freesignupbonuscasinonodeposit|海澜之家(600398)：主品牌延续稳健增长 23年分红率提升至91%

Event: the company released 23 annual report and 24Q1 report. In 23 years, the company realized revenue / return net profit / deducted non-net profit of 100 million yuan respectively in 215-30-27.FreesignupbonuscasinonodepositFor 23 years, the company plans to pay a dividend of 5% for every 10 shares of the company.Freesignupbonuscasinonodeposit.6 yuan, the dividend ratio is 91%, and the dividend yield is 6.1%. When the semi-annual dividend plan is disclosed for the first time, the proportion of 24H1 dividend is no more than 70%, and the proportion of 24Q1 achieves revenue / return net profit / deduction of non-return net profit of RMB 100 million in 62-9-9, compared with the same period last year. + 9% "10% shock" 11%. Sub-brand: the revenue of the main brand increases steadily and the profitability increases steadily. The revenue of the main brand in 23 years is 16.5 billion yuan (+ 20%yoy), the gross profit is 45.20%, the overseas income of the main brand in 23 years is 300 million yuan (+ 24%yoy) compared with the same period last year; the revenue of the main brand of 24Q1 is 5.1 billion yuan (+ 6%yoy), the gross profit is 46.40%, which is + 0.60pct compared with the same period last year. In 23 years, the revenue of the group purchase business is 2.3 billion yuan (+ 1%yoy), the gross profit is 46.82%, the revenue of the group purchase 24Q1 is 500 million yuan (+ 54%yoy) compared with the same period last year, and the gross profit is 48.25%, which is-0.65pct compared with the same period last year. The company innovates and develops the light and shadow compound cutting mode, the clothing intelligent manufacturing advances steadily, and the professional clothing group purchase business is expected to continue to grow. In 23 years, the revenue of other brands was 2 billion yuan (+ 6%yoy), and the gross profit margin was 50.19%. Compared with the same period last year, the revenue of-2.01pctscape 24Q1 was 400 million yuan (- 25%yoy), and the gross profit margin of 24Q1 was 58.70%, which was + 3.25pct compared with the same period last year. The decline in revenue was mainly due to the divestiture of the male and female business (23H1 revenue of 300 million yuan, loss of 43.61 million yuan). Sub-channel: focus on the direct operation of stores, steady growth of online revenue. Offline, the company's main brand promotes the construction of direct stores dominated by shopping malls. In 23 years, the main brand direct operation / franchise stores were + 198lomerle 164 (net opening 34), 24Q1 direct / franchise stores + 15Universe 37 (22 customs stores); 23 years / 24Q1 overall direct store revenue of 451.4 billion yuan, year-on-year + 49% debacle 14%, gross profit 62.62% 63.20%, year-on-year-0.55/+2.27pct 23 years / the overall revenue of 24Q1 and other stores is 1.39 billion yuan, compared with the same period last year, the gross profit margin is 40.26%, and the gross profit is 41.74%, which is + 1.55/-0.65pct. For e-commerce, 23 years / 24Q1 revenue 33 8.27/-0.51pct 800 million yuan, year-on-year + 14% Universe 34%, gross profit 48.15% Universe 47.64%, year-on-year + 8.27/-0.51pct. The overall profitability and operating efficiency continue to improve. The 23-year / 24Q1 net interest rate 13.56% VS 14.35%, compared with the same period last year + 2.45pm 0.36pctGraine 23 years of disposal of boys and girls in the subsidiary led to a significant increase in investment income (23-year investment income 186 million yuan VS. (- 6955 yuan for 22 years), in addition, the 23-year joint venture brand Spotz (40% shareholding) contributed about 9 million yuan in investment income; the 23-year sales / management / finance / R & D expense rate was 20.22% 4.47%, 0.22%, 0.93%, year-on-year + 1.77/-0.49/+0.34/-0.11pct The rate of 24Q1 sales / management / finance / R & D expenses is 18.97%, 5.24%, 1.02%, 0.83%, and + 2.71, 0.54, 0.91, 0.01pct. It is speculated that the significant increase in sales expenses is mainly due to the increase in the proportion of direct sales. In terms of operating capacity, the 23-year inventory / receivables turnover days were 283pm 18 days, compared with-15qure 3 days; 24Q1 inventory / receivables turnover days were 240pm 14 days, compared with-6gamble 4 days. In terms of cash flow, the operating net cash flow of 23 years / 24Q1 is 521.4 billion yuan, which is + 67% and 4% compared with the same period last year. Investment advice: looking forward to 24 years, the major brands and group-buying business are expected to maintain steady growth, and the joint venture brand Spoz is expected to continue to contribute to revenue growth. It is estimated that the net profit of 2024-26 will be 3.673 billion yuan (3.691 billion yuan) in 2024-26 (the value before 24-25 years is 31.70,3.541 billion yuan, which has been improved according to the performance of 23 years and 24Q), corresponding to the PE of 13-12-11, maintaining the "buy" rating. Risk tips: weak terminal demand; industry competition risk; new brand cultivation risk; inventory management risk and so on. [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.

[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.