证券研究报告 | 季报点评 gszqdatemark 2025 04 11 年 月 日 太平鸟（603877.SH） 2025Q1 毛利率同比改善，渠道调整预计接近尾声 2025Q1 公司收入同比-8%/归母净利润同比-22%。1）2025Q1 公司收入为 16.7 亿 元，同比-8%；归母净利润为 1.2 亿元，同比-22%；扣非归母净利润为 0.9 亿元，同 比-21%；非经常损益 0.4 亿元主要系政府补助。2）盈利质量方面，毛利率同比明显提 升，但由于各项费用率增加，净利润率同比下降：2025Q1 公司毛利率同比+4.8pct 至 60.0%（我们判断主要系公司优化控制加盟发货产品结构、加强电商折扣管控所致）； 销售/管理/财务费用率同比分别+4.8pct/+0.7pct/+0.3pct 至 40.6%/7.5%/1.0%，（我 们判断销售费用率同比提升主要系直营渠道存在较多刚性费用所致）；综合以上， 2025Q1 公司净利率同比-1.4pct 至 7.4%。 分品牌：各品牌收入同比均有下降，但毛利率有所改善。分品牌来看：1）收入：2025Q1 PB 女装/PB 男装/乐町/MP 童装销售同比分别-1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603877 证券简称：太平鸟 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 债券代码：113627 债券简称：太平转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 单位：元 币种：人民币 ■ (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 ...

1 / 15 宁波太平鸟时尚服饰股份有限公司 2025 年第一季度报告 宁波太平鸟时尚服饰股份有限公司 2025 年第一季度报告 证券代码：603877 证券简称：太平鸟 债券代码：113627 债券简称：太平转债 宁波太平鸟时尚服饰股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同 期增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | 1,667,974,604.93 | 1,805,673,197.46 | ...

事件描述 公司2024 年实现营收/归母净利润/扣非归母净利润68.0/2.6/1.2 亿元，同比变动-12.7%/-38.7%/-57.4%。 其中单Q4 实现营收/归母净利润/扣非归母净利润22.6/1.5/1.3 亿元，同比变动-12.0%/-29.1%/-13.4%。 预计2025/2026/2027 年公司归母净利润为3.7/5.0/5.9 亿元，PE 为20/15/12X，维持"买入"评级。 风险提示 1、零售环境波动； 2、库存去化不及预期； 3、费用投放转化效果弱。 事件评论 品牌调整下零售延续承压，加盟毛利率显著改善。1）分品牌：Q4 延续关店叠加产品调整下零售持续承 压，PB 女装/男装/乐町/童装收入分别同比-16.7%/-10.6%/-20.3%/-7.5%，毛利率分别同比+4.6 pct /+5.4 pct /+17.0 pct /+3.7pct，男装与童装收入表现延续优于女装，预计与老货去化以女装为主、品类消费韧 性差异有关，乐町调整周期经营延续疲态。 强控折扣叠加低基数下各品类毛利率均有所提升，乐町改善最为显著。2）分渠道：变革调整下除直营 外各渠道下滑明显，Q4 直营/加盟/线 ...

丨证券研究报告丨 公司研究丨点评报告丨太平鸟（603877.SH） [Table_Title] 太平鸟 2024 年年报点评：零售承压下毛利率改 善显著，期待未来高质量增长 报告要点 [Table_Summary] 短期，预计伴随公司净关近尾声、零售逐步改善以及加盟毛利率改善，控费力增强下后续利润 增速有望回升。长期，伴随公司架构调整，经营质量以及利润弹性将显著提升。公司亦由之前 的零售高增驱动的利润弹性，切换至重内功驱动的利润弹性，更为持续且稳健。预计 2025/2026/2027 年公司归母净利润为 3.7/5.0/5.9 亿元，PE 为 20/15/12X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 风险提示 丨证券研究报告丨 2025-04-08 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 太平鸟（603877.SH） cjzqdt11111 ...

Trading Information Summary - On April 2, 2025, Peacebird's main funds experienced a net outflow of 2.6311 million RMB, while speculative funds saw a net outflow of 4.4241 million RMB, and retail investors had a net inflow of 7.0553 million RMB [1][3]. Company Announcement Summary - As of March 31, 2025, a total of 248,000 RMB of "Peacebird Convertible Bonds" have been converted into the company's A-shares, accounting for 0.0022% of the total shares issued before the conversion of the convertible bonds. The amount of unconverted "Peacebird Convertible Bonds" stands at 799.752 million RMB [1][3]. - The current conversion price for the "Peacebird Convertible Bonds" is 21.21 RMB per share. The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million RMB and a term of 6 years [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue decline of 13% to 6.8 billion yuan and a net profit decline of 39% to 260 million yuan, attributed to economic slowdown and intensified industry competition [6][13] - The company is focusing on enhancing brand image through flagship stores and digital retail innovations, despite short-term challenges in market demand [6][7] - The gross margin improved by 1.1 percentage points to 55.2% in 2024, driven by effective inventory management and discount control [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027: 7.79 billion (2023), 6.80 billion (2024), 7.25 billion (2025E), 7.60 billion (2026E), 7.94 billion (2027E) [5] - Net profit forecast: 422 million (2023), 258 million (2024), 368 million (2025E), 450 million (2026E), 470 million (2027E) [5] - Earnings per share forecast: 0.90 (2023), 0.55 (2024), 0.78 (2025E), 0.95 (2026E), 0.99 (2027E) [5] - The company aims to achieve a target market value of 9.7 billion yuan, indicating a potential upside of 27% from the current market value [6]

