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。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）于2023年8月29日在 上海证券交易所（以下简称"上交所"）网站（http://www.sse.com.cn）披露了 《关于宁波太平鸟时尚服饰股份有限公司向特定对象发行股票申请文件的审核 问询函的回复（修订稿）（2023年半年度财务数据更新版）》及《宁波太平鸟时尚 服饰股份有限公司2023年度向特定对象发行股票募集说明书（修订稿）（2023年 半年度财务数据更新版）》等相关文件。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2024-025 | | --- | --- | --- | | 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 关于向特定对象发行股票审核问询函回复（修订稿） 及募集说明书（修订稿）等申请文件更新的提示性公告 特此公告。 宁波太平鸟时尚服饰股份有限公司董事会 2024 年 4 月 3 日 因公司于2024年3月22日披露了《2023年年度报告》，公 ...

中信建投证券股份有限公司 关于 宁波太平鸟时尚服饰股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人 二〇二四年四月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人赵彬彬、闫明庆已根据《中 华人民共和国公司法》《中华人民共和国证券法》等法律、法规和中国证监会及 上海证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规 则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-2-1 | 释 义 4 | | --- | | 一、发行人基本情况 5 | | （一）发行人概况 5 | | （二）发行人主营业务 5 | | （三）发行人主要经营和财务数据及指标 6 | | （四）发行人存在的主要风险 7 | | 二、发行人本次发行情况 11 | | （一）本次发行股票的种类和面值 11 | | （二）发行方式及发行时间 11 | | （三）发行对象及认购方式 12 | | （四）定价基准日、发行价格及定价原则 12 | | （五）发行数量 13 | | （六）限售期 13 | | （七）募集资金规模及用途 13 | | （八）上市地点 13 ...

宁波太平鸟时尚服饰股份有限公司 关于宁波太平鸟时尚服饰股份有限公司 向特定对象发行股票 申请文件的审核问询函的回复（修订稿） 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二四年四月 上海证券交易所： 贵所于 2023 年 7 月 6 日出具的《关于宁波太平鸟时尚服饰股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2023〕454 号） （以下简称"审核问询函"）已收悉。宁波太平鸟时尚服饰股份有限公司（以下 简称"太平鸟"、"发行人"、"公司"）与中信建投证券股份有限公司（以下 简称"保荐机构"）、上海市锦天城律师事务所（以下简称"发行人律师"、"律 师"）、立信会计师事务所（特殊普通合伙）（以下简称"申报会计师"、"会计 师"）等相关方对审核问询函所列问题进行了逐项核查，现回复如下，请予审核。 本问询函回复中简称与《宁波太平鸟时尚服饰股份有限公司 2023 年度向特 定对象发行股票募集说明书（修订稿）》中简称具有相同含义，其中涉及募集说 明书的修改及补充披露部分，已用楷体加粗予以标明。 本问询函回复中若出现合计数值与各分项数值之和尾数不符的情况，均为四 舍 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [27]. Core Views - The company has shown improvement in operational quality post-reform, with expectations for gradual recovery in terminal retail [1]. - The company has implemented significant organizational changes and cost control measures, leading to enhanced profitability despite revenue pressures in 2023 [4]. - The company is anticipated to benefit from a recovery in consumer demand and improved brand synergy in 2024, further enhancing profitability [22]. Financial Performance Summary - The total share capital is 474 million shares, with a market price of 16.07 yuan, resulting in a market capitalization of 7,615 million yuan [2]. - For the fiscal year 2023, the company reported revenues of 7,792 million yuan, a decrease of 9% year-on-year, while net profit increased by 127% to 422 million yuan [20]. - The company’s gross margin improved significantly, with an overall gross margin of 54.13% for 2023, reflecting a year-on-year increase of 5.91 percentage points [22]. - The company’s net profit for 2024 is projected to be 564 million yuan, with a year-on-year growth of 34% [20]. Brand and Channel Performance - The women's clothing segment saw a revenue decline of 12.01%, while men's clothing increased by 4.16% [2]. - Online sales faced challenges, with a 23.39% decrease in revenue, while offline direct sales improved with a 7.92 percentage point increase in gross margin [11][21]. - The company closed 252 underperforming stores, resulting in a total of 1,175 direct stores, which contributed to improved store efficiency [11]. Inventory and Cash Flow Management - The company reported a significant reduction in inventory, with a year-on-year decrease of 27.8%, leading to healthier inventory turnover [23]. - Operating cash flow for 2023 was 1,276 million yuan, with a focus on maintaining a low inventory level and efficient cash management [24].

