Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company has shown an improvement in gross margin, reflecting operational quality, and is expected to benefit from a sales recovery leading to performance improvement [8] - The company reported a revenue decline of 16.2% year-on-year for 2024, with a net profit decline of 38.5% [9][10] - The company is focusing on maintaining brand quality and optimizing offline channel structures despite short-term retail pressures [8] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 2,219 million, with a year-on-year decline of 16.2%, and a net profit of 304 million, down 38.5% [7] - For 2025, the company expects revenue to recover slightly to 2,269 million, with a net profit of 324 million, reflecting a growth of 6.7% [7] - The gross margin is expected to remain stable around 75% for the next few years, with a slight increase projected for 2025 [7][10] - The company’s return on equity (ROE) is forecasted to improve gradually from 8.2% in 2025 to 8.8% in 2027 [7] Brand and Channel Performance - The men's clothing brand outperformed women's clothing in terms of revenue, with the women's brands showing an increase in gross margin [8] - Offline channels have shown better gross margins, with a focus on optimizing store efficiency and user experience [8] - The company has closed several stores across its brands, indicating a strategic adjustment in response to market conditions [8]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 02 年 月 日 地素时尚（603587.SH） 2025Q1 收入降幅收窄，期待全年业绩稳健增长 2024 年公司收入同比-16%/归母净利润同比-39%。1）2024 年公司收入为 22.2 亿元， 同比-16%；归母净利润为 3 亿元，同比-39%；扣非归母净利润为 2.5 亿元，同比-46%；非 经常损益主要系政府补助及公允价值变动损益。2）盈利质量：全年毛利率同比+0.4pct 至 74.8%；销售/管理/财务费用率同比分别+5.3/+1.6/+0.1pct 至 45.7%/8.7%/-2.0%（我们 判断销售费用率提升主要系直营渠道存在刚性费用）；净利率同比-5.0pct 至 13.7%。3）单 四季度：2024Q4 收入为 6.1 亿元，同比-25%；归母净利润为 0.2 亿元，同比-69%；扣非归 母净利润为 0.1 亿元，同比-89%。4）公司 2024 年合计拟分配现金股利 2.35 亿元，股利支 付率约为 78%，以 2025 年 4 月 30 日收盘价计算的股息率约为 4.2%。 2025Q1 公司收入同比-11 ...