证券研究报告 | 公司深度 gszqdatemark 2025 06 19 年 月 日 海澜之家（600398.SH） 男装赛道佼佼者，业务突围打造零售平台 公司是大众服饰品牌龙头之一，男装主业规模稳健、优势突出，品牌零售管理新 业务（京东奥莱+FCC）未来增速较快、成长空间广阔。我们在本篇报告中梳理过 去公司基本面变化及核心竞争力，并对未来盈利表现及业务趋势做出判断： 男装主业稳扎稳打，产品积极求变，牢占龙头位置。1）主品牌：定位于大众男装， 产品兼具品质与性价比。过去几年内男装行业竞争格局有所优化，公司凭借类直 营的管理模式，在 2014~2019 年以较快的速度完成了品牌及渠道规模的扩张， 2024 年末主品牌线下门店已达近 6000 家，未来门店质量+电商利润率稳步提升 有望带动主品牌业绩稳健成长。我们综合估计 2025~2027 年 HLA 品牌收入分别 158.0/161.2/165.3 亿元，同比分别 +3%/+2%/+3% ，毛利率预 计分别为 47.5%/47.8%/48.1%。2）团购系列：公司合作优质大客户并积极主动获取订单， 我们估计 2025~2027 年团购定制系列收入分别为 24 ...

Summary of the Conference Call for Hailan Home (海澜之家-A) Company Overview - **Company**: Hailan Home (海澜之家-A) - **Industry**: Apparel and Retail Key Points and Arguments 1. **Sales Growth**: In April and early May, the main brand Hailan Home achieved positive retail sales growth, with a 20% increase in sales for Q1 2025, focusing on profitability in 2025 strategy [1][9][4] 2. **JD Outlet Business**: The JD Outlet business has successfully incubated 18 stores covering over 100 brands across various categories, achieving profitability at both the store and division levels [1][4] 3. **SBOZ Business Goals**: The SBOZ business aims to reach breakeven by 2025, with plans to open 350 new stores and projected sales of 993 million yuan in 2024 [1][4] 4. **International Expansion**: Plans for 2025 include opening 30-40 new stores internationally, penetrating markets in the Middle East, Central Asia, Africa, and Australia, with a total of over 101 stores and projected sales growth of 30% [1][4] 5. **OVV Brand Strategy**: The OVV brand aims to reduce losses and restore same-store sales growth starting from Q4 2024, with plans to open several new stores in 2025 [1][4] 6. **Dividend Policy**: The dividend payout ratio is expected to remain high at 91% for 2024, with an improvement anticipated in 2025 due to low base effects [1][4] 7. **Earnings Forecast Adjustment**: The earnings forecast for 2025-2026 has been revised down by 14%-18% due to a weaker retail environment, with a new target price of 8.4 yuan based on discounted cash flow valuation [1][10] 8. **Investment Rating**: The company maintains a "Buy" rating due to its unique light asset business model, product and supply chain optimization, and steady development of new businesses [1][9] Financial Highlights - **Stock Price**: 7.14 yuan as of May 28, 2025, with a target price of 8.40 yuan for June 2026 [3][9] - **Earnings Per Share (EPS)**: Adjusted EPS for 2025 is forecasted at 0.51 yuan, down from a previous estimate of 0.71 yuan [3][8] - **Revenue Growth**: Projected revenue for FY25 is 22.17 billion yuan, reflecting a growth rate of 5.8% [8][9] - **Net Profit Margin**: Expected to increase by 0.7 percentage points to 11% in FY25, supported by a 0.3 percentage point increase in gross margin [4][8] Additional Important Information - **Market Position**: Hailan Home is recognized as China's leading apparel company, holding a 5% market share in men's clothing as of 2024 [9][13] - **Partnerships**: The company has a strategic partnership with Tencent, which holds a 5.3% stake and has invested 10 billion yuan in the apparel supply chain [9][13] - **Risks**: Potential risks include adverse weather affecting sales, higher-than-expected inventory risks, lower sales rates, and increased competition [15][9] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and financial outlook.

