证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------------------|------------------------|-------------|------------------------------------------------------------------|----------------------|--------------------------------|----------------------------------------------|------------|----------------------| | [ ...

2024 年 05 月 05 日 牧高笛 (603908) 证 券 研 究 报 告 ——24Q1 代工业务企稳回升，维持高分红比例 | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 03 月 31 日 | | 每股净资产（元） | 9 | | | | | 资产负债率 % | 54.13 | | 总股本/流通 A 股（百万） | 67/67 | | 流通 B 股 /H 股（百万） | -/- | 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 -60% -40% -20% 0% 20% 牧高笛 沪深300指数 （收益率） 《牧高笛（603908）点评：23Q3 自主品 牌业务延续健康增长，代工业务仍承压》 2023/11/01 《牧高笛（603908）点评：23Q2 利润端 降幅收窄，车企联动创造新增长点》 2023/08/30 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ ...

牧高笛（603908.SH） 2023 年收入同比+1%/归母净利润同比-24%。1）2023 年公司收入为 14.6 亿元，同比+1%， 归母净利润为 1.1 亿元，同比-24%，扣非归母净利润为 1.0 亿元，同比-25%，我们判断归母 净利润下滑主要系代工出口业务规模下降所致。盈利质量方面：毛利率同比基本持平为 28.3%， 销售费用率同比+1.8pct 至 8.6%（主要系自有品牌业务拓展所需），管理费用率同比+0.6pct 至 6.6%；财务费用率同比+0.3pct 至 0.4%（主要汇兑收益同比减少）；净利率同比-2.5pct 至 7.3%。2）单季度来看，2023Q4 公司收入为 3.0 亿元，同比+8%，归母净利润为略有亏损。 2023Q4 公司毛利率同比-2.6pct 至 28.4%，销售/管理/财务费用率同比分别-1.9/+1.3pct/同比 持平至 11.7%/9.6%/1.5%，净利率同比-4.8pct 至-1.1%。3）2023 年度公司拟现金分红每股 1.2 元（含税），年度合计现金分红总额约 0.8 亿元，占当期归母净利润的 75%，以 2024/4/29 收盘价计算的股息率为 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 106,796,937.49 in 2023, a decrease of 24.05% compared to RMB 140,622,935.57 in 2022[5]. - Total revenue for 2023 was RMB 1,455,869,412.68, reflecting a year-on-year increase of 1.40% from RMB 1,435,830,775.55 in 2022[22]. - Basic earnings per share decreased to RMB 1.61 in 2023 from RMB 2.11 in 2022, a decline of 23.7%[23]. - The weighted average return on equity fell to 19.70% in 2023, down 8.27 percentage points from 27.97% in 2022[23]. - The company's total assets decreased by 6.63% to RMB 1,252,160,215.50 at the end of 2023, compared to RMB 1,341,137,932.05 at the end of 2022[22]. - The net profit for 2023 was 107 million RMB, representing a year-on-year decrease of 24.05%[30]. - The gross profit margin for outdoor products was 28.37%, with a year-on-year increase of 0.30 percentage points[61]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 12 per 10 shares, totaling RMB 80,028,000.00, which represents 74.93% of the net profit for the year[5]. - The company intends to increase its share capital by 4 shares for every 10 shares held, resulting in a new total of 93,366,000 shares[5]. - The total cash dividend amount for 2023 is projected to be RMB 80,028,000, which is 74.93% of the net profit attributable to ordinary shareholders[151]. - The company implemented a cash dividend policy, distributing a cash dividend of RMB 12 per 10 shares, totaling RMB 79,735,440, which represents 56.70% of the net profit attributable to shareholders in 2022[147]. Revenue Breakdown - The company's proprietary brand business generated revenue of 926 million RMB, up 31.25% year-on-year[30]. - The OEM/ODM business reported revenue of 529 million RMB, down 26.15% year-on-year[30]. - Revenue from the tent and equipment segment was ¥1,334,257,457.12, with a gross margin of 27.86%[62]. - Domestic revenue was ¥938,073,141.66, showing a 24.92% increase year-on-year, while international revenue decreased by 22.95%[62]. - Outdoor products self-branded business revenue increased by 41.63% to ¥657.03 million, representing 63.04% of total revenue, driven by growth in self-branded sales[65]. Operational Efficiency - Cash flow from operating activities increased significantly to RMB 278,639,823.35 in 2023, compared to RMB 1,186,821.20 in 2022[22]. - The net cash flow from operating activities surged to ¥278,639,823.35, a significant increase from ¥1,186,821.20 in the previous year[59]. - The company completed the implementation of the SAP-ERP system, improving operational efficiency and international management capabilities[40]. - The newly established smart assembly and warehousing center has improved storage efficiency while reducing labor and rental costs[41]. Market Expansion and Product Development - The company is actively expanding its online sales channels, including partnerships with platforms like Tmall and JD, while also exploring social e-commerce platforms[51]. - The company launched a new outdoor hiking product line, including the "Cold Mountain" tent, tailored for Chinese terrain and climate[30]. - The company aims to enhance product innovation by focusing on design and technology, ensuring products empower daily life scenarios[104]. - The strategic plan includes building brand momentum around high-altitude climbing and long-distance hiking products, leveraging authentic brand stories[104]. - Future channel development will focus on fine-tuning potential channels and exploring new retail formats to increase user engagement[105]. Risk Management and Governance - The company has established a comprehensive risk management framework to address potential internal management challenges[110]. - The company has implemented a new governance structure to ensure compliance with legal regulations and protect shareholder rights[112]. - The company is focusing on foreign exchange hedging activities to mitigate financial risks[118]. - The company has not faced any rejected proposals during the recent shareholder meetings, indicating strong governance support[118]. Environmental and Social Responsibility - The company invested 634,300 RMB in environmental protection during the reporting period[161]. - The company successfully reduced carbon emissions by 476 tons through measures such as using clean energy and upgrading equipment[164]. - The company achieved 100% green electricity usage through solar power and purchased green electricity, significantly lowering carbon emissions[163]. - Total donations for public welfare projects amounted to 21,200 RMB, benefiting 50 individuals[166]. Employee and Management Structure - The total number of employees in the parent company is 24, while the main subsidiaries employ 2,629, resulting in a total of 2,653 employees[143]. - The company emphasizes employee training and has established a mechanism for training and re-education, focusing on new employee onboarding and management enhancement[145]. - The company has a structured remuneration management system that aligns with the positions held by directors and senior management[133]. - The company has confirmed the appointment of senior management personnel in its recent meetings[141]. Financial Management and Investments - The company reported a total guarantee amount of 136,898,992.52 RMB, which accounts for 24.36% of its net assets[187]. - The company has invested 12,000,000 RMB in bank wealth management products, with an outstanding balance of 7,900,000 RMB[189]. - The cumulative investment of raised funds reached 22,814.53 million RMB, with a utilization progress of 69.04%[196]. - The company has a total of 4,400 million RMB in entrusted financial management products scheduled for termination on September 27, 2024[193].

