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]

Investment Rating - The report maintains a "Buy" rating for the company [10][16]. Core Views - In 2023, the company achieved operating revenue of 7.792 billion yuan, a year-on-year decline of 9.41%, while the net profit attributable to the parent company was 422 million yuan, a year-on-year increase of 127.06% [10][16]. - The improvement in profit margins and a decrease in expense ratios contributed to the profit growth despite the revenue decline, with gross margin reaching 54.13%, the highest since the company went public in 2017 [10][16]. - The company is expected to see gradual recovery in retail performance in 2024, driven by brand upgrades and optimized channel structures [19]. Financial Performance Summary - In 2023, the company reported a significant increase in operating cash flow to 1.276 billion yuan, up 220.01% year-on-year, primarily due to reduced inventory purchases and daily expenses [3][10]. - The accounts receivable at the end of 2023 decreased by 8.22% to 486 million yuan, with a turnover period of 23 days, down by 1 day year-on-year [8][10]. - The company’s inventory at the end of 2023 decreased by 29.00% to 1.509 billion yuan, with inventory turnover days reduced to 183 days, reflecting improved inventory management [17]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024 is set at 536 million yuan, with an EPS of 1.13 yuan, and a P/E ratio of 15 times [10][20]. - The company anticipates a net profit of 669 million yuan in 2025 and 755 million yuan in 2026, with corresponding EPS of 1.41 yuan and 1.59 yuan [10][20]. Brand and Product Strategy - The company is focusing on brand image upgrades and plans to launch its first new-generation flagship store in 2024, emphasizing core product categories and popular items [19]. - The company aims to optimize its channel structure, focusing on core cities for direct sales and expanding franchise operations [19].

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 ...

宁波太平鸟时尚服饰股份有限公司 2023年度 募集资金存放与使用情况专项报告 的鉴证报告 宁波太平鸟时尚服饰股份有限公司全体股东: 我们接受委托,对后附的宁波太平鸟时尚服饰股份有限公司(以 下简称"太平鸟"） 2023年度募集资金存放与使用情况专项报告(以 下简称"募集资金专项报告") 执行了合理保证的鉴证业务。 一、董事会的责任 太平鸟公司董事会的责任是按照中国证券监督管理委员会《上市 公司监管指引第2号 -- 上市公司募集资金管理和使用的监管要求 (2022年修订)》(证监会公告〔2022〕15号)、《上海证券交易所 上市公司自律监管指引第1号 -- 规范运作》以及《上海证券交易所 上市公司自律监管指南第1号 -- 公告格式(2023年12月第二次修 订)》的相关规定编制募集资金专项报告。这种责任包括设计、执行 和维护与募集资金专项报告编制相关的内部控制,确保募集资金专项 报告真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏。 、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 三、工作概述 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp:/ ...

宁波太平鸟时尚服饰股份有限公司 董事会议事规则 （2024 年 3 月修订） 第一章 总则 第一条 为了保护宁波太平鸟时尚服饰股份有限公司（以下简称"公司"） 和股东的权益，规范董事的行为，建立规范化的董事会组织架构及运作程序，保 障公司经营决策高效、有序地进行，依照《中华人民共和国公司法》(以下简称 "《公司法》")等有关法律法规以及《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"）的规定，制定本规则。 第二条 本规则自生效之日起，即成为规范公司董事会的组织与行为，规范 公司董事长、董事、董事会下设的各专门委员会、董事会秘书的职权、职责、权 利与义务的具有法律约束力的文件。 第二章 董事 第三条 董事为自然人，有下列情形之一的，不得被提名担任公司的董事： （一）根据《公司法》等法律法规及其他有关规定，不得担任董事、监事、 高级管理人员的情形； （二）被中国证监会采取不得担任上市公司董事、监事、高级管理人员的市 场禁入措施，期限尚未届满； （三）被证券交易场所公开认定为不适合担任上市公司董事、监事和高级管 理人员，期限尚未届满； 宁波太平鸟时尚服饰股份有限公司 （四）法律法规、证券交易所规定的其 ...

宁波太平鸟时尚服饰股份有限公司 董事会审计委员会对 2023 年度会计师事务所 履行监督职责情况报告 根据《国有企业、上市公司选聘会计师事务所管理办法》，宁波太平鸟时尚 服饰股份有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则， 恪尽职守，认真履职。现将董事会审计委员会对 2023 年度会计师事务所履行监 督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 1、会计师事务所基本情况 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业务 许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB）注 册登记。 截至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业人员 总数 10,730 名，签署过证券服务业务审计报告的注册会计师 693 名。立信 2023 年业务收入（未经审计）46.14 ...