Core Insights - The company reported strong performance in Q1 2025, achieving revenue of 61.9 billion, a year-over-year increase of 0.2% [1] - The main brand, Hailan Home, showed relative stability in 2024, with notable growth in e-commerce and overseas markets [1][2] - The company is actively expanding its brand presence overseas, with significant revenue growth in international markets [2] Financial Performance - In 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 209.6 billion, 21.6 billion, and 20.1 billion respectively, with year-over-year declines of 2.7%, 26.9%, and 25.6% [1] - For Q4 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 57.0 billion, 2.5 billion, and 2.7 billion, reflecting year-over-year declines of 4.4%, 49.8%, and 45.3% [1] - In Q1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 61.9 billion, 9.4 billion, and 9.3 billion, with year-over-year increases of 0.2%, 5.5%, and 5.5% [1] Brand and Market Dynamics - The main brand's revenue in 2024 was 152.70 billion, with a year-over-year decline of 7.22%, while group purchasing revenue was 22.24 billion, down 2.51% [1] - The company’s online revenue grew significantly, with year-over-year increases of 35.6% in 2024 and 19.8% in Q1 2025 [2] - The company’s overseas revenue reached 3.55 billion in 2024, marking a year-over-year increase of 30.8% [2] New Business Initiatives - The "other brands" segment saw revenue growth of 32.4% in 2024 and 100.2% in Q1 2025, driven by the acquisition of Spobz and collaboration with JD.com [3] - The company is expanding its presence in the high-value consumption market through the "City Outlet" initiative [3] Profitability and Cost Management - The company maintained a gross margin of 44.5% in 2024, with a slight increase in Q1 2025 [4] - The overall expense ratio increased in 2024 and Q1 2025, with sales expense ratio showing a notable rise [4] - The company’s asset impairment losses decreased in Q1 2025, contributing positively to net profit [4] Inventory and Dividend Policy - The company’s inventory increased by 28.4% in 2024, influenced by the acquisition of Spobz and increased procurement [5] - The company proposed a dividend of 0.41 yuan per share for 2024, maintaining a high cash dividend payout ratio of 91.2% [5] Future Outlook - The company is adjusting its main brand channel structure and expanding into new business areas, which are expected to drive growth [6] - Profit forecasts for 2025 and 2026 have been adjusted to 24.47 billion and 26.78 billion respectively, with expected year-over-year growth of 13.35% and 9.44% [6]

Core Viewpoint - Facing market competition pressure, the leading men's clothing brand in A-shares, Hailan Home, is seeking new growth points for performance improvement [1] Financial Performance - In 2024, Hailan Home achieved revenue of 20.957 billion yuan, a year-on-year decrease of 2.65%, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [1] - In Q1 2025, Hailan Home's performance improved with revenue of 6.187 billion yuan, a year-on-year increase of 0.16%, and a net profit of 935 million yuan, up 5.46% [1] Brand Strategy and Expansion - Hailan Home is increasing its focus on the sports sector, acquiring exclusive rights for the Austrian sports brand HEAD in China and holding a 51% stake in Spobz Brand Management [2][6] - The company is implementing a "multi-brand, full-category, group" strategy, expanding its brand portfolio to include Hailan Home, OVV, Black Whale, and YeeHoO [2] Revenue Structure - The main brand, Hailan Home, contributed 15.270 billion yuan in revenue in 2024, a decrease of 7.22%, while the group purchase customization business generated 2.224 billion yuan [3] - The "other brands" segment saw a significant increase in revenue, totaling 2.668 billion yuan, up 32.38% [3] Sales Channels - In 2024, online sales contributed 4.419 billion yuan, accounting for 21.92% of total revenue, with a year-on-year growth of 35.63% [10] - Offline sales accounted for 15.743 billion yuan, a decrease of 10.02%, with a revenue share dropping from 84.30% in 2023 to 78.08% in 2024 [10][12] Store Expansion - By the end of 2024, Hailan Home had a total of 7,178 stores, with 5,833 belonging to the main brand [11] - The company opened 1,103 new stores while closing 802 in 2024 [11] International Expansion - Hailan Home's overseas revenue reached 355 million yuan in 2024, a year-on-year increase of 30.75%, with a total of 101 overseas stores [13]