集團發佈2024年一季度報告。
集團FY24Q1收入20.04億美元，同減4.9%；歸母淨利1.00億美元，同增96.9%； FY24Q1集團毛利率25.1%，同增1.5pct；經營溢利率7.3%，同增3.2pct。
製造業務——降本增效，產效、產能利用率提升
FY24Q1製造業務營業收入12.54億美元，同減0.1%；毛利率20.3%，同增3.4pct，主要系產能利用率的顯著提升，且靈活調度產能、降本增效有成。優化策略及產業趨勢帶動單價變化；產能利用率88%，同增16pct。
分類別，運動/戶外鞋營收9.96億美元，同減1.9%；休閒鞋及運動涼鞋營收1.53億美元，同增6.4%；鞋底、配件及其他營收1.04億，同增9.5%。
訂單能見度提高，同時訂單回溫，出貨量58.8百萬雙，同比+9.1%；公司的中長期產能佈局策略，瞄準最佳地區（如印尼及印度）爲其製造產能進行多元化配置，我們預計未來產能將逐步回升。
Q1E net profit up 97%; manufacturing gross margin up 3.4ppt on better utilization
Key metrics:
Yue Yuen Industrial Holdings (YY) published unaudited 24Q1E results with revenue at USD2.00bn, down 4.9% yoy, and net profit at USD100m, up 96.9% yoy. 24Q1E total gross margin was 25.1%, up 1.5ppt yoy; and operating margin at 7.3%, up 3.2ppt yoy. The revenue streams in Q1E were as follows:
Manufacturing
generated USD1.25bn revenue in Q1E, down 0.1% yoy, with gross margin rising 3.4ppt yoy to 20.3%, mainly due to higher capacity utilization at 88%, up 16ppt yoy. This was because of flexible production scheduling, cost reductions and efficiency improvements. Meanwhile, optimization measures and industry trends drove unit price changes.
Product categories:
•Sports and outdoor shoes contributed USD996m in revenue, down 1.9% yoy
•Casual shoes and sports sandals generated USD153m, up 6.4% yoy
•Soles, accessories and other products brought in USD104m, up 9.5% yoy.
Orders
warmed up in Q1E on improving order visibility, as the company shipped 58.8m pairs of footwear, rising 9.1% yoy. YY’s mid-to-long-term production capacity buildout strategy aims to diversify manufacturing capacities in its most lucrative markets (Indonesia and India). We expect production capacities will recover in the future.
零售業務——多維度營運矩陣帶動成長，全渠道表現穩健
FY24Q1寶勝營業收入54.00億元，同減7.5%；毛利率33.2%（23H1爲33.5%），高毛利直營渠道表現弱，但折扣同比改善低單位數並按季持續改善中，大幅抵消渠道結構對毛利率不利影響。
庫存水平同比下降16.9%，天數至119天（23年Q1爲136天）；客單價同比持平。
分渠道，FY24Q1寶勝店鋪營收-12%，佔比74%，其中直營店鋪3481家較23年底-42家，營收佔店鋪營收74%；加盟店營收佔店鋪營收26%+3pct；全渠道（電商平臺+泛微店私域）營收+3%，佔比26%。
品牌矩陣方面，新引入Saucony、Hoka等運動品牌及XEXYMIX、波司登等戶外及瑜伽品牌帶動成長。
Retail: multi-matrix operations drove growth; sound omnichannel profitability
Key metrics:
subsidiary Pou Sheng, which runs YY’s retail business, contributed revenue of RMB5.40bn, down 7.5% yoy; with gross margin at 33.2% (vs 33.5% in 23H1). The high-margin direct sales channels underperformed but discounting improved by a low-single-digit yoy and also improved qoq, helping to mitigate the weaker margin impact from the channel mix. Inventory levels fell 16.9% yoy, with inventory days at 119 (vs 136 days in 23Q1); while customer order volumes were flat yoy.
Channel breakdown:
•Pou Sheng store revenue fell 12% in 24Q1E, accounting for 74% of the total:
-It has 3,481 directly-operated stores, comprising 74% of the total store network (42 fewer than at end-2023).
-Franchised stores accounted for 26% of store revenue, up 3ppt.
-Omnichannel revenue (including ecommerce platforms and pan-WeChat private domain stores) accounted for 26%, up 3ppt.
Brands:
YY beefed up its brand matrix to drive growth and added sports brands like Saucony and Hoka, as well and outdoor and yoga brands like XexyMix and Bosideng.
