20240412-中邮证券-报喜鸟-002154.SZ-哈吉斯加快扩店_控制终端折扣带动净利率提升_5页_416kb

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Special Analysis Report

Research Report: Textiles & Apparel | Company Commentary

Date: April 12, 2024

Stock Rating: Maintain "Buy"

Company Overview

• Latest Closing Price: 615 CNY
• Total Shareholders / Float: 145.9B / 117.7B shares
• Market Cap / Float Cap: 90B / 72B CNY
• 52-week High/Low: 686 / 506 CNY
• Debt-to-Asset Ratio: 36.6%

Financial Highlights

• 2023 Performance:
  • Revenue grew by 218.2% YoY to 52.54B CNY
  • Net profit attributable to shareholders increased by 52.1% YoY to 6.98B CNY
  • Non-GAAP net profit reached 6.05B CNY (+61.61%)
  • Gross margin improved to 64.71% (up by +19.7 pct YoY)

Strategic Moves & Growth Factors

Brand Expansion & Store Efficiency

• Hagis / Bao Niü:
  • Hagis added 40 stores (net ~10% YoY growth in total stores)
  • Bao Niü maintained conservative expansion with mixed channel growth (especially e-commerce stable)
  • Key Metric: Average store output per unit increased 13-15% YoY

Discount Control & Profitability

• Terminal discounts were tightened
• Higher-margin direct channels improved overall profitability
• Marketing expenses fell due to operational scale

Channel Performance

• Direct sales channels saw the fastest growth (44% YoY)
• Inventory turnover decreased from 2,258 days (end of 2023)

Forward Guidance

• Projected net profits for 2025: 9.4 billion CNY (growth steady)
• PE ratios estimated at 10-11 times in 2024

Risk Notes

• Fluctuations in brand demand
• Expansion execution challenges
• Potential slowdown in same-store sales growth

SUPPORTING ANALYSIS: Analysis derived from company announcements and in-depth industry research.

Note: All financial data reflects CNY currency valuations.