牧高笛（603908.SH） 中性 第三季度收入下降 17%，品牌业务压力加大 第三季度收入下降 17%，非经项收益增加致净利润增加。公司主营业务包括 户外产品的自主品牌业务与 OEM/ODM 业务两大板块。2024 第三季度收入同比 下降 16.8%至 2.5 亿元，主要受自有品牌业务下滑，尤其是大牧品牌业务影 响。毛利率同比小幅提升 0.2 百分店至 28.3%。费用率合计增加 8.0 百分点 至 27.9%，主要系公司为提升产品力、品牌力、渠道力、运营力及组织力加 大投入，以及销售下滑刚性费用占比提升，销售/管理/研发费用率分别同比 上升 2.1/3.7/1.9 百分点至 11.5%/11.8%/3.7%。主要受费用率提升影响，剔 除非经项影响后净亏损 0.06 亿元，同比下降 151.6%；扣非归母净利率同比 -6.9 百分点至-2.6%。由于期内政府补贴、处置固定资产、以及理财产品和 远期合约等非经项收益增加，归母净利润实现同比增长 2.1%至 0.13 亿元， 净利率同比+1.0 百分点至 5.4%。库存方面，存货金额同比-5.6%至 5.3 亿元， 库存周转效率略提升，存货周转天数同比-8 天至 ...

证券代码：603908 证券简称：牧高笛 牧高笛户外用品股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------|---------------------------------------------------------| | | | | | 投资者关系活动 | √ | 现场调研 □电话会议 | | 类别 | □ | 分析师会议 □业绩说明会 | | | □ 路演活动 | □ 其他 | | 参与单位名称及 | | 广发证券 糜韩杰、国泰基金 孙雪婧 | | 人员姓名 | | | | 时间 | 2024 年 11 月 | 6 日下午 13:30-14:30 | | 地点 | 牧高笛 | | | 上市公司接待人 | | | | 员姓名 | 董事会秘书 尹温杰 | | | 投资者关系活动 | 投资者交流主要内容： | | | 主要内容介绍 | 一、公司业务介绍 | | | | | 公司核心业务包括自主原创品牌与 OEM/ODM 专业制造 | | | 两大支柱业务。 | | | | | 品牌业务以国内市场为主， ...

公司报告 | 季报点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------ ...

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 11 月 02 日 牧高笛 (603908) ——24Q3 业绩承压，短期品牌业务费用投放较大 | --- | --- | |-----------------------------|------------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 21.13 | | 一年内最高/最低（元） | 43.45/17.50 | | 市净率 | 3.4 | | 息率（分红/股价） | 5.68 | | 流通 A 股市值（百万元） | 1,973 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : | 年 09 月 30 日 | | 每股净资产（元） | 6.18 | | 资产负债率 % | 48.87 | | 总股本/ ...

核心观点 ⚫ 公司发布 24Q3 季报，前三季度实现收入 10.8 亿，同比下降 6.49%，实现归母净利 润 0.92 亿，同比下降 15.99%，其中 24Q3 收入和归母净利润分别同比增长-16.8% 和 2.1%，扣非归母净利润为-0.06 亿。 ⚫ 代工业务表现好于品牌。拆分来看，前三季度自主品牌业务实现营业收入 6.1 亿， 同比下降 8.9%；代工业务（OEM/ODM）实现营业收入 4.7 亿，同比下降 3.07%。 ⚫ 品牌业务拆分来看：1）分门店类型：前三季度小牧直营店、小牧加盟店、大牧线上 和大牧线下收入分别同比增长-26.8%、6.3%、-15.2%和-5.7%。2）分渠道：前三 季度线上和线下销售收入分别同比下降 15.7%和 4.9%。 ⚫ 盈利能力方面，24Q3 毛利率同比增长 0.2pct 至 28.3%，费用率有所增加，其中 24Q3 销售、管理和研发费用率分别同比增长 2.1、3.7 和 1.9pct。另一方面，24Q3 公司有效税率为 25.4%，同比大幅下降 11.8pct，其他收益为 0.26 亿，去年同期为 0.01 亿，以上两项增厚了当季盈利能力。 ⚫ 全新品牌形象 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024Q1-Q3 decreased by 6% YoY to RMB 1.08 billion, while net profit attributable to the parent company dropped by 16% YoY to RMB 90 million [1] - In 2024Q3, revenue fell by 17% YoY to RMB 250 million, but net profit attributable to the parent company increased by 2% YoY to RMB 10 million [2] - The company continues to invest in its own brand development, with domestic brand revenue declining by 9% YoY to RMB 611 million in 2024Q1-Q3 [3] - OEM export business revenue decreased by 3% YoY to RMB 469 million in 2024Q1-Q3, but maintained a relatively high gross margin of 27.6% [4] Financial Performance - Gross margin for 2024Q1-Q3 increased by 0.3 percentage points YoY to 28.6%, while net margin decreased by 1.0 percentage points YoY to 8.6% [1] - In 2024Q3, gross margin rose by 0.2 percentage points YoY to 28.3%, and net margin increased by 1.0 percentage points YoY to 5.4% [2] - Inventory turnover days improved by 8.0 days YoY to 196.7 days in 2024Q1-Q3 [4] - Operating cash flow for 2024Q1-Q3 was RMB 160 million, approximately 1.8 times the net profit attributable to the parent company [4] Business Segments - Domestic brand revenue in 2024Q1-Q3 was RMB 611 million, with offline sales performing better than online [3] - The company upgraded its Cold Mountain product line and developed differentiated products for various customer groups and outdoor scenarios [3] - OEM business revenue in 2024Q1-Q3 was RMB 469 million, with a gross margin of 27.6% [4] - The company's tent production capacity ranks among the top in China, with 1.74 million units produced in 2023 [4] Future Outlook - The report forecasts net profit attributable to the parent company of RMB 90 million, RMB 100 million, and RMB 114 million for 2024-2026, respectively [5] - The company's PE ratio for 2024 is estimated at 22x [5] - The report expects the company's long-term competitiveness to improve through continuous investment in brand building and product innovation [4] Financial Projections - Revenue is projected to be RMB 1.383 billion, RMB 1.517 billion, and RMB 1.679 billion for 2024-2026, respectively [6] - EPS is forecasted to be RMB 0.97, RMB 1.07, and RMB 1.22 for 2024-2026, respectively [6] - ROE is expected to be 15.6%, 17.1%, and 19.1% for 2024-2026, respectively [6]

