Group 1: Company Overview and Brand Positioning - Semir brand, established in 1996, is a leading domestic casual wear brand, while Balabala, founded in 2002, dominates the children's clothing market with a consistent market share of over 30% [3] - The company emphasizes multi-brand development, operating Semir and Balabala independently to cater to different market segments [3] - The casual wear sector, where Semir operates, holds a significant market share, indicating a broad development potential [3] Group 2: Financial Performance - In 2024, the company achieved a total revenue of CNY 14.626 billion, a year-on-year increase of 7.06%, and a net profit of CNY 1.137 billion, up 1.42% [7] - Domestic sales account for 99.45% of total revenue, highlighting a strong focus on the domestic market [4] - The company reported a significant decline in operating cash flow in 2024 compared to the average since 2019, attributed to increased investments [5][6] Group 3: Market Strategy and Growth Opportunities - The company plans to expand its international market presence, particularly in Southeast Asia and the Middle East, using a multi-channel approach [4] - The growth strategy includes enhancing brand matrix, improving channel structure, and expanding product categories [9] - The company has already introduced family clothing lines, indicating a diversification of product offerings [10] Group 4: Consumer Trends and Economic Impact - The overall consumer market in China is expected to grow, driven by rising consumption capacity and government policies aimed at boosting consumer confidence [6] - In 2024, China's retail sales of clothing, shoes, and textiles reached CNY 1.4691 trillion, reflecting a modest growth of 0.3% [6] - The company is well-positioned to benefit from the ongoing trends of consumption upgrade and market expansion [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 14.63 billion yuan for 2024, a year-on-year increase of 7.1%, with a net profit attributable to the parent company of 1.14 billion yuan, reflecting a growth of 1.4% [1] - Despite fluctuations in profit margins due to channel investments, the company demonstrated confidence in its growth by actively opening new stores [1][4] - The children's clothing segment showed strong growth, with a revenue increase of 9.6% year-on-year, highlighting the resilience of the leading brand [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.23 billion yuan, up 9.8% year-on-year, and a net profit of 380 million yuan, reflecting a significant increase of 32.1% [1] - The gross margin for 2024 was 43.8%, with a slight decrease of 0.2 percentage points, while the sales expense ratio increased by 1.5 percentage points due to proactive marketing and store openings [3] Business Segments - The children's clothing and leisure segments generated revenues of 10.27 billion yuan and 4.19 billion yuan, respectively, with gross margins of 47.3% and 35.5% [2] - The company opened a net of 280 new children's clothing stores and 108 leisure stores, bringing the total to 5,514 and 2,811 stores, respectively [2] Future Outlook - Revenue projections for 2025, 2026, and 2027 are 15.65 billion yuan, 16.56 billion yuan, and 17.42 billion yuan, with corresponding growth rates of 7.0%, 5.8%, and 5.2% [4] - The company plans to maintain a high dividend payout ratio of 83% in 2024, indicating a commitment to shareholder returns [4]

证券代码：002563 证券简称：森马服饰 公告编号：2025-13 浙江森马服饰股份有限公司 关于举行网上业绩说明会的通知 出席本次网上业绩说明会的人员有：公司董事长、总经理邱坚强先生，董事、副总经 理兼财务总监陈新生先生，独立董事刘海波先生，董事会秘书宗惠春先生。 现就公司 2024 年度网上业绩说明会向投资者公开征集问题，听取投资者的意见和建议。 投资者可于 2025 年 4 月 17 日（周四）17:00 前将所关注问题发送至公司电子信箱 ir@semir.com。公司将在 2024 年度网上业绩说明会上回复投资者普遍关注的问题。 欢迎广大投资者积极参与。 浙江森马服饰股份有限公司 董事会 二〇二五年四月十一日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 浙江森马服饰股份有限公司(以下简称"公司")已于 2025 年 4 月 1 日发布了《浙江 森马服饰股份有限公司 2024 年年度报告》。为便于广大投资者更深入全面地了解公司情 况，现定于 2025 年 4 月 18 日（周五）15:00-16:00 在全景网举办 2024 年度网上业绩说明 会， ...

