiconductor industry is poised for growth due to stricter origin rules, which may favor domestic chip manufacturers [7] Macroeconomic Overview - In Q1, exports increased by 5.8% year-on-year, with March showing a significant 12.4% rise, attributed to a low base effect and resilient external demand [3] - Imports, however, fell by 7% year-on-year, primarily due to declining commodity prices and weak domestic demand [3] - The overall tariff rate imposed by the U.S. on Chinese goods is approximately 105.6%, which could negatively impact China's exports by 8.5-10.7 percentage points [3] Fixed Income Analysis - The report notes a gradual recovery in the yield curve, with R007 dropping to 1.7%, the lowest since January 10, indicating a more accommodative stance from the central bank [5] - The report highlights that the spread between deposit certificates and funding costs has turned positive, suggesting further declines in deposit rates [5] Industry Insights Textile and Apparel - 361 Degrees reported a strong performance in Q1 2025, with adult apparel sales increasing by 10-15% and e-commerce sales growing by 35-40% [8] - The company is expected to maintain a robust growth trajectory, with projected net profits of 1.31 billion, 1.49 billion, and 1.66 billion yuan for 2025-2027 [8] Healthcare - Kaili Medical's revenue for 2024 was 2.014 billion yuan, down 5.02% year-on-year, with a significant drop in net profit due to industry restructuring and increased competition [9] - The company is focusing on high-end product development, with expectations of revenue growth of 20.7%, 19.6%, and 19.7% for 2025-2027 [10] Social Services - China Youth Travel Service is projected to achieve revenues of 10.6 billion, 11.3 billion, and 12 billion yuan from 2025 to 2027, benefiting from the recovery in outbound tourism [13] Consumer Electronics - Edifier reported a revenue increase of 9.27% year-on-year for 2024, with a focus on brand building and new product investments [14] - The company anticipates revenues of 3.40 billion, 3.96 billion, and 4.63 billion yuan for 2025-2027 [16] Home Appliances - Ninebot's two-wheeler business continues to grow, with a 76.6% increase in sales volume, while its robotics segment saw a 323.5% increase in sales [18] - The company expects net profits of 1.63 billion, 2.24 billion, and 2.89 billion yuan for 2025-2027, driven by growth in both segments [18]