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2025-031 | | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | 宁波太平鸟时尚服饰股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 发行可转换公司债券的批复》（证监许可【2021】646 号）核准，宁波太平鸟时尚 服饰股份有限公司（以下简称"公司"）于 2021 年 7 月 15 日公开发行可转债 800 万张，每张面值人民币 100 元，募集资金总额为 80,000 万元，期限 6 年。 内容详见公司 2022 年 5 月 24 日披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《关于"太平转债"转股价格调整的提示性公告》（公告编号：2022- 035）。 （二）因回购注销 280,000 股限制性股票，转股价格调整为 49.74 元/股，具 体内容详见 ...

Core Insights - The company reported a revenue of 6.8 billion yuan for 2024, marking a year-on-year decline of 12.7%, continuing a trend of negative growth for the third consecutive year [1] - The net profit attributable to shareholders was 260 million yuan, down 38.7% year-on-year, while the net profit excluding non-recurring items fell by 57.4% to 120 million yuan [1] Revenue Performance - All three major revenue channels—direct sales, franchising, and online sales—experienced a contraction, with revenues of 2.81 billion yuan, 2.05 billion yuan, and 1.83 billion yuan respectively, accounting for 42%, 31%, and 27% of total revenue [2] - The regional market showed a "full-line decline," with East China leading at 2.062 billion yuan but down 15.34% year-on-year; Central and North China contributed 1.393 billion yuan and 1.534 billion yuan, with declines of 12.37% and 13.73% respectively [3] Brand Performance - None of the four main brands saw revenue growth, with PEACEBIRD women's and men's clothing generating 2.503 billion yuan and 2.783 billion yuan, down 13.12% and 8.56% respectively; LEDiN girls' clothing revenue was 543 million yuan, down 28.27%; mini peace children's clothing revenue was 827 million yuan, down 13.77% [5] Cost and Expense Management - The company reduced sales, management, and R&D expenses by 5.85%, 8.80%, and 8.95% respectively, indicating a strategic adjustment to enhance profitability, including store reductions and marketing cost cuts [7] - As of the end of 2024, the company had 3,373 stores, net closing 358 stores during the year, with 477 new openings and 835 closures [7] Strategic Direction - The company is shifting its strategy towards a "quality fashion" positioning, moving away from frequent collaborations and fast fashion, focusing instead on high-quality materials and craftsmanship [7] - The company has launched a new winter quality series and is targeting the popular "urban outdoor" segment with premium winter products [7] Store Strategy - The company is implementing a new store strategy centered around a "single brand" approach, opening large experiential stores over 1,000 square meters in key cities such as Ningbo, Wuhan, and Shenzhen [8] Executive Compensation - The chairman and general manager's annual salary for 2024 was 3.5384 million yuan, a decrease of 850,000 yuan from 2023, reflecting the company's current challenges [9]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.69 CNY [6] Core Viewpoints - The company reported a revenue of 2.3 billion CNY in Q4 2024, a year-on-year decrease of 12%, and a net profit attributable to the parent company of 150 million CNY, down 29% year-on-year [1] - For the full year 2024, the company achieved a revenue of 6.8 billion CNY, a decline of 13% year-on-year, primarily due to a decrease in retail sales [1] - The company is focusing on enhancing brand strength and product quality despite facing retail environment pressures, resulting in a gross margin of 56% for 2024, an increase of 1.4 percentage points year-on-year [2] - The company is actively closing inefficient stores to improve operational quality and profitability, with a total of 3,373 offline stores at the end of 2024, having closed 358 stores during the year [3] - The company is restructuring its channels and enhancing online and offline integration, aiming to build a comprehensive retail network and improve retail operational efficiency [4] Financial Performance Summary - The company's revenue for 2024 was 6.8 billion CNY, with a year-on-year growth rate of -12.7% [13] - The net profit attributable to the parent company for 2024 was 258.46 million CNY, reflecting a year-on-year decrease of 38.75% [13] - The company’s gross margin for 2024 was 56%, with a projected gross margin of 56% for the following years [14] - The company’s total assets at the end of 2024 were 8.42 billion CNY, with a debt-to-asset ratio of 46.44% [14] Brand Strategy - The company plans to upgrade its three major brands in 2025, focusing on different target demographics to enhance brand value [5][11] - The main brand, Peacebird, will target the 25-35 age group, while the LEDiN brand will focus on young urban women aged 18-28, and MiniPeace will cater to children under 14 [5][11] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 7 billion CNY, 7.3 billion CNY, and 7.7 billion CNY respectively [12] - The projected net profits for 2025-2027 are 390 million CNY, 480 million CNY, and 510 million CNY respectively, with corresponding EPS of 0.82 CNY, 1.00 CNY, and 1.08 CNY [12]