[Table_Title2] 嘉曼服饰(301276) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 301276 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 26.75/16.75 | | 目标价格： | | 总市值(亿) | 29.25 | | 最新收盘价： | 22.57 | 自由流通市值(亿) | 10.40 | | | | 自由流通股数(百万) | 46.06 | 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 29 日 [Table_Title] 投入增加、授权费减少影响利润，期待成人 装新品表现 2025H1 公司收入/归母净利/扣非归母净利/经营性现金流分别为 4.97/0.64/0.44/-0.22 亿元，同比增长 3.51%/-30.65%/-27.81%/-193.82%。收入增长主要由于暇步士成人装的并表效应（24年下半年并表），但归母 净利下降主要由于电商投入及运营营暇步士男女装的店铺装修等费用提升导致的销售费用提升 4600 万元、其 他收益 ...

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, primarily due to a decrease in its main children's clothing business, despite positive contributions from the adult clothing segment and licensing fees [1][3][4]. Financial Performance - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 1.099 billion, 171 million, 130 million, and 135 million yuan, respectively, showing year-on-year changes of -4.57%, -4.84%, 4.91%, and -16.64% [1]. - For Q4 2024, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 412 million, 67 million, and 62 million yuan, with year-on-year growth rates of -5.2%, 28.0%, and 23.5% [1]. - In Q1 2025, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 295 million, 45 million, and 38 million yuan, reflecting year-on-year growth of 2.7%, -16.1%, and -15.4% [2]. Business Segments - The children's clothing segment saw a revenue decline of 16.87%, totaling 957 million yuan, largely due to e-commerce discounting [3]. - Licensing fee revenue surged to 32 million yuan, while self-brand usage fees dropped by 55% to 6.42 million yuan [4]. - The adult clothing segment contributed 1.1 billion yuan in revenue, with a net profit margin of 13.6% [4]. Cost and Profitability - The company's gross margin for 2024 was 62.0%, an increase of 2.2 percentage points, while the net margin remained stable at 15.6% [5]. - The gross margins for children's and adult clothing were 60.73% and 80.47%, respectively [5]. - In Q1 2025, the gross margin was 64.1%, with a net margin of 15.1%, reflecting a year-on-year increase of 1.5 percentage points in gross margin but a decrease of 3.4 percentage points in net margin [6]. Inventory and Receivables - As of the end of 2024, inventory increased by 20% to 511 million yuan, with inventory turnover days rising to 403 days [6]. - Accounts receivable grew by 43.7% to 55 million yuan, with turnover days increasing to 15 days [6]. Future Outlook - The adult clothing segment is expected to have significant growth potential, with plans for accelerated store openings in 2025 [7]. - The company anticipates continued contributions from licensing fees, with a projected increase in spring/summer order amounts for 2025 [7]. - Revenue forecasts for 2025 and 2026 have been adjusted downward to 1.282 billion and 1.380 billion yuan, respectively, with net profit estimates also reduced [7].