上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 10 月 31 日 海澜之家 (600398) ——线下动销受零售环境影响，等待大众消费拐点 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 6.03 | | 一年内最高 / 最低（元） | 10.04/5.15 | | 市净率 | 1.6 | | 息率（分红/股价） | 13.10 | | 流通 A 股市值（百万元） | 28,961 | | 上证指数/深证成指 | 3,266.24/10,530.85 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | | 3.49 | | 每股净资产（元） | | | 资产负债率 % | 47.46 | | 总股本/流通 A 股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted profit forecast for 2024-2026 [6][4]. Core Views - The main brand is experiencing a recovery phase in offline sales, while the Sboz business is growing rapidly. The overall revenue for Q1-Q3 2024 is projected to remain stable year-on-year, with short-term profit pressures but long-term growth potential [4][2]. Financial Performance Summary - For Q1-Q3 2024, the company's revenue is 15.26 billion yuan, down 2% year-on-year, and net profit is 1.91 billion yuan, down 22% year-on-year. The gross margin is 44.6%, with a net margin of 12.9% [1][4]. - In Q3 2024, revenue is 3.89 billion yuan, down 11% year-on-year, and net profit is 270 million yuan, down 65% year-on-year, with a gross margin of 42.8% [1][4]. Brand Performance Summary - The main brand's revenue for Q1-Q3 2024 is 11.3 billion yuan, down 5% year-on-year, with a gross margin of 45.3%. The group purchase and customization series saw a revenue decline of 14% to 1.46 billion yuan [2][4]. - Other brands, including Sboz, reported a revenue increase of 20% to 1.76 billion yuan, significantly boosted by the consolidation of Sboz's financials [2][4]. Channel Performance Summary - Offline sales decreased by 12% to 11.32 billion yuan in Q1-Q3 2024, while online sales increased by 45% to 3.2 billion yuan [3][4]. - Direct sales outperformed franchise sales, with direct sales revenue up 4% to 3.33 billion yuan, while franchise sales fell 4% to 9.73 billion yuan [3][4]. Inventory and Cash Flow Management - Inventory turnover days increased by 71.4 days to 346.1 days, with ending inventory up 53.5% to 12.33 billion yuan, primarily due to the consolidation of Sboz [4][4]. - Operating cash flow for Q1-Q3 2024 is reported at 30 million yuan, indicating potential for improvement in cash flow management [4][4]. Future Outlook - The company anticipates a recovery in offline sales for the main brand, with contributions from e-commerce growth, overseas business, and the rapid expansion of Sboz. Overall, revenue for 2024 is expected to be flat year-on-year, with profits under short-term pressure but potential for steady growth in the medium to long term [4][4].

