公司报告 | 年报点评报告 公司报告 | 年报点评报告 品牌端，1) 升级终端形象：首家新一代太平鸟旗舰店即将正式亮相，推动 店务形象全面升级；2) 拉通风格系列：男女风格系列及视觉形象拉通，乐 町和童装风格升级；3) 引爆品牌张力：重点铺排 S 级整合营销战役与全新 VI 视觉营销。 调整盈利预测，维持"买入"评级 请务必阅读正文之后的信息披露和免责申明 1 展望 2024 年，公司将坚持"高质量发展"经营方针，持续强化以消费者为 中心的经营理念，深化业务变革。 零售端，公司计划持续优化渠道结构，提升运营效率，实现业务高质量增 长：1) 直营聚焦核心城市：聚焦核心城市，深耕核心区域发展，运营能力 持续提升；2) 拓展规模型加盟商：加速拓展提质增效，优化加盟开闭店标 准和流程；3) 电商夯实江湖地位：多平台协同发展，加大布局垂类店铺。 公司多品牌组合有效覆盖中国年轻时尚消费群体，聚焦打造高顾客口碑， 增强品牌粘性，不断满足年轻消费者对时尚的需求。23 年，公司强化太平 鸟品牌的统一化管理，严格管控新品折扣，规范老品消化渠道，主动优化 调整低效门店，根据公司 23 年业绩，我们调整盈利预测，预计公司 24-26 ...

证券研究报告 | 2024年03月23日 2023 年收入下降 9%，严控零售折扣+费用管控推动净利率提升。公司是国内 中高端快时尚服装集团。2023 年收入同比下降 9.4%至 77.9 亿元，归母净利 润增长 128.4%至 4.2 亿元。分渠道看，直营/加盟/电商收入分别下降 4%/1%/23%，女装、乐町和童装品牌均有双位数以上下降，男装小幅增长。 公司收入下降主要由于期内优化渠道效益、大量关闭门店，全年直营/加盟 净关店 255/688 家，净关 18%/21%，实际上平均店效稳步提升。与此同时， 公司为改善渠道盈利水平、提升品牌形象，在库存较健康前提下大幅收窄零 售折率，全年毛利率同比增加 5.9 百分点至 54.1%。费用方面，公司通过组 织和人员调整优化经营费用，2023 年经营费用减少约 10%，费用率小幅下降， 同时政府补助有所减少。2023 年归母净利率提升 3.3 百分点至 5.4%。2023 年公司每股派发现金红利 0.6 元，现金分红比例 66.9%。 2023 第四季度低基数上收入增长 8%。第四季度收入在低基数上同比增长 8%， 女装和男装品牌均双位数增长，净利润在折扣收窄、费 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 20.32 CNY, down from a previous forecast of 25.60 CNY, while the current price is 16.82 CNY [14][25]. Core Views - The report highlights that the company's operational quality continues to improve, and organizational changes are gradually showing results. The company experienced a significant increase in net profit attributable to shareholders, up 127% year-on-year in 2023, driven by a reduction in retail discounts and ongoing cost control measures. The earnings elasticity for 2024 is expected to remain strong [14][25]. Summary by Sections Company Overview - The company is a retail-oriented multi-brand fashion apparel company that implements a gradient brand development strategy, targeting differentiated market segments. It emphasizes product research and design, integrating current fashion trends into its offerings, and employs a sales model that combines direct sales and franchising [3]. Financial Performance - In 2023, the company's revenue decreased by 9.4%, but net profit increased by 127%, indicating a turnaround. The report notes that the company has improved its channel management quality and profitability significantly [25][22]. - The financial forecast for 2024 estimates total revenue of 8,608 million CNY, with a projected net profit of 603 million CNY, reflecting a growth rate of 42.8% [22]. Market Position - The company is positioned as a leader in the mass apparel industry, with a stable market position and good earnings elasticity. The report compares it with peers like Semir and Hailan Home, suggesting a higher-than-average PE ratio of 16 for 2024, which supports the target price of 20.32 CNY [25][22]. Operational Metrics - The report indicates that the company has successfully reduced inventory levels, with year-end inventory down 29% year-on-year, and anticipates a return to positive growth in offline store numbers in 2024 [25][22]. Profitability Indicators - The report projects improvements in profitability metrics, with EBIT margin expected to rise to 10.1% in 2024 and net profit margin to 7.0% [22]. Valuation Metrics - The company is valued at a market capitalization of 7,970 million CNY, with a PE ratio of 18.89 for 2023, expected to decrease to 13.23 in 2024 [15][22]. Stock Performance - The stock has shown a price range of 14.27 to 27.39 CNY over the past 52 weeks, with a current price of 16.82 CNY [15]. Future Outlook - The report anticipates that the company's performance will continue to grow rapidly, supported by ongoing improvements in operational efficiency and market conditions [25][22].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company, Taiping Bird, reported its 2023 performance, which met expectations with a revenue decline of 9.4% to 7.79 billion yuan and a net profit increase of 127.1% to 422 million yuan [2][13] - The company plans to focus on "high-quality development" in 2024, emphasizing brand image upgrades, product core competitiveness, retail operation quality, and a robust supply chain [2] - Despite a weak retail environment, the company is optimistic about future growth due to strategic adjustments and improvements in profitability [2] Summary by Sections Financial Performance - In Q4 2023, revenue was 2.57 billion yuan, up 8% year-on-year, with a net profit of 210 million yuan, a 558% increase [2] - The company declared a dividend of 0.6 yuan per share, with a payout ratio of 67%, significantly up from 38% in 2022 [2] Brand Performance - Men's clothing showed better performance, while women's clothing revenue fell by 12% to 2.88 billion yuan, despite a gross margin increase of 7.5 percentage points to 56.7% [2] - The company closed 423 stores, resulting in a total of 1,458 stores, a 22% reduction [2] Channel Analysis - Direct sales channel revenue decreased by 4.3% to 3.27 billion yuan, while the average revenue per store increased by 19% to 2.64 million yuan [2] - Online sales fell by 23% to 2.09 billion yuan, with a gross margin increase of 1.9 percentage points to 44.3% [2] Profitability and Inventory Management - The gross margin improved by 5.9 percentage points to 54.1%, and the net profit margin increased by 3.3 percentage points to 5.4% [2][23] - Inventory decreased by 29% to 1.51 billion yuan, with a significant improvement in cash flow, which rose by 220% to 1.28 billion yuan [2] Future Outlook - The company expects net profits of 570 million yuan, 670 million yuan, and 750 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14, 12, and 11 [2][19]

