Semir(002563) 浙商证券·2025-04-13 11:46Investment 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]