森马服饰(002563)公司简评报告:盈利能力改善明显 数字化赋能运营提效

Semir Apparel (002563) Company Brief Review Report: Profitability Improves Significantly, Digitalization Empowers Operational Efficiency

首創證券 ·  09/07

Event: the company released its semi-annual report of 2023, with operating income of 5.56 billion yuan, year-on-year of-1.44%, and net profit of 516 million yuan, + 393.9% of the same period.


Direct channel performance is eye-catching, joining stores to restore net growth. In terms of business, 2023H1 achieved revenue of 1.684 billion yuan in casual wear / children's wear respectively, which was-15.06% and 6.34% respectively compared with the same period last year. In terms of the number of stores, casual wear / children's wear was net-57max in 53 stores. In terms of different channels, 23H1's direct / franchise / joint venture / online channels achieved revenue of 6.7 million yuan, respectively, with a year-on-year increase of 7.4%, 65.6% and 6.4%, respectively, compared with the same period last year. The outstanding performance of the direct channel is mainly due to the company's active efforts to promote the digital transformation of stores, speed up the turnover of goods, improve the live broadcast capability, and prolong the operation time of stores after the epidemic. From the point of view of the number of stores, direct sales / franchise / joint venture channels are net from 15 to 699 and 7371 respectively. With the pick-up of terminal retail, the franchise channel returns to net growth. In a single quarter, the company's 23Q1/Q2 achieved revenue of 30 / 2.56 billion yuan, compared with-9.3% of the same period last year, and 9.7% of the same amount as the same period last year. The net profit of returning to the mother was respectively 31 billion yuan, an increase of 48.9% and 295.8%, respectively.

Discount control increases gross profit margin and achieves results in cost control. The gross profit margin of 23H1's main business increased from + 3.6pcts to 44.7% compared with the same period last year, in which the gross profit margin of direct sales / franchise / online increased by 4.5/3.4/4.4pcts, and that of casual wear / children's wear increased by 1.5/4.3pcts, mainly due to the company's effective control of terminal discounts and the increase in the proportion of direct channels with higher gross profit margin. The rate of sales / management / R & D / financial expenses was reduced by 2.5/0.1/1/0.3pct to 25.2%, 5%, 1.8%, 1.8%, 1.4%, respectively. The decline in sales rates is mainly due to the company's optimization of publicity input channels, the reduction of advertising fees and IP royalties, and the effectiveness of cost control. During the period, the company set aside 130 million yuan in asset impairment loss (290 million yuan in the same period last year). Under the combined impact, the net interest rate was + 7.7pcts to 9.3% compared with the same period last year. Inventory: the inventory scale is-20.4% to 3.17 billion yuan compared with the same period last year, and the proportion of inventory in more than one year has increased. In the second half of the year, the company expects to increase inventory clean-up efforts, gradually optimize the structure of new and old products, and help light pack next year.

Product manager system and digital operation of stores help to improve operational efficiency. The company implements the "product manager system", the product manager has greater business autonomy and stronger management awareness, the sales rate of new products is significantly improved, at the same time, the cost control is strengthened, and the brand management quality and profitability are improved. The company continues to promote the construction of new retail around the world, and there are more than a thousand digital stores; to strengthen the empowerment of single stores, agents and stores can make real-time active orders and replenishment through the platform, so as to speed up the global circulation of goods; open up global inventory, optimize the circulation and pricing management of goods in the season, expand the same price ratio of online and offline, and realize the integration of global sales.

Investment suggestion: the company actively promotes the global new retail construction and product manager system, continues to practice internal skills in channel adjustment, overseas market layout and product structure optimization, and initially shows the results of the reform. with the recovery of consumption and the gradual clearance of the inventory of old products, the profitability can be improved. We maintain the profit forecast and expect the company's annual return net profit in 23-24-25 to be 10.8 yuan 12.8 yuan / 1.5 billion yuan respectively, corresponding to the current market capitalization PE of 16pm 13max 11X, maintaining the "buy" rating.

Risk tips: consumption recovery is not as expected, channel expansion is not as expected, and industry competition is intensified.

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