Investment Rating - Buy (Maintained) with a current price of 6.03 CNY [1] Core Views - Short-term performance under pressure, with expectations for retail recovery and multi-business growth [1] - 24Q3 revenue and net profit declined by 2% and 22% YoY respectively, with Q3 performance further weakening [1] - Revenue for the first three quarters of 2024 was 15.26 billion CNY, down 2.0% YoY, while net profit attributable to shareholders was 1.91 billion CNY, down 22.2% YoY [1] - Q3 revenue was 3.89 billion CNY, with net profit attributable to shareholders at 270 million CNY [1] - Revenue from the Hailan Home series and group purchasing declined, while other brands and online sales showed significant growth [1] - Online sales grew by 44.7% YoY in the first three quarters of 2024, with Q3 online sales increasing by 39.7% [1] - Gross margin remained stable at 44.6%, but expense ratio increased by 2.2 percentage points to 27.1% [1] - Inventory increased by 32.1% to 12.33 billion CNY as of September 2024, with inventory turnover days rising to 346 days [1] Business Performance Breakdown Revenue by Brand - Hailan Home series accounted for 74.1% of revenue, down 5.0% YoY [1] - Group purchasing and customization accounted for 9.6% of revenue, down 13.5% YoY [1] - Other brands accounted for 11.5% of revenue, up 19.6% YoY, driven by the consolidation of Sbozi since April 2024 [1] Revenue by Channel - Direct sales accounted for 21.8% of revenue, up 4.3% YoY [1] - Franchise stores accounted for 63.8% of revenue, down 4.3% YoY [1] - Online sales accounted for 21.0% of revenue, up 44.7% YoY [1] Store Count - Total store count reached 7,129 as of September 2024, a net increase of 252 stores (+3.7%) from the beginning of the year [1] - Hailan Home series stores decreased by 1.7% to 5,872, while other brand stores increased by 39.5% to 1,257, mainly due to Sbozi consolidation [1] Financial Metrics Profitability - Gross margin for the first three quarters of 2024 was 44.6%, down 0.2 percentage points YoY [1] - Hailan Home series gross margin was 45.33%, up 0.87 percentage points YoY [1] - Group purchasing and customization gross margin was 47.21%, down 0.84 percentage points YoY [1] - Other brands gross margin was 53.27%, down 1.25 percentage points YoY [1] Expense Ratio - Expense ratio increased by 2.2 percentage points to 27.1%, with sales expense ratio up 3.2 percentage points to 22.0% [1] Inventory and Cash Flow - Inventory increased by 32.1% to 12.33 billion CNY as of September 2024, with inventory turnover days rising to 346 days [1] - Operating cash flow for the first three quarters was 26.89 million CNY, down 98.9% YoY [1] Future Outlook - Short-term retail environment remains challenging, with expectations for recovery in Q4, traditionally a peak sales season [2] - Promotional policies are expected to boost consumer confidence, benefiting the company as a leading mass-market brand with extensive offline presence [2] - Online channels are growing rapidly, with potential in Sbozi and overseas businesses, expected to drive new growth [2] - EPS forecasts for 2024-2026 have been revised down to 0.48/0.59/0.67 CNY, with 2024/2025 PE ratios at 12/10x, maintaining a "Buy" rating [2] Financial Projections Revenue and Profit - Revenue for 2024E is projected at 21.218 billion CNY, down 1.4% YoY, with net profit attributable to shareholders at 2.329 billion CNY, down 21.1% YoY [3] - Revenue for 2025E is projected at 23.726 billion CNY, up 11.8% YoY, with net profit attributable to shareholders at 2.843 billion CNY, up 22.1% YoY [3] - Revenue for 2026E is projected at 25.578 billion CNY, up 7.8% YoY, with net profit attributable to shareholders at 3.224 billion CNY, up 13.4% YoY [3] Key Ratios - ROE (diluted) for 2024E is projected at 14.6%, with PE ratios at 12x for 2024E and 10x for 2025E [3] - Dividend yield for 2022-2023 was 7.1%/9.3%, with projected yields of 6.9%/8.4%/9.6% for 2024E-2026E [3]

Financial Performance - Revenue for the first half of 2024 reached 11.37 billion yuan, with net profit attributable to shareholders of 1.636 billion yuan [1] - Hailan Home series contributed 8.917 billion yuan in revenue, group purchase and customization business contributed 1.086 billion yuan, and other brands contributed 906 million yuan [1] - Mid-year dividend of 0.23 yuan per share, totaling 1.105 billion yuan distributed [1] Overseas Expansion - Successfully entered markets in Maldives and Kenya, with total overseas stores reaching 68 [3] - Overseas revenue reached 161 million yuan, a year-on-year increase of 25.44% [3] - Plans to expand into Central Asia and the Middle East in the second half of 2024 [3] Online Business Development - Online channel revenue reached 2.212 billion yuan, a 47% year-on-year increase [4] - Gross margin for online channels was approximately 49% [4] - Key product launches included "Dragon Soaring IP Series", "Fresh Jacket Series", and "Lanzizi Sunscreen Series" [4] Strategic Investments and Partnerships - Acquired 51% stake in Spoz, which manages Adidas retail business in mainland China [5] - Partnered with JD.com for outlet stores, with first JD Outlet store opening in Wuxi on September 25, 2024 [6] Market Conditions and Strategy - Domestic consumer market recovery fell short of expectations in the first half of 2024 [1] - Company focused on market-oriented innovation, brand building, and channel optimization [1] - Future dividend policy will prioritize cash dividends while ensuring sustainable development [1]

证券代码：600398 证券简称：海澜之家 海澜之家集团股份有限公司 投资者关系活动汇总表 编号：2024-004 | --- | --- | --- | |--------------------------|-------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------| | | | | | | 公司现场接待 | 电话接待 | | 形式 | 其它场所接待 | 公开说明会 | | | 定期报告说明会 | 重要公告说明会 | | 参与单位名称 | 参与业绩说明会的广大投资者 | | | 时间 | 2024 年 8 月 30 日 9:00-10:00 | | | 地点 | 上证路演中心（ | http://roadshow.sseinfo.com ） | | 公司接待人 姓名及职务 | 董事长、总经理（总裁） 董事、副总经理（ ...

