Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.55 CNY per share, compared to the current price of 13.63 CNY per share [5]. Core Views - The company's performance in the first half of 2024 is expected to be under pressure, with revenue projected at 3.146 billion CNY, a year-on-year decline of 12.66%, and a net profit attributable to shareholders of 171 million CNY, down 31.73% [2]. - The second quarter of 2024 shows a revenue of 1.34 billion CNY, reflecting a 12.30% decrease year-on-year, with a net profit of 12 million CNY, down 62.91% [2]. - Performance varies by brand and channel, with women's wear, men's wear, and children's wear experiencing revenue declines of 10.30%, 6.69%, and 13.98% respectively in the first half of 2024 [3]. - The gross margin decreased to 56.15%, down 2.08 percentage points from the previous year, while the expense ratio increased to 51.18%, up 2.58 percentage points [3]. - The company anticipates cautious performance in Q3 2024, but expects improvement in Q4 2024 due to potential policy changes and organizational restructuring effects [3]. - Earnings per share (EPS) forecasts for 2024-2026 are 0.97 CNY, 1.24 CNY, and 1.52 CNY respectively, with a projected price-to-earnings (P/E) ratio of 15 times for 2024 [3]. Financial Summary - Revenue for 2024 is estimated at 7.247 billion CNY, a decline of 7.0% from 2023, with a net profit of 460 million CNY, reflecting a 9.0% increase from the previous year [4]. - The company’s EBITDA is projected to be 1.292 billion CNY in 2024, with a gradual increase in subsequent years [4]. - The return on equity (ROE) is expected to rise from 9.3% in 2023 to 9.8% in 2024 [4].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-070 | | --- | --- | --- | | 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。 根据有关规定和《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 募集说明书》的约定，公司本次发行的"太平转债"自 2022 年 1 月 21 日起可转换 为本公司股份，初始转股价格为 50.32 元/股。历次转股价格调整情况如下： （一）因 2021 年年度权益分派 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-069 | | --- | --- | --- | | 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 特此公告。 宁波太平鸟时尚服饰股份有限公司董事会 2024 年 9 月 3 日 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）控股股东太平鸟集 团有限公司及其控制的宁波鹏灏投资合伙企业（有限合伙）和公司实际控制人 之一张江波先生于 2024 年 7 月 22 日分别签署了《股份转让协议书》，分别将其 持有的公司无限售流通股 23,691,300 股（占公司总股本的 5.00%）及 29,500,000 股（占公司总股本的 6.23%）转让给张江波先生。具体内容详见公 司 2024 年 7 月 23 日披露于上海证券交易所网站（www.sse.com.cn）及指定媒 体的《关于一致行动人之间内部转让股份暨权益变动的提示性公告》（公告编号： 2024-058）。 公司于近日收到相关方函告，上述股份转让事宜已完成过户登记手续，并 于 2024 年 9 月 2 日收到中国证券登记结算有限责任公司出具 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company reported a revenue of 3.15 billion yuan for the first half of 2024, a year-on-year decrease of 12.7%, with a net profit attributable to shareholders of 170 million yuan, down 31.7% year-on-year [2] - The women's clothing segment is still under adjustment pressure, while men's and children's clothing are developing steadily [3] - The self-operated channel is under pressure due to a weak retail environment, but adjustments in franchise stores are expected to lead to a rebound [4] - Inventory turnover has improved, but operating cash flow has been negatively impacted by declining profits [5] - The gross margin has improved, reflecting upward brand strength, although profit margins are temporarily under pressure due to rigid expenses [6] - Future profit forecasts indicate a potential net profit of 410 million yuan in 2024, with a growth rate of -2.4%, and an expected increase to 480 million yuan in 2025, representing a growth rate of 16.4% [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.15 billion yuan, down 12.7% year-on-year, with a net profit of 170 million yuan, a decrease of 31.7% [2] - Q2 revenue was 1.34 billion yuan, also down 12.3% year-on-year, with a net profit of 12 million yuan, down 62.9% [2] Segment Analysis - Women's clothing revenue decreased by 10.3% to 1.18 billion yuan, men's clothing down 6.7% to 1.27 billion yuan, children's clothing down 14.0% to 390 million yuan, and LEDIN down 35.2% to 250 million yuan [3] - The number of stores closed in H1 2024 included 149 self-operated stores, 487 franchise stores, and 53 LEDIN stores [4] Channel Performance - Revenue from self-operated channels decreased by 19.2% to 1.41 billion yuan, while franchise revenue decreased by 5.2% to 830 million yuan [4] - The gross margin for self-operated channels improved by 1.2 percentage points to 71.6%, while franchise channels saw a decline of 2.9 percentage points to 44.2% [4] Inventory and Cash Flow - Inventory decreased by 21% year-on-year to 1.38 billion yuan, with inventory turnover days improving by 43 days to 188 days [5] - Operating cash flow net amount decreased by 93% to 20 million yuan due to rigid expenses despite declining revenue [5] Profitability and Valuation - The gross margin in Q2 2024 was 57.4%, an increase of 1.5 percentage points, while the net profit margin decreased by 1.3 percentage points to 0.9% [6] - Future profit projections suggest a net profit of 4.1 billion yuan in 2024, with corresponding P/E ratios of 14X, 12X, and 11X for 2024, 2025, and 2026 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.4 yuan based on a 16x PE valuation for 2024 [2][4]. Core Insights - The company reported a revenue of 3.15 billion yuan for