海澜之家：营销破圈品牌年轻化，线下拓店重拾成长

HLA Group 

(600398 CH)

营销破圈品牌年轻化，线下拓店重拾成长

Growth initiatives: co-branding marketing breakthroughs, youthful rebranding and physical store expansion

BUY (maintain)

投资要点/Investment Thesis

投资要点/Investment Thesis

复苏阶段高性价比定位优势凸显，多维营销重塑品牌形象。公司凭借高性价比大众定位优势，把握商务消费需求复苏契机，通过文体明星代言、节目赞助等方式持续推进品牌年轻化转型，合作央视春晚增加国民认知度。

Cost-effective edge aids recovery; multi-faceted marketing rejuvenates branding

With its cost-effective mass market positioning, HLA is relatively better able to maximize demand recovery opportunities in business consumption demand. In this light, it is revitalizing its business with a more youthful rebranding through cultural and sports celebrity endorsements, show sponsorships and other means. One example is its collaboration with CCTV in the Spring Festival Gala to raise its national profile. 

线下持续拓店，推动门店提质增效。截至22Q3集团门店已突破7800家，较年初净增189家逆势增长；我们预计公司未来或保持拓店节奏，伴随加大购物中心门店的拓展力度，有望进一步提高门店品质。

Physical store expansion plan enhances quality and efficiency

HLA's physical store count exceeded 7,800 as of 22Q3, an increase of 189 from the beginning of the year. We expect it will maintain its store expansion momentum. As it expands stores that are housed in malls, we expect its store quality will rise.

产品紧跟消费需求，结构优化稳健运营。在设计上紧扣健康、舒适、运动等细分场景需要，推出蜂窝蓄热、三防、六维弹力等创新科技面料，一方面产品年轻化，通过跨界合作、联名破圈等方式，迭代推出更加符合消费主流的时尚潮流与功能科技兼具的热销系列；另一方面重新梳理并优化产品结构，使其在年龄、功能、场景和品类等层面跨越更广维度。

Products align with consumer demand; optimized structure and stable operations

HLA's product designs closely align with consumer needs in application scenarios such as health, comfort wear and sports. It has rolled out innovative fabrics with high-tech functions like honeycomb thermal conductivity, triple-defenses and six-strength elasticity. We observe two main impacts. First, cross-collaborations and co-branding marketing breakthroughs enable HLA to express a more youthful vibe by iteratively launching bestselling lines that are both trendy and functionally innovative to satisfy mainstream consumers. Second, it reorganized and optimized its product structure for wider demand coverage in terms of age, functions, scenarios and categories. 

切入冰雪网球等高端运动赛道，公司于2021年获得国际高端运动品牌海德大中华区服饰板块授权并于同年12月北京开出全国首店，22年底上海首店开业，为运动爱好者和专业人士提供卓越的装备体验。同时海德与PORSCHE Design、Gucci Vault等多个高端奢侈品牌合作推出联名系列，有望进一步深化消费者认知，未来或成为新增长点。

Entering high-end sports channels like tennis, and ice and snow sports 

To enter these high-end sports markets, HLA obtained the license for international high-end sports brand Hyde Greater China's apparel segment in 2021. It opened the first China store in Beijing in December that year and the first store in Shanghai at the end of 2022, providing sports enthusiasts and professionals with access to quality equipment. Hyde also collaborated with a number of luxury brands such as Porsche Design and Gucci Vault to launch co-branded collections, which we believe will increase consumer awareness and could establish a new growth driver in the future.

数字化转型赋能产业链，智能制造精准满足消费需求。公司完善产品研发数据管理、供应链管理及零售运营管理三大数字化平台，高效运营、赋能上下游。同时完成了面向个性化定制与团体定制的智能裁剪系统的研发，初步建成自动化智能裁剪的柔性生产线。

Digitalization empowers supply chain; smart manufacturing better fulfills demand 

The company beefed up three digital platforms to manage product development data, and supply chain and retail operations to operate efficiently and empower both its upstream and downstream. It also completed R&D on a smart cutting system that enables personalization and group customization, and has built an initial flexible production line to automate smart cutting.

投资建议/Investment Ideas

维持盈利预测，维持买入评级。公司品牌矩阵经营覆盖面广，供应链资源成熟完善，数字化系统卓有成效；伴随品牌年轻化拓展，线下持续拓店，休闲服饰龙头有望再提份额。我们预计公司2022-2024年收入分别为203.1/224.0/245.0亿，归母净利润分别为22.6/26.9/30.0亿，EPS分别为0.52/0.62/0.69元/股。

Valuation and risks

We maintain our profit forecasts and BUY rating. HLA's brand matrix covers a wide business footprint, its supply chain resources have matured to higher standards, and its digitized system is effective. To widen its more youthful brand outreach, it plans to expand its offline store footprint. As a leisure apparel leader, HLA is well placed to expand its market share. We expect revenue of RMB20.31bn/22.40bn/24.50bn in 2022/23/24E, with net profit at RMB2.26bn/2.69bn/3.0bn, implying RMB0.52/0.62/0.69 EPS.

风险提示：终端消费不及预期；行业竞争加剧；存货管理减值风险；品牌培育不确定性风险等

Risks include: weaker-than-expected end consumption; intensifying competition; inventory management impairment risks; and brand cultivation uncertainties.

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