crashteamracingepsxe|海澜之家(600398)2023年报及2024年一季报点评：业绩稳健优秀 延续高分红

Investment key companies release 2023 Annual report and 2024 Quarterly report: 1) 2023: revenue 215Crashteamracingepsxe.300 million yuan / yoy+16.0%, 2.95 billion yuan net profit from home / 5.6 yuan yoy+37.0%,10 cash distribution, 91% dividend rate (86% in 22 years), performance and dividends are slightly higher than expected. 2) 24Q1: revenue of 6.18 billion yuan / yoy+8.7%, net profit of 890 million yuan / yoy+10.4%, continued a good growth trend. In 23 years, the repair of offline stores of Hailan House's main brand led to income growth. In 23 years, the income of Hailan Home / Group purchase Business / other brands was + 19.7%, respectively, compared with the same period last year. "1.5%", accounting for 10% of the proportion of 79%, 11%, respectively. 1) Hailan House: after the opening of the epidemic in 23 years, the sales of offline stores were quickly repaired. According to different channels, the online / offline revenue was + 14.1% / 21.1% respectively compared with the same period last year, accounting for 20% of the brand income of Hailan. By the end of 23, the number of stores was 5976 / compared with the end of 22 years + 34 / equivalent to + 1% of the same period last year (of which 1252 were directly operated / + 198,198 and 4724 / 164respectively), and the average single store revenue was + 20.5% compared with the same period last year. After the release of the epidemic, the recovery of passenger flow led to growth. The main brands continue to promote overseas distribution, with overseas revenue of 272 million yuan / yoy+24% in 23 years. 23 gross margin 452%/yoy+2.96pct, mainly from high gross margin direct channel income share increase + online gross profit margin increase. 2) Group buying business: revenue increased only slightly in 23 years, mainly due to the decline in Q4 revenue due to the delay in Q4 shipments, while 24Q1 revenue increased more than the same period last year. The gross profit margin of 23 years is 46.82%/yoy-1.78pct, which is influenced by the strategy of trading price for volume. 3) other brands: the total number of stores of other brands was 1177 by the end of 23, compared with 1100 at the end of 22, mainly due to the stripping of boys and girls by 23Q3. 23 gross margin 50.19%/yoy-2.01pct, mainly due to OVV discount promotion. The time delay in confirming the benefits of 24Q1 group purchase business has increased significantly, and the growth online is significantly faster than that offline. 1) from a brand point of view, ① Hailan House: 24Q1 revenue is + 6.5% year-on-year, accounting for 85% of revenue, maintaining steady growth, with 5954 stores of the main brand at the end of 24Q1 / compared with the last-3 of 23Q1.Crashteamracingepsxe② group-buying business: 24Q1 revenue is + 54.2% year-on-year, accounting for 9%. Group-buying business benefits from the delay in 23Q4 shipments to 24Q1 confirmation of higher income growth. Other ③ brands: 24Q1 revenue is-25.1% year-on-year, accounting for 6%, mainly due to the divestiture of boys and girls. 2) from the perspective of different channels, the online / offline income of 24Q1 is 3.3% and 14% respectively compared with the same period last year, accounting for 14% and 86%, respectively. The online growth is significantly faster than that of offline, which is mainly due to the relatively low online base at the initial stage of the release of the epidemic by 23Q1. 24Q1 profit level improved, inventory turnover improved. 1) Gross profit margin: 24Q1 year-on-year + 2.11pct to 46.69%, mainly due to the increase in the proportion of direct revenue with high gross margin. 2) expense rate: during the 24Q1 period, the expense rate is from + 1.27pct to 24.03%, of which the sales / management / R & D / financial expense rate is from + 2.71/-0.54/+0.01/-0.91pct to 18.97% to 18.97%, respectively. The increase in the sales expense rate is mainly due to the increase in expenses related to opening a direct store, and the increase in the financial expense rate is mainly due to the decrease in interest expenses from convertible debt to equity. 3) net interest rate: combined with changes in gross profit margin, expense rate and other profit and loss items (24Q1 Spoz project investment income of 9.94 million yuan / year-on-year increase of 9.939 million yuan, asset impairment loss of 261 million yuan / year-on-year increase of 52 million yuan), 24Q1 homing net interest rate + 0.22pct to 14.36%. 4) inventory: 24Q1 final inventory 8.22 billion yuan / yoy+5.73%,23Q1 inventory turnover days were shortened by 6 days to 240 days compared with the same period last year, and inventory turnover improved. 5) Cash flow: the net cash flow of 24Q1 operating activities is 1.381 billion yuan /-3.9% compared with the same period last year, mainly due to the increase in cash expenditure on purchasing goods. As of 24Q1 currency funds of 13 billion yuan, plenty of cash. Profit forecast and investment rating: the company is the domestic men's wear leader, benefiting from the release of the epidemic and the recovery of offline store operation in the past 23 years, the performance has recovered quickly, and 24Q1 has maintained steady growth. The main brand Hailan House is more cost-effective than men's wear brands, which relatively conforms to the current weak domestic consumption environment and the trend of short-term consumption degradation. Taking into account 23 years and 24Q1 performance are slightly higher than expected, we raised the 24-25 net profit forecast of 3.24 billion RMB 3.38 billion yuan to 3.38385 billion yuan, an increase of 26-year forecast value of 4.4 billion yuan, corresponding to the 24-26 year PE of 13,000,000 10X, the company committed to 24-and-a-half annual dividend ratio of not less than 70%, to continue the high dividend policy, to maintain the "buy" rating. Risk tips: domestic economy and consumption are weak, new brand development is not as expected, 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.

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