Investment Rating - The report maintains a "Buy" rating for the company [6][23]. Core Insights - In the short term, the company is expected to continue profit elasticity due to store expansion and improved profitability in direct channels. In the long term, despite a potential slowdown in revenue growth due to cost control and discount management, the quality of operations and profit elasticity will significantly improve. The company is transitioning from profit elasticity driven by high retail growth to a more sustainable and robust internal capability-driven profit elasticity. The projected net profit attributable to the parent company for 2024-2026 is 550 million, 640 million, and 730 million, with corresponding PE ratios of 14, 12, and 10 times [6][22]. Financial Performance Summary - In 2023, the company achieved revenue of 7.79 billion, net profit attributable to the parent company of 420 million, and net profit excluding non-recurring items of 290 million, with year-on-year changes of -9.4%, +127.1%, and a turnaround of 316 million respectively. In Q4 alone, revenue was 2.57 billion, net profit was 210 million, and net profit excluding non-recurring items was 150 million, with year-on-year changes of +8.0%, +538%, and a turnaround of 184 million [4][6]. Channel Performance - The women's clothing segment continues to show weak performance under ongoing adjustments, while direct sales gross margin has significantly improved. In Q4, revenue from direct sales, franchises, and online channels saw year-on-year declines of -33.5%, +0.1%, and -37.7% respectively, with gross margins changing by +6.5, -3.9, and -4.0 percentage points year-on-year. The direct sales channel experienced a significant improvement in gross margin despite a large revenue decline due to optimized product structure and strong discount management [5][21]. Cost Management and Asset Quality - The report highlights that cost optimization and improved asset quality have driven performance elasticity. By the end of 2023, inventory was 1.51 billion, down 29% year-on-year, primarily due to enhanced management of product supply and demand. The current inventory scale and structure are healthy, with only 3% of inventory being over two years old [22][21].

Investment Rating - The investment rating for the company is "Buy" with a current price of 16.82 CNY and a fair value of 18.66 CNY [2][13]. Core Views - The report highlights that the company's operating conditions are improving, and the major shareholder's full participation in the capital increase demonstrates confidence in the company's future [3][13]. - The company is expected to see significant rebounds in revenue and net profit in 2024, driven by organizational reforms and a focus on enhancing brand image and core product lines [8][13]. Financial Performance - In 2023, the company reported revenue of 7.792 billion CNY, a year-on-year decrease of 9.41%, while net profit attributable to shareholders was 422 million CNY, a year-on-year increase of 127.06% [5][13]. - The fourth quarter of 2023 saw a year-on-year increase in revenue and net profit of 8.01% and 538.15%, respectively [13]. - The company plans to distribute a cash dividend of 6 CNY for every 10 shares [13]. Store and Channel Strategy - The total number of stores decreased by 940 to 3,731 in 2023, as the company shifted its strategy to focus on store quality and profitability rather than sheer growth [6][13]. - The company aims to enhance the brand image and improve store efficiency, with a significant reduction in underperforming stores [6][13]. Future Projections - Revenue from the franchise business is projected to grow from 2.621 billion CNY in 2024 to 3.184 billion CNY by 2026, with expected growth rates of 11.1%, 10.5%, and 10.0% respectively [10][23]. - The company anticipates a net profit of 5.89 billion CNY in 2024, with a compound annual growth rate of 39.7% from 2023 to 2024 [23][13]. Profitability Metrics - The gross profit margin for 2023 was 54.13%, an increase of 5.91 percentage points year-on-year, while the operating cash flow increased by 220.01% to 1.276 billion CNY [13][21]. - The report forecasts earnings per share (EPS) of 1.24 CNY, 1.43 CNY, and 1.73 CNY for 2024, 2025, and 2026, respectively [23][13].

F源证券 公 司 研 究 2023 年经营质量提升，看好 2024 年零售恢复增长 2023 年公司实现营收 77.92 亿元（同比-9.4%），归母/扣非净利润 4.2 亿元（同比 +128.4%）/2.9 亿元（同比增加 3.16 亿元），主要系零售折扣改善带动毛利率提 升叠加降本控费效果显著所致。由于闭店较深且女装&乐町处于调整阶段，2024 年初至今零售恢复缓慢，我们下调 2024-2025 年并新增 2026 年盈利预测，预计 2024-2026 年归母净利润 5.6/6.6/7.5 亿元（此前 2024-2025 年为 6.6/7.6 亿元），对 应 EPS 分别为 1.2/1.4/1.6 元，当前股价对应 PE 为 14.3/12.1/10.6 倍，考虑到公司 经营质量提升，看好 2024 年零售稳步恢复增长，维持"买入"评级。 品牌端：男装收入稳中有升，其他品牌闭店下收入短期承压 2023 年 女 装 / 男 装 / 乐 町 / 童 装 实 现 营 收 28.8/30.4/7.6/9.6 亿 元 ， 同 比 -12.0%/+4.2%/-24.5%/-12.5%，男装稳中有升，其他品牌闭店下收入 ...

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].