the first half of 2024, a year-on-year decline of 12.7%, and a net profit attributable to shareholders of 170 million yuan, down 31.7% year-on-year [1]. - The retail environment remains sluggish, leading to significant declines in direct sales channels, with revenue from direct, franchise, and e-commerce channels down 19.2%, 5.2%, and 8.1% respectively [1]. - The company is actively managing inventory levels, achieving a reduction in inventory turnover days to 188 days, down 44 days year-on-year, indicating improved inventory management [1]. Financial Performance Summary - For the first half of 2024, the company experienced a gross margin decline of 2.1 percentage points to 56.2% [1]. - The company’s net profit margin for the first half of 2024 was 5.4%, a decrease of 1.5 percentage points year-on-year [1]. - The forecast for earnings per share for 2024-2026 is adjusted to 0.9, 1.01, and 1.17 yuan respectively, reflecting a downward revision from previous estimates [4][5]. Business Strategy and Outlook - The company is focusing on enhancing brand strength and improving operational quality despite short-term performance pressures, with expectations for gradual improvement as retail conditions recover [1]. - The report suggests that the company's high proportion of direct sales channels may provide significant upside potential for future performance [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11]. Core Views - The company experienced a 12.7% year-on-year decline in revenue for the first half of 2024, amounting to 3.15 billion yuan, with a net profit attributable to shareholders decreasing by 31.7% to 170 million yuan [1][11]. - The company is focusing on channel optimization and has closed inefficient stores, which is expected to improve profitability in the future [1][11]. - The company aims to enhance brand image and store efficiency, adopting a strategy of "reducing floor space, expanding area, and improving efficiency" to lay the foundation for high-quality growth [1][11]. Financial Performance Summary - Revenue for 2024 is projected to be 7.147 billion yuan, down 8.3% from the previous year, with net profit expected to be 370 million yuan, a decrease of 12.2% [2][12]. - The gross margin is expected to be 53.4% in 2024, slightly down from previous estimates [9][12]. - The sales expense ratio is projected to increase to 37.0% for 2024 due to the impact of declining revenue [9][12]. Store and Channel Strategy - The company has closed 47 direct-operated stores and 146 franchise stores, focusing on improving store quality and profitability [1][11]. - The revenue from direct-operated, franchise, and online channels has decreased by 19.2%, 5.2%, and 8.1% respectively [1][11]. - The company plans to increase the proportion of e-commerce business and expand into new social retail channels while also enhancing offline presence in shopping centers and department stores [1][11]. Profitability Outlook - The company expects profitability to improve in the second half of the year as the pace of store closures slows and the benefits of organizational and product reforms are realized [11]. - The target price has been adjusted to 12.5-13.3 yuan, reflecting a decrease from the previous range of 19.3-20.4 yuan, corresponding to a PE ratio of 16-17x for 2024 [1][11].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-067 | | --- | --- | --- | | 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 关于召开 2024 年半年度业绩说明会的公告 二、说明会召开的时间、地点 （一） 会议召开时间：2024 年 9 月 19 日下午 16:00-17:00 重要内容提示： 投资者可于 2024 年 9 月 10 日(星期二)至 9 月 18 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 board@peacebird.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）已于 2024 年 8 月 20 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日下午 16:00-17:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 本公司董事会及全体董事保证本公告内容不 ...

| 1、出席会议的股东和代理人人数 | 120 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 248,331,796 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 52.4100 | | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-068 | | --- | --- | --- | | 债券简称：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2024 年 8 月 22 日 (二) 股东大会召开的地点：宁波市新晖南路 258 号太平鸟时尚中心公司会议 室 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于宁波太平鸟时尚服饰股份有限公司 2024 年第二次临时股东大会的 上海市锦天城律师事务所 关于宁波太平鸟时尚服饰股份有限公司 2024 年第二次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 致：宁波太平鸟时尚服饰股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波太平鸟时尚服饰股 份有限公司（以下简称"公司"）委托，就公司召开 2024 年第二次临时股东大 会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》 （以下简称《公司法》）、《上市公司股东大会规则》等法律、法规、规章和其 他规范性文件以及《宁波太平鸟时尚服饰股份有限公司章程》（以下简称《公司 章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会 ...

Summary of the Conference Call Company Overview - The conference call features the Chief Financial Officer and Secretary of the Board of Taiping Bird, Wang Qingling, discussing the company's semi-annual report [1] Key Points and Arguments - Wang Qingling expresses gratitude to the participants and emphasizes the importance of sharing insights regarding the semi-annual performance of Taiping Bird [1] Additional Important Content - The call serves as a platform for investors and analysts to engage with the company's financial leadership, indicating a commitment to transparency and communication [1]