Revenue and Profit Performance - Revenue for the third quarter was RMB 245.67 million, a decrease of 16.79% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 13.28 million, an increase of 2.06% year-on-year[2] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter was RMB -6.47 million, a decrease of 151.56% year-on-year[2] - Total revenue for the first three quarters of 2024 was RMB 1,080,303,106.61, a decrease of 6.5% compared to RMB 1,155,256,067.16 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was RMB 92,425,137.44, a decrease of 16.0% compared to RMB 110,021,354.27 in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were RMB 1.23, a decrease of 25.5% compared to RMB 1.65 in the same period of 2023[17] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1.13 billion, a decrease of 9.94% compared to the end of the previous year[4] - Equity attributable to shareholders of the listed company as of the end of the reporting period was RMB 576.63 million, an increase of 1.65% compared to the end of the previous year[4] - The total monetary funds as of September 30, 2024, are RMB 156,109,369.70, compared to RMB 167,305,986.61 as of December 31, 2023[12] - The total accounts receivable as of September 30, 2024, are RMB 153,054,568.50, compared to RMB 143,156,365.17 as of December 31, 2023[12] - The total inventory as of September 30, 2024, is RMB 528,445,907.77, compared to RMB 595,452,251.06 as of December 31, 2023[12] - The total current assets as of September 30, 2024, are RMB 910,682,974.55, compared to RMB 1,016,343,080.12 as of December 31, 2023[12] - The total non-current assets as of September 30, 2024, are RMB 217,053,664.61, compared to RMB 235,817,135.38 as of December 31, 2023[13] - The total assets as of September 30, 2024, are RMB 1,127,736,639.16, compared to RMB 1,252,160,215.50 as of December 31, 2023[13] - The total short-term borrowings as of September 30, 2024, are RMB 82,489,822.06, compared to RMB 185,230,733.73 as of December 31, 2023[13] - Total liabilities as of the end of Q3 2024 were RMB 551,103,715.85, a decrease of 19.5% compared to RMB 684,914,330.74 at the end of Q3 2023[14] - Total equity attributable to the parent company as of the end of Q3 2024 was RMB 576,632,923.31, an increase of 1.7% compared to RMB 567,245,884.76 at the end of Q3 2023[14] - Total assets as of the end of Q3 2024 were RMB 1,127,736,639.16, a decrease of 9.9% compared to RMB 1,252,160,215.50 at the end of Q3 2023[14] Cash Flow - Cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB 163.73 million, a decrease of 33.13% year-on-year, mainly due to a decline in revenue and increased payment for goods[8] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was 1,088,087,983.33, compared to 1,176,862,345.89 in the same period of 2023[19] - Net cash flow from operating activities for the first three quarters of 2024 was 163,726,444.27, down from 244,833,757.88 in the same period of 2023[19] - Cash received from tax refunds in the first three quarters of 2024 was 27,765,764.72, up from 23,824,839.31 in the same period of 2023[19] - Cash received from other operating activities in the first three quarters of 2024 was 49,601,040.38, significantly higher than 17,205,212.73 in the same period of 2023[19] - Cash paid for goods and services in the first three quarters of 2024 was 700,395,258.31, compared to 682,035,430.74 in the same period of 2023[19] - Net cash flow from investing activities for the first three quarters of 2024 was 64,901,393.90, down from 71,254,121.78 in the same period of 2023[20] - Cash received from borrowing in the first three quarters of 2024 was 445,108,208.39, compared to 723,370,122.05 in the same period of 2023[20] - Net cash flow from financing activities for the first three quarters of 2024 was -214,982,039.00, an improvement from -273,374,218.40 in the same period of 2023[20] - The net increase in cash and cash equivalents for the first three quarters of 2024 was 11,228,129.88, down from 45,267,584.39 in the same period of 2023[20] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was 148,322,702.48, compared to 150,454,722.73 in the same period of 2023[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 12,601[9] - Ningbo Damu Enterprise Management Consulting Co., Ltd. holds 47,092,574 shares, accounting for 50.44% of the total shares[9] - Zhejiang Jiatuo Investment Management Co., Ltd. holds 9,336,740 shares, accounting for 10.00% of the total shares[9] Expenses and Investments - The decrease in net profit after deducting non-recurring gains and losses was mainly due to a decline in revenue and increased investment in product, brand, channel, operational, and organizational capabilities[7] - Total operating costs for the first three quarters of 2024 were RMB 974,240,740.05, a decrease of 3.6% compared to RMB 1,010,904,149.94 in the same period of 2023[16] - R&D expenses for the first three quarters of 2024 were RMB 24,214,737.31, an increase of 34.6% compared to RMB 17,984,702.44 in the same period of 2023[16] - Sales expenses for the first three quarters of 2024 were RMB 87,150,135.32, a decrease of 3.6% compared to RMB 90,371,470.04 in the same period of 2023[16] Government Subsidies and Other Income - Government subsidies received during the reporting period amounted to RMB 25.97 million[5] - Other comprehensive income for the first three quarters of 2024 was a loss of RMB 4,880,941.25, primarily due to foreign currency translation differences[17]