丨证券研究报告丨 公司研究丨点评报告丨森马服饰（002563.SZ） [Table_Title] 森马服饰 2024 年年报点评：零售改革叠加净拓 店下收入韧性显著好于同业，业绩符合预期 报告要点 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 展望未来，公司夯实基础，全域化、控折扣、降库存均取得成效。预计短期内受益于生育补贴 政策情绪催化，巴拉终端零售有望受到提振，增益业绩表现，叠加后续新零售改革逐步取得成 效，公司逆势开店有望带来一定的收入和业绩弹性增量。预计公司 2025-2027 年归母净利润为 12.8、14.2、15.4 亿元，对应 PE 为 15、13、12X，维持"买入"评级。 分析师及联系人 [Table_Author] 森马服饰（002563.SZ） cjzqdt11111 [Table_Title 森马服饰 2024 2] 年年报点评：零售改革叠加净拓 店下收入韧性显著好于同业，业绩符合预期 [T ...

21世纪经济报道记者朱艺艺杭州报道 在公布2024年成绩单之后，森马服饰（002563.SZ）4月1日收获涨停，4月1日-4月3日累计上涨12.16%。 从营收结构看，以"巴拉巴拉"品牌为代表的儿童服饰营收增长9.55%至102.68亿元，再次突破百亿元大 关，占总营收的70.21%，成为公司业绩增长的主要驱动力；休闲服饰营收增长0.44%至41.90亿元，占总 营收的28.65%。 除了继续发力童装板块，森马服饰也在加码线上和出海布局，寻求业绩新增量。 童装成为增长密码 作为老牌步行街巨头，森马服饰以主打休闲服饰定位的主品牌森马为人熟知。不过，公司最赚钱的业 务，却是以"童装一哥"巴拉巴拉品牌为代表的儿童服饰。 2024年，森马的儿童服饰营收为102.68亿元，占总营收比重的70.21%，且获得9.55%的增速。 拉长时间线来看，童装板块的收入占比几乎稳步提升。 2017年，森马的儿童服饰贡献营收63.22亿元，占公司总收入的52.56%，首次超过休闲服饰的营收占比 （46.85%），开始成为公司业绩增长的核心驱动力。 在此基础上，2018年-2023年，森马服饰的童装板块营收分别为88.25亿元、126. ...

重回净开店周期，加大直营开店。分渠道看，2024 年线上/直营/加盟收入分别同比 +7.14%/+12.64%/+5.12%，收入占比分别为46%/11%/42%。 公司公布2024 年年报：2024 年营收146.26 亿元/yoy+7.06%，归母净利润11.37 亿元/yoy+1.42%，扣非归 母净利润10.84 亿元/yoy+6.16%。单Q4 营收52.27 亿元/yoy+9.76%，归母净利润3.82 亿元/yoy+32.07%， 归母净利润增长快于营收主因资产减值同比减少。年末分红0.35 元/股，全年分红比例82.9%，较2023 年显著提升（2023 年分红比例72.1%）。 童装产品迭代、翻新门店，贡献主要增长，休闲服焕新"新森马"形象。 分产品看，2024 年休闲服/童装收入分别同比+0.4%/+9.6%，收入占比分别为29%/70%。24 年巴拉品牌 对产品线迭代更新，确立日常生活、城市户外和高光时刻三大核心场景产品线，并逐步构建心智商品 群，目前已打造 Bala T、轻羽绒、冲锋衣、防晒服等百万级销量的商品集群，24年翻新扩改门店超500 家。森马品牌聚焦8 大心智产品，爆款产品规 ...

