紅豆股份(600400.SH)：毛利率持續提升利潤大幅改善
機構：廣發證券股份有限公司 研究員：糜韓傑
核心觀點：
公司公吿23年及24Q1業績。根據財報，(1)23年全年公司實現收入23.3億元，同比微降0.5%；歸母淨利潤0.3億元，同比增長99.5%。
根據財報，23年公司營收減少主要系坯布業務營收減少0.5億元，而利潤同比增加主要系毛利率提升、公司應收賬款回收後信用減值損失減少等原因導致。(2)24Q1公司實現收入6.5億元，同比微降0.7%，主要系運動裝業務收入減少；歸母淨利潤0.4億元，同比增長31.1%。
主營服裝業務保持穩定，毛利率持續改善。根據財報，23/24Q1公司服裝業務營收分別實現20.7/5.0億元，同比變化+1.4%/-2.3%，毛利率同增2.4/4.6pct。分渠道來看，23年公司線上/直營/加盟/批發及其他渠道營收分別同比變化+9.9%/16.1%/-12.2%/-14.0%，其中主要系線上及直營業務毛利率改善明顯，分別同增2.9/2.0pct。24Q1由於同期疫後消費復甦導致基數較高，線上/線下營收分別同減9.5%/0.2%，但線下渠道毛利率同增6.4pct，我們認為主要系較高毛利率的直營收入佔比提升導致。此外，23年公司期間費用率大致保持穩定，但24Q1公司期間費用率同比提升3.6pct，我們認為主要系直營門店增加後員工薪酬以及折舊攤銷費用增加導致銷售費用率同比提升4.6pct所致。
男裝品牌高端化升級可期。公司明確"經典舒適男裝"新定位，品牌勢能不斷提升：產品端加大自主研發，打造具有差異化競爭優勢的舒適男裝產品，加大對0感舒適襯衫品類的投入；營銷端打造高效能全渠道傳播體系，夯實舒適認知；渠道端優化全渠道運營，擴張線下渠道規模，品牌高端化升級進程有望提速。
盈利預測與投資建議。預計公司2024-2026年EPS分別為0.03/0.04/0.05元/股。參考DCF估值，公司合理價值為2.82元/股，維持"增持"評級。
風險提示。原材料升價、終端需求低迷、供應鏈升級不及預期風險。
來源：新浪財經
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