来 YeeHoo 黑鲸 股票代码: 600398 股票简称：海澜之家 t - 海澜之家集团2024年 奉献 HLA hlafac 海澜团购定制 活躍 OVV HEAD HEAD 海澜之家集团股份有限公司 2024 年第三季度报告 证券代码：600398 证券简称：海澜之家 海澜之家集团股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人周立宸、主管会计工作负责人秦敏杰及会计机构负责人（会计主管人员）秦敏杰保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|---------- ...

证券代码：600398 证券简称：海澜之家 编号：2024—051 海澜之家集团股份有限公司 第九届第十次董事会（现场结合通讯）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会议以记名投票表决方式逐项审议通过了以下议案： 一、审议通过了《公司 2024 年第三季度报告》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司董事会审计委员会审议通过。 《海澜之家集团股份有限公司 2024 年第三季度报告》详见上海证券交易所 网站（www.sse.com.cn）。 海澜之家集团股份有限公司（以下简称"公司"）董事会第九届第十次会议 于2024年10月29日在公司会议室以现场结合通讯方式召开，会议通知已于2024 年 10 月 18 日通过书面送达、电话等方式通知各位董事。会议应到董事 9 人，亲 自出席董事 9 人，公司高级管理人员和监事列席了会议。会议由公司董事长周立 宸先生主持，本次会议的召开符合《公司法》及《公司章程》的有关规定。 二、审议通过了《关于制定<公司董事、监事和高级管理人员所持本公司股 ...

海澜之家集团股份有限公司 董事、监事和高级管理人员 所持本公司股份及其变动管理制度 第一章 总 则 第一条 为加强对海澜之家集团股份有限公司（以下简称"公司"）董事、监 事和高级管理人员所持本公司股份及其变动的管理，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》《上 海证券交易所上市公司自律监管指引第 15 号——股东及董事、监事、高级管理 人员减持股份》等法律、法规、规范性文件及《海澜之家集团股份有限公司章程》 （以下简称"《公司章程》"）的相关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员所持公司股份及其变 动的管理。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名 下和利用他人账户持有的所有本公司股份。 公司董事、监事和高级管理人员从事融资融券交易的，还包括记载在其信用 账户内的本公司股份。 第四条 公司董事、监事和高级管理人员应当遵守《公司法》《证券法》等法 律、法规、规范性文件及《公司章程》中关于股份变动的限制 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 10 月 15 日 证券代码：600398 证券简称：海澜之家 公告编号：2024-049 海澜之家集团股份有限公司 2024 年第一次临时股东大会决议公告 本次会议由董事会召集，现场会议由董事长周立宸先生主持。会议采用现场 投票与网络投票相结合的方式召开，会议的召集和召开程序、出席会议人员的资 格、会议的表决方式和程序均符合《公司法》及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 8 人，出席 6 人，顾东升先生、陈磊先生因工作原因无法出席； 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书出席会议；公司部分高管列席会议。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于补选秦敏杰先生为第九届董事会董事的议案 (二)股东大会召开的地点：江苏省江阴市华士镇华新路 8 号海澜之家 1 号楼会议 室 (三) ...

证券代码：600398 证券简称：海澜之家 编号：2024—050 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 海澜之家集团股份有限公司董事会 二〇二四年十月十六日 海澜之家集团股份有限公司 第九届第九次董事会（现场结合通讯）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海澜之家集团股份有限公司（以下简称"公司"）董事会第九届第九次会议 于2024年10月15日在公司会议室以现场结合通讯方式召开，会议通知已于2024 年 10 月 15 日通过口头等方式通知各位董事。会议应到董事 9 人，亲自出席董事 9 人，公司高级管理人员和监事列席了会议。会议由公司董事长周立宸先生主持， 董事长在会议上对本次会议的通知时间等事项向与会董事做出了说明。本次会议 的召开符合《公司法》及《公司章程》的有关规定。 会议以记名投票表决方式审议通过了《关于选举秦敏杰先生为第九届董事会 薪酬与考核委员会委员的议案》。 ...