2024 年 3 月 22 日 ——太平鸟（603877.SH）2023 年年报点评 太平鸟（603877.SH） 3）经营净现金流 23 年为 12.76 亿元、同比增加 220.01%，主要系 23 年存货采 购及支付的日常费用等同比减少。 23 年为公司组织变革元年，公司持续深化改革，强化品牌力、产品力，虽然收 入同比仍有所下滑，但业绩端已现明显改善，折扣控制、费用和存货等方面的管 理成效显现。其中，太平鸟品牌严控新品折扣，规范老品消化渠道，主动优化调 整低效门店，产品方面注重提升产品品质，使用高质价比、高舒适度的材料，男 女品质线占比提升至 70%。 风险提示：国内消费持续疲软；店铺拓展不及预期；线上竞争加剧、流量成本提 升致增长不及预期或者盈利能力受损；库存积压；控费不及预期。 财务报表与盈利预测 23 年经营质量明显提升，24 年期待终端零售逐步恢复 敬请参阅最后一页特别声明 -1- 证券研究报告 2）应收账款 23 年末同比减少 8.22%至 4.86 亿元，应收账款周转天数为 23 天、 同比减少 1 天。 23 年产品、渠道等多维度进行变革，经营质量明显改善 考虑终端需求存不确定性，我们下调 ...

