20250211-太平洋-海澜之家-600398.SH-公司近况更新_业务多元成长_京东奥莱快速扩张有望贡献增量_3页_428kb

海澜之家证券研究报告总结

海澜之家是一家休闲男装龙头企业，近期与京东集团达成战略合作， partnered through the establishment of an off-price outlet model， co-developed with JD.com to launch a new retail format. This collaboration aims to enhance high-quality， price-sensitive retail offerings. Key progress includes the expansion of JD Outlets stores across multiple provinces as of 2025， contributing to potential revenue growth.

The company's core business remains steady， with online sales surging due to increased innovation in e-commerce platforms and partnerships with influencers. Overseeing financials showed a slight decrease in Q1-Q3 2024 revenue but significant online income growth. Future initiatives include accelerating the FCC project and urban outlet developments， which could drive performance.

Profit forecasts indicate strong growth over the next few years، driving the "buy" recommendation from Pacific Securities due to capitalized opportunities.

Risk factors involve weak consumer recovery or project performance issues.

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