歌力思：剥离Ed Hardy，为全年业绩减负-20250505

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company has reported a revenue of 690 million yuan in Q1 2025, a year-on-year decrease of 8%, while the net profit attributable to shareholders increased by 40% to 40 million yuan [1] - The company has successfully divested Ed Hardy, which has alleviated the financial burden and allowed for a comparable revenue growth of 1.5% when excluding this brand [1][4] - The domestic market revenue has shown a growth of 8.1% year-on-year, with significant online sales growth of 26% [1][3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3 billion yuan, a year-on-year increase of 4%, but a net loss of 300 million yuan, a decline of 393% [2] - The company incurred one-time expenses of approximately 383 million yuan due to goodwill and trademark impairment related to the IRO brand and the divestment of Ed Hardy [2] - The revenue from the self-portrait brand exceeded 500 million yuan, growing by 21%, while Laurèl brand revenue reached 415 million yuan, up 19% [2] Online Sales Strategy - The company has adopted a multi-brand and multi-platform online development strategy, achieving a 32% year-on-year increase in online sales revenue in 2024 [3] - ELLASSAY brand saw a significant online revenue increase of 55%, while Laurèl and IRO brands also reported substantial growth [3] Profit Forecast Adjustments - The profit forecast has been adjusted, with expected revenues for 2025-2027 set at 3.2 billion, 3.3 billion, and 3.5 billion yuan respectively [4] - The net profit attributable to shareholders is projected to be 160 million, 180 million, and 200 million yuan for the years 2025-2027 [4]