Investment points company releases 23 annual report and 24-year quarterly report: income 30% in 2023Rainbowtrout.5.5 billion yuan (year-on-year + 16.6%)RainbowtroutThe net profit is 191 million yuan (from loss to profit), the net profit after deducting non-return is 241 million yuan (+ 302%), the income of 24Q1 is 940 million yuan (+ 21.7%), the net profit is 108 million yuan (+ 11.3%), and the net profit is 199 million yuan (+ 95.4%). The non-recurrent loss is mainly due to changes in the fair value of financial assets held by the company. Revenue split: continue to expand big and small, the growth rate of direct retail is faster than joining shipping sub-brands: the main brand revenue in 23 years is 2.75 billion yuan (year-on-year + 20.0%), sub-brand ZIOZIA/FUN revenue is 1.19 billion yuan (year-on-year + 20% FUN 24%), and the larger decline in FUN is mainly due to continuous channel optimization (the net clearance of direct sales / franchise stores is 1623 to 55max this year). In terms of different channels, the 23-year joining / direct marketing / online income is RMB 1.37 billion, which is 5% compared with the same period last year. The bright growth rate of direct marketing comes from the continuous development of large stores + store efficiency recovery. In 23, the net increase of the main brand direct marketing / franchise stores was 73 Universe 80 to 642 Universe 1555, and the area of direct marketing / franchise single store was + 15gamma 6 flat to 155162 flat year on year. 24Q1 split: the main brand revenue is 860 million yuan (year-on-year + 24.5%), and the sub-brand ZIOZIA/FUN revenue is 0.32 million yuan (compared with the same period last year). From a sub-channel point of view, the joining / direct marketing / online income is RMB 4.1 million, compared with the same period of last year. The abnormal growth rate of direct sales is mainly due to the time difference between mall sales and settlement. The revenue was recognized in Q1 in December last year. Increased gross profit margin, diluted expense rate, short-term drag on investment loss: 23-year gross profit margin 63.6% (year-on-year + 4.1pp), 24Q1 gross profit margin 65.0% (year-on-year + 4.4pp), we expect the increase to come from the increase in the share of direct revenue and strict control of terminal retail discounts. In addition, the year-on-year increase in 24Q1 is partly due to the company's accounting policy for joining shelves since May 23. Expense rate: 23-year sales / management expense rate 36.6% 0.6/-0.8pp 7.3% (year-on-year-3.6/-5.0pp), we expect to benefit from refinement of marketing investment and natural dilution of revenue growth; 24Q1 sales / management expense rate of 28.7% Universe 4.8% (year-on-year), we expect to be caused by the mismatch of cost input rhythm compared with last year. Financial investment: 23 years / net income from changes in fair value of 24Q1-1.16 million yuan, mainly caused by fluctuations in the fair value of financial assets held by the company. The company plans to choose the opportunity to sell financial assets and return to the main business, and the volatility of future performance is expected to be reduced. Profit forecast and investment advice: the company continues to deepen the strategic change of "men's pants experts", and has achieved outstanding results in the improvement of product power, brand power and channel power. under effective discounts and cost control, positive leverage is expected to bring high performance flexibility. It is estimated that in 24-26, the company's income will be 340,000,000 yuan, an increase of 11%, 15%, 14%, and a net profit of 3.0%, 472 million yuan, an increase of 59%, 56%, 32% over the same period last year. Corresponding to the PE 19-12-9 times, the company's performance is significantly flexible, maintaining the "buy" rating. Risk hint: the effect of brand marketing is not as expected; the improvement of store efficiency of the tenth generation store is not as expected; the fluctuation of the fair value of financial assets [disclaimer] this article only represents the views of the third party, not the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
