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 ...

海澜之家-A 2025 年全球中国峰会纪要：2025 年开局良好，维持 "增持"评级 ▼ 公司于 5 月 21 日参加了我们的中国峰会。我们的重点纪要包括：1）4 月 和 5 月初迄今主品牌海澜之家零售额实现正增长，并进一步对购物中心 渗透且线上业务依然强劲（1 季度销售额增长 20%；2025 年策略以盈利 为中心）；2）京东奥莱业务孵化顺利：目前 18 家门店的 100 多个品牌 覆盖多个品类，单店和事业部层面均已盈利；3）斯搏兹业务的目标是 2025 年达到盈亏平衡并新开店 350 家，2024 年新开店约 450 家，销售额 为 9.93 亿元；4）2025 年进一步实施海外扩张，新开店 30-40 家并渗透 至中东、中亚、非洲和澳大利亚，2024 年新开店 30 多家，门店总数增至 101 家，销售额 3.55 亿元（增长 30%）；5）OVV 品牌的目标是 2025 年 减亏，同店销售额从 2024 年 4 季度起恢复正增长，2025 年将新开几十家 门店；6）派息率将保持在较高水平（2024 年为 91%，而 2021-2023 年为 86%-91%）。得益于低基数效应，我们预计 2025 年将 ...

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]

21世纪经济报道记者朱艺艺 杭州报道 面对市场竞争压力，A股男装龙头海澜之家（600398.SH）开始寻找新的业绩增长点。 4月29日，公司披露2024年成绩单，过去一年实现营收209.57亿元，同比下降2.65%，归母净利润21.59 亿元，同比下降26.88%，另一核心指标扣非净利润20.15亿元，同比下降25.65%，业绩承压。 事实上，过去一年，不少A股男装企业面临增长挑战，雅戈尔（600177.SH）2024年营收增长3.19%至 141.88亿元，但归母净利润27.67亿元，同比下降19.41%；比音勒芬(002832.SZ)也是"增收不增利"， 2024年营收增长13.24%至40.04亿元，但归母净利润7.81亿元，同比下降14.28%。 不过，2025年第一季度，海澜之家的业绩表现有所好转，实现营收61.87亿元，同比增长0.16%，归母净 利润9.35亿元，同比增长5.46%。 为了寻求新增量，海澜之家正频频加码运动赛道：除了获得奥地利竞技运动品牌HEAD（海德）中国区 业务独家授权，还合计出资2.48亿元持有斯搏兹品牌管理(上海)有限公司 (简称"斯搏兹")51%股权，后 者主营授权代理 ...