邮箱：gsresearch@gszq.com 地址：南昌市红谷滩新区凤凰中大道 1115 号北京银行大厦 邮编：330038 传真：0791-86281485 短期流水仍有波动，期待渠道规模回归增长 2024 年 03 月 22 日 投资评级说明 国盛证券研究所 地址：北京市东城区永定门西滨河路 8 号院 7 楼中海地产 广场东塔 7 层 邮编：100077 太平鸟（603877.SH） | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 8,602 | 7,792 | 8,364 | 9,267 | 10,181 | | 增长率 yoy （ % ） | -21.2 | -9.4 | 7.3 | 10.8 | 9.9 | | 归母净利润（百万元） | 186 | 422 | 594 | 688 | 774 | | 增长率 ...

Financial Performance - The company's operating revenue for 2023 was CNY 7,792,124,340.26, a decrease of 9.41% compared to CNY 8,601,638,095.28 in 2022[20] - The net profit attributable to shareholders for 2023 was CNY 421,942,182.32, representing a significant increase of 127.06% from CNY 185,825,468.44 in 2022[20] - The net cash flow from operating activities reached CNY 1,276,292,512.72, an increase of 220.01% compared to CNY 398,823,008.25 in 2022[20] - The total assets as of the end of 2023 were CNY 8,083,289,181.07, a decrease of 5.53% from CNY 8,556,750,440.27 at the end of 2022[20] - The company's net assets attributable to shareholders increased by 8.98% to CNY 4,520,870,266.81 at the end of 2023, up from CNY 4,148,444,373.72 in 2022[20] - Basic earnings per share for 2023 were CNY 0.90, a 130.77% increase from CNY 0.39 in 2022[22] - The weighted average return on net assets increased by 5.30 percentage points to 9.74% in 2023, compared to 4.44% in 2022[22] - The net profit after deducting non-recurring gains and losses was CNY 288,783,185.42, a significant recovery from a loss of CNY 25,736,096.33 in 2022[20] Revenue Breakdown - The revenue from direct sales was 3.27 billion yuan, accounting for 42% of total revenue, while franchise sales contributed 2.36 billion yuan (31%) and online sales contributed 2.09 billion yuan (27%)[54] - The revenue from online sales in 2023 is CNY 2,092,910,033.85, accounting for 27.09% of total revenue, down from 32.03% in 2022[123] - The revenue from offline sales is CNY 5,631,506,970.98, which represents 72.91% of total revenue, with a gross profit margin of 58.33%[124] - The revenue from the East China region was ¥2,435,691,272.33, down 26.30% year-on-year, with a gross margin of 47.75%[90] Inventory and Cost Management - The company's inventory of goods decreased by 610 million yuan year-on-year, with a reduction rate of 27.8%, resulting in a total inventory value of 1.59 billion yuan at the end of the reporting period[47] - The total cost of procurement and commissioned processing for apparel operations was CNY 3,512,757,647.45, accounting for 99.16% of total costs, a decrease of 19.72% compared to the same period last year[92] - The inventory decreased by 29.00% to CNY 1,508,629,408.67, mainly due to reduced purchases of goods during the period[109] - Operating costs decreased by 19.74% to ¥3,574,472,049.17 from ¥4,453,679,356.94, primarily due to a reduction in retail discounts[81] Market and Consumer Trends - The overall market environment is shifting towards a focus on quality and experience, with consumers increasingly valuing product quality and functionality over brand image[59] - The retail sales of clothing, shoes, and textiles in China increased by 12.9% year-on-year, indicating a resilient industry growth supported by macroeconomic policies[58] - The company is focusing on enhancing the shopping experience for young consumers through both online and offline channels, including social retail platforms[79] Strategic Initiatives - The company plans to continue expanding its brand matrix and product lines to cater to diverse consumer needs[31] - The company aims to become the preferred fashion brand for Chinese youth, focusing on a multi-brand strategy to cater to diverse consumer segments[74] - The company is committed to a data-driven product development model, utilizing big data and AI to better understand consumer needs and market trends[68] - The company has implemented a rapid and flexible production supply model, enhancing efficiency through close collaboration with suppliers and a new SCM management system[70] Governance and Compliance - The company has maintained a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring clear responsibilities and coordination among the board, supervisory committee, and management[154] - The company has not reported any significant differences in governance practices compared to regulatory requirements, indicating compliance with relevant laws and regulations[156] - The company has adhered to the information disclosure obligations as per the relevant regulations throughout the reporting period[155] Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 9,123, with 2,723 in the parent company and 6,400 in subsidiaries[187] - The professional composition includes 7,350 sales personnel, 623 technical staff, 160 financial staff, 322 administrative staff, 206 logistics and warehousing staff, and 462 production staff[188] - The company has established a salary management system to link employee compensation with company performance and individual contributions[192] Future Outlook - The company has set a revenue guidance of 1.8 billion RMB for the next fiscal year, projecting a growth rate of 20%[170] - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on sustainable fashion lines[169] - The company plans to implement a "high-quality development" strategy in 2024, focusing on consumer-centric operations and business transformation[144]