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 09 月 01 日 牧高笛 (603908) ——24H1 业绩承压，期待下半年旺季品牌业务表现 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 19.50 | | 一年内最高 / 最低（元） | 45.09/18.40 | | 市净率 | 3.2 | | 息率（分红/股价） | 6.15 | | 流通 A 股市值（百万元） | 1,821 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 6.06 | | 资产负债率 % | 57.20 | | 总股本/流通 A 股（百万） | 93/93 | | 流通 B 股 ...

公司报告 | 半年报点评 品牌业务焕新升级 公司发布 2024 中期报告 24Q2 收入 4.8 亿，同减 7.4%；归母净利 0.5 亿，同减 30.2%；扣非后归母 净利 0.5 亿，同减 31.9%。24H1 收入 8.3 亿，同减 2.95%，系主营业务收入 下降；归母净利 0.8 亿，同减 18.4%；扣非后归母净利 0.8 亿，同减 18.8%。 分业务，24H1 自主品牌收入 4.1 亿，同减 3.78%，占比 49.2%；OEM/ODM 业务实收入 4.2 亿，同减 2.06%，占 50.7%。 24H1 毛利率 28.7%，同增 0.3pct；费用率方面，销售费率 7.1%，同减 0.2pct， 系本期自主品牌业务提升精准投放而优化费用所致；管理费率 6.9%，同增 1.8pct，系本期品牌、运营、组织等升级而增加人工成本、人力资源费等； 财务费率-0.3%，同减 0.2pct；研发费率 1.8%，同增 0.4pct；24H1 净利率 9.5%，同减 1.8pct。 品牌焕新升级，专业露营与徒步登山装备与服装全品类覆盖 24H1 公司"向野而生"全新品牌形象惊艳亮相，引领着中国露营和徒步登 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 30 日 [Table_Title] Q2 汇兑收益高基数及费用提升导致利润承压 [Table_Title2] 牧高笛(603908) | --- | --- | --- | --- | |---------------------------|-------|---------------------------|------------| | | | | | | 评级： [Table_DataInfo] | 增持 | 股票代码： | 603908 | | 上次评级： 买入 | | 52 周最高价 / 最低 价： | 45.09/18.4 | | | | 目标价格： 总市值(亿 ) | 18.21 | | 最新收盘价： | 19.5 | 自由流通市值(亿 ) | 18.21 | | | | 自由流通股数 (百万) | 93.37 | [Table_Summary] 事件概述 2024H1 收入/归母净利/扣非归母净利/经营性现金流分别为 8.35/0.79/0.77/0.82 亿元、同 比下降 2.95%/18.41%/18.76 ...