2024 年第一季度报告 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 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期增减 | | --- | --- | --- | | | | 变动幅度(%) | | 营业收入 | 356,001,355.91 | 3.75 | | 归属于上市公司股东的净利润 | 31,558,117.02 | 9.28 | | 归属于上市公司股东的扣除非经常 | 29,955,818.61 | 16.87 | | 性损益的净利润 ...

牧高笛户外用品股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日 发布公司 2023 年度报告及 2024 年第一季度报告，为便于广大投资者更全面深 入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 05 月 21 日 上午 10:00-11:00 举行 2023 年度暨 2024 年第一季度业绩说明会，就投资者关心 的问题进行交流。 一、说明会类型 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个别及连带责任。 重要内容提示： 本次投资者说明会以网络互动形式召开，公司将针对2023年度及2024年一 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一） 会议召开时间：2024 年 05 月 21 日 上午 10:00-11:00 （二） 会议召开地点：上证路演中心 证券代码：603908 证券简称：牧高笛 公告编号：2024-017 牧高笛户外用品股份有限公司 关于召开 2023 年度暨 20 ...

证券代码：603908 证券简称：牧高笛 公告编号：2024-016 牧高笛户外用品股份有限公司 关于2024年第一季度主要经营数据的公告 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个别及连带责任。 牧高笛户外用品股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十二号-服装》的相关规定，现将公司品牌运营业务 2024年第一季度主要经营数据（未经审计）公告如下： 备注：大牧：牧高笛 MOBI GARDEN，指公司户外露营装备品牌。 小牧：牧高笛鹿标 MOBI GARDEN URBAN，指公司户外鞋服品牌。 二、 报告期主营业务经营情况 报告期内，公司实现主营业务收入 35,586.69 万元，同比增长 3.86%；其中： OEM/ODM 业务实现营业收入 21,500.85 万元，同比增长 14.03%；自主品牌业务 实现营业收入 14,085.84 万元，同比下降 8.58%。品牌业务具体情况如下： （一）报告期内直营店和加盟店的盈利情况 | | | | | 主营业务 | 主营业务 | 毛利率 | | ...

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------------------------------------------------|------------------------------|----------------------|------------------------|-------------------|----------------------------------------------------------------------------|---------------------------|----------------------------------------------|----------------|----------------------------| | | [Table_Title] 牧高笛 (603908) | | | | | [Table_ ...

牧高笛户外用品股份有限公司 关于使用部分暂时闲置募集资金购买理财产品到期赎回的公告 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个别及连带责任。 证券代码：603908 证券简称：牧高笛 公告编号：2024-002 牧高笛户外用品股份有限公司董事会 2024 年 4 月 23 日 近日，公司到期赎回上述理财产品，收回本金 4,400 万元，获得理财收益 59.68 万元，与预期收益不存在重大差异。 二、截至本公告日，公司前十二个月使用闲置募集资金理财的情况 单位：万元 | 序号 | 理财产品类型 实际投入金额 | | 实际收回本金 | 实际收 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | | | | | 益 | 本金金额 | | 1 | 银行理财产品 | 6,000 | 6,000 | 178.03 | - | | 2 | 银行理财产品 | 6,000 | 6,000 | 9.60 | - | | 3 | 银行理财产品 | 4,000 | 4,000 | 27.12 | - | | ...

证券代码：603908 证券简称：牧高笛 公告编号：2024-001 牧高笛户外用品股份有限公司 关于使用部分暂时闲置募集资金购买理财产品到期赎回的公告 单位：万元 | 序号 | 理财产品类型 实际投入金额 | | 实际收回本金 | 实际收 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | | | | | 益 | 本金金额 | | 1 | 银行理财产品 | 6,000 | 6,000 | 178.03 | - | | 2 | 银行理财产品 | 3,600 | 3,600 | 55.92 | - | | 3 | 银行理财产品 | 1,800 | 1,800 | 12.21 | - | | 4 | 银行理财产品 | 6,000 | 6,000 | 9.60 | - | | 5 | 银行理财产品 | 4,000 | 4,000 | 27.12 | - | | 6 | 银行理财产品 | 3,500 | 3,500 | 45.31 | - | | 7 | 银行理财产品 | 4,400 | - | - | 4,400 | | / | 合计 | 29,300 | 24,900 ...