关于太平鸟时尚服饰股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：宁波太平鸟时尚服饰股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：0574-56706588 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS I 关于宁波太平鸟时尚服饰股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZF10135 号 宁波太平鸟时尚服饰股份有限公司全体股东: 我们审计了宁波太平鸟时尚服饰股份有限公司(以下简称"贵公 司")2023年度的财务报表,包括 2023年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 3 月 21 日出具了报告号为信会师报字[2024]第 ZF10134 号的 无保留意见审计报告。 贵公司管理层根据中国证券监督管理委员会《上市公司监管指引 第 8 号 - ...

宁波太平鸟时尚服饰股份有限公司 宁波太平鸟时尚服饰股份有限公司 独立董事年报工作制度 （2024 年 3 月修订） 第一章 总则 第一条 为了进一步完善宁波太平鸟时尚服饰股份有限公司（以下简称"公 司"）的治理结构，加强内部控制建设，夯实年度报告编制工作的基础，提高年 度报告信息披露质量，充分发挥独立董事在年度报告编制、披露工作中的作用， 保护全体股东特别是中小股东的合法权益，根据中国证券监督管理委员会（以下 简称"中国证监会"）发布的《上市公司独立董事管理办法》等规章、规范性文 件和《公司章程》《独立董事工作制度》等规定，结合公司实际情况，特制定本 制度。 第二条 独立董事应当切实履行忠实、勤勉义务，履行在公司年度报告（以 下简称"年报"）编制和披露期间所应当履行的各项职责，并认真编制《独立董 事年度述职报告》。 第三条 在公司年报编制期间，公司各职能部门、子公司和相关人员应当为 独立董事行使职权提供必要的工作条件，不得限制或阻碍独立董事了解公司经营 运作情况。 第四条 在公司年报编制期间，独立董事负有保密义务。在公司年报公布前， 不得以任何形式向外界泄漏年度报告的内容。 第二章 具体规定 第五条 在年报工 ...

宁波太平鸟时尚服饰股份有限公司 2023年度独立董事述职报告 本人郁炯彦，作为宁波太平鸟时尚服饰股份有限公司（以下简称"公司"） 的独立董事，在2023年度任期内依照《公司法》《证券法》《上市公司独立董事 管理办法》《上市公司治理准则》等法律、法规及《公司章程》的规定及要求， 勤勉尽责、切实履行独立董事职责，充分发挥独立董事作用，行使独立董事权利， 关心公司发展状况，参与公司重大事项的决策，有效维护了公司整体利益和全体 股东利益，特别是中小投资者的合法权益，现将2023年度履行职责的情况报告如 下： 一、独立董事基本情况 独立董事郁炯彦，男，1956年出生，中国国籍，无境外永久居留权，复旦大 学EMBA，高级经济师。现任公司独立董事，宁波开发投资集团有限公司外部董事。 历任中国工商银行宁波分行副行长、行长，中国工商银行浙江省分行副行长，中 国工商银行内审局昆明分局局长等职务。 报告期内，本人任职符合法律法规规定的独立性要求，未在公司担任除独立 董事以外的其他职务，与公司及公司主要股东、实际控制人不存在直接或间接利 害关系，不存在其他可能影响独立客观判断关系的情况。 二、年度履职情况 （一）2023年度出席会议 ...