trikmainroulette|海澜之家(600398)：23年增长亮眼 后续积极关注电商、出海、运动经销构筑第二增长曲线

Event: the company disclosed its 23 annual report and 24 quarterly report. The company's annual dividend ratio is 91%. 23 full year: income 215Trikmainroulette.300 million yuan / + 16%, return net profit 2.95 billion / + 37%, deduct non-return net profit 2.71 billion / 31%. In the context of the increase in post-epidemic business scenes throughout the year, the company, as a national men's wear brand, has achieved rapid growth in revenue and profits. 24Q1: income 6.18 billion yuan / + 9%, return net profit 890 million / + 10%, deduct non-return net profit 880 million / + 11%. The main brand revenue maintained rapid growth in 23 years, mainly driven by direct channels: 23 Hailan House main brand income 16.46 billion / + 20%, group purchase customized series revenue 2.28 billion / + 1%, other brand income 2.02 billion / + 6%. According to different channels, the company's online income is 3.26 billion / + 14% and offline income is 17.5 billion / + 16% in 23 years, of which the revenue of offline stores and franchise stores is + 49% and 10% respectively compared with the same period last year. The growth rate of 24Q1 revenue slowed slightly, and the main brands grew steadily: 24Q1 achieved revenue of 6.18 billion / + 9%, and its growth slowed slightly, partly due to the cold weather in February and March, which was not conducive to spring clothing sales. Among them, the income of the main brand, the customized series of group purchase and other brands are + 6%, + 54% and-25% respectively compared with the same period last year. The performance of the main brand is robust, and the high increase in group purchase is partly due to the difference in product exit and settlement time. The decline in other brand revenue is mainly due to the divestiture of male and female brands. The gross profit margin continues to increase, and the rate of overlay expenses is steady, and the profitability is upward: gross profit margin: 23-year gross profit margin of 44.5% Universe 1.6 points, of which the gross profit margins of main brands, group purchase customization and other brands are + 3.0,-1.8 and-2.0 points respectively compared with the same period last year. 24Q1's gross margin is 46.7% Universe 2.1 points. Expense rate: in 2023, the sales, management, R & D and financial expense rates were 20.2%, 4.5%, 0.5, 0.9, and 0.2% respectively. Among them, the increase in sales expense rate was mainly due to the increase in the proportion of direct stores. The expense rate during the 24Q1 period is 24.0% plus 1.3 points, which is mainly due to the increase in the sales expense rate. Net interest rate: 23 years, 24Q1 net interest rate is 13.7%/+2.1pct, 14.4%/+0.2pct respectively. Profit forecast and investment advice: the increase in business scenarios after the epidemic in 23 years drives the rapid growth of menswear demand. Considering the rigid demand attribute of menswear and the stronger stickiness of consumers, the company's annual income has maintained a rapid growth in the past 23 years. 24 yearsTrikmainrouletteWe believe that the menswear industry is expected to return to the center of steady growth, and the Hailan House brand, as a national menswear brand, is expected to maintain a leading position in the industry; at the same time, online, offshore and sports distribution businesses build a second growth curve for the company. We expect the company to achieve a net profit of 33.5 yuan and 3.7 billion yuan from 2024 to 2025, with the current share price maintaining a "recommended" rating corresponding to 24-year Pamp E 12.7x. Risk hint: brand upgrade is not as expected; competition in the clothing industry intensifies; terminal retail environment is weak [disclaimer] this article only represents the views of third parties, not the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.