公司发布 2024 年年报，实现营业收入146.3 亿，同比增长7.1%，实现归母净利润11.4 亿，同比增长 1.4%，其中24Q4 收入和归母净利润分别同比增长9.8%和-32.1%，分红率预计为82.9%，维持高分红。 截至2024 年底，公司存货周转天数为173 天，去年同期为190 天。经营活动现金流净额为12.6 亿，去年 同期为19.4 亿。 积极开拓中国香港地区市场及海外市场。2024 年公司在新加坡、马来西亚、越南、蒙古、约旦等多个 市场新开 30 多家门店。截至期末，森马和巴拉巴拉品牌成功进驻全球 15 个国家和地区，中国香港地区 及海外门店数量突破 100 家。 根据年报，我们调整盈利预测并引入2027 年的盈利预测，预计2025-2027 年每股收益分别为0.46、0.53 和0.61 元（原25-26 年0.56 和0.62 元），参考可比公司，给予2025 年17 倍PE 估值，对应目标价7.82 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费复苏不及预期等 24 年两品牌均实现净开店，新森马门店逐步推广。分品类来看，1）休闲服饰： 2024 年收入同比增长0.4%，毛利 ...

24 年实现净开店，继续高分红回馈股东 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整盈利预测并引入 2027 年的盈利预测，预计 2025-2027 年每股收 益分别为 0.46、0.53 和 0.61 元（原 25-26 年 0.56 和 0.62 元），参考可比公司，给 予 2025 年 17 倍 PE 估值，对应目标价 7.82 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费复苏不及预期等 森马服饰 002563.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年04月01日） | 7.24 元 | | 目标价格 | 7.82 元 | | 52 周最高价/最低价 | 7.48/4.34 元 | | 总股本/流通 A 股（万股） | 269,409/220,169 | | A 股市值（百万元） | 19,505 | | 国家/地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 04 月 02 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | -- ...

证券研究报告·公司点评报告·服装家纺 森马服饰（002563） 2024 年报点评：推进品牌焕新+恢复开店，提 高分红比例 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13661 | 14626 | 15493 | 16440 | 17448 | | 同比（%） | 2.47 | 7.06 | 5.93 | 6.11 | 6.13 | | 归母净利润（百万元） | 1122 | 1137 | 1230 | 1328 | 1423 | | 同比（%） | 76.06 | 1.42 | 8.18 | 7.91 | 7.13 | | EPS-最新摊薄（元/股） | 0.42 | 0.42 | 0.46 | 0.49 | 0.53 | | P/E（现价&最新摊薄） | 17.51 | 17.27 | 15.96 | 14.79 | 13.81 | [Table_Tag] [Table_Summary] 投资要点 ◼ ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to achieve a revenue growth of 7.06% in 2024, reaching 14.626 billion yuan, while the net profit attributable to the parent company is projected to grow by 1.42% to 1.137 billion yuan [1][10] - The "2+N" multi-brand strategy is showing positive results, with the company focusing on enhancing its retail channel management capabilities and expanding its market presence both domestically and internationally [3][4][10] Financial Performance Summary - **Revenue and Profitability**: In 2024, the company is projected to generate revenue of 14.626 billion yuan, with a year-on-year growth rate of 7.1%. The net profit attributable to the parent company is expected to be 1.137 billion yuan, reflecting a growth rate of 1.4% [1][2] - **Gross and Net Margins**: The gross margin for 2024 is forecasted at 43.82%, slightly down by 0.21 percentage points year-on-year. The net margin is expected to be 7.76%, a decrease of 0.44 percentage points [2] - **Earnings Per Share (EPS)**: The basic EPS for 2024 is projected to remain at 0.42 yuan, with future estimates of 0.48 yuan in 2025, 0.56 yuan in 2026, and 0.61 yuan in 2027 [1][10] Strategic Initiatives Summary - **Channel Development**: The company is enhancing its retail channel management and focusing on opening high-quality stores, with over 30 new stores planned in various international markets in 2024 [3] - **Brand Strategy**: The company is actively upgrading its brand strategies, particularly for its children's clothing brand, to strengthen its market position and enhance brand influence [4][9] - **Operational Efficiency**: The implementation of a 52-week MD mechanism aims to streamline operations and improve decision-making through advanced digital tools [9]