其中Q3 单季度营收5.98 亿元，同降3.28%；归母净利润1.07 亿元，同降13.54%，期间居民消费信心不足致Q3 经营小幅波动。分品牌看，DA/DM 品牌Q3 单季度营收为3.33/0.31 亿元，同降8.78%/18.41%，期间DA 与知名艺术家和海外设计师品牌合作，推出全新品牌标志带动产品形象升级，营收受整体消费环境影响有所承压。DZ 品牌Q3 单季度营收为2.27 亿元，同增8.01%，DZ 品牌与芭比IP 进行合作推出新品深受年轻消费者喜爱，营销推广取得较好效果。分渠道看，公司线上渠道多平台加强内容运营，促进公司Q3 单季度线上营收大幅增长31.51%至0.82 亿元。The company released its 2023 three-quarter report on October 27. In the first three quarters, the company achieved revenue of 1,846 billion yuan, an increase of 7.37% over the previous year, and net profit of 414 million yuan, an increase of 10.17% over the previous year. Q3 Quarterly operations fluctuated due to weak domestic demand. As a leader in high-end women's clothing, the company has strong brand power, and at the same time continues to optimize operations, it is expected to grow steadily and maintain an increase in holdings rating.
Key points to support ratings
DZ has performed steadily, and refined online operations have been very effective. In the first three quarters, the company achieved revenue of 1,846 billion yuan, an increase of 7.37% over the previous year, and net profit of 414 million yuan, an increase of 10.17% over the previous year.
Among them, Q3 had quarterly revenue of 598 million yuan, a decrease of 3.28%, and net profit of 107 million yuan, a decrease of 13.54%. Q3 operations fluctuated slightly during the period due to insufficient consumer confidence. By brand, the revenue of the DA/DM brand Q3 in a single quarter was 333/031 million yuan, a decrease of 8.78%/18.41%. During this period, DA collaborated with well-known artists and overseas designer brands to launch a new brand logo to upgrade the product image, and revenue was under pressure due to the impact of the overall consumption environment. The revenue of the DZ brand Q3 in a single quarter was 227 million yuan, an increase of 8.01%. The DZ brand and Barbie IP collaborated to launch new products that were loved by young consumers, and marketing and promotion achieved good results. Looking at each channel, the company's online channels and multiple platforms strengthened content operations, boosting the company's Q3 online revenue by 31.51% in a single quarter to 82 million yuan.
Offline stores were further adjusted and optimized. As of the end of the Q3 period, the company had cleared 37 to 1,086 stores compared to the beginning of the year (including 41 to 575 DA stores and 6 to 469 DZ net stores). Offline revenue was 515 million yuan, a decrease of 7.20%.
Gross margin is rising steadily, and cash flow is good. The company's gross margin for the first three quarters was 74.81%, an increase of 0.16pct over the previous year. Channel optimization led to a steady increase in profit levels. The company's fee control situation is relatively good, and the overall sales and management expense ratio is stable. Overall, in January-September, the company's net interest rate increased by 0.57pct year on year to 22.41%. As of the end of the Q3 period, the number of days in which the company's inventory turnover had slowed from 27 to 248 days. Inventory was affected by sales but was still manageable overall; net operating cash flow rose 36.03% year over year to 496 million yuan, indicating that the company's cash flow situation was improving.
Independent design enhances product advantages and superimposes sophisticated multi-channel operations, which is expected to drive long-term growth.
The company continues to promote product upgrades with its leading R&D and design capabilities, and enriches the product matrix around high-end brand positioning. In the future, the company is expected to continue to strengthen joint cooperation in various fields to further shape its brand image. The company's refined management on the channel side has led to an increase in profitability. Among them, the layout of online channels has accelerated, and e-commerce platforms have carried out live broadcasts and short video content marketing, with impressive growth; offline channel companies promote digital transformation, provide personalized services, and improve store efficiency with accurate marketing. It is expected that in the future, with the help of continuous expansion of new products and refined multi-channel operation, the company can be expected to grow steadily.
valuations
Under the current share capital, considering the uncertainty of the recovery in domestic demand, we lowered the 2023-2025 EPS to 1.11/1.29/1.44 yuan. The corresponding PE was 13/11/10 times, respectively, maintaining the increase in holdings rating.
The main risks faced by ratings
Channel expansion fell short of expectations, consumption recovery fell short of expectations, and multi-brand development fell short of expectations.
