Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.13 CNY, expecting a market recovery in the future [1]. Core Viewpoints - The company reported a revenue of 250 million CNY in Q3 2024, a decrease of 17% year-on-year, while the net profit attributable to the parent company was 13 million CNY, an increase of 2.1% year-on-year. However, the net profit after deducting non-recurring items was a loss of 6 million CNY, down 152% year-on-year due to decreased revenue and increased investments in product strength, brand power, channel power, operational power, and organizational power [1]. - The company has established a multi-dimensional marketing network that enhances brand market penetration and improves consumer purchasing convenience. It is actively promoting a Direct-to-Consumer (DTC) offline retail and community business model, which is expected to enhance brand value and customer loyalty [1]. - The company launched the "A Journey Beyond the Edge" plan, aiming to create a hardcore outdoor brand in China, emphasizing environmental sustainability and cultural preservation [1]. Financial Performance Summary - For the first three quarters of 2024, the company's total revenue was 1.08 billion CNY, a decrease of 6.5% year-on-year. The revenue from self-owned brand business was 610 million CNY, down 8.9% year-on-year. The online revenue was 210 million CNY, down 16%, while offline revenue was 400 million CNY, down 5% [1]. - The gross profit margin for the first three quarters of 2024 was 28.59%, an increase of 0.28 percentage points year-on-year. The net profit margin was 8.56%, a decrease of 0.96 percentage points year-on-year [1]. - The company adjusted its profit forecast, expecting net profits attributable to the parent company to be 98 million CNY, 113 million CNY, and 134 million CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.1 CNY, 1.2 CNY, and 1.4 CNY [1][3].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [3][5][6]. Core Views - The company reported a revenue of 1.08 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 6.5%, with a net profit attributable to shareholders of 90 million yuan, down 16.0% year-on-year [3][4]. - The domestic consumption environment remains under pressure, impacting the camping industry and the company's OEM business due to downstream inventory destocking [3][4]. - The brand business experienced a significant revenue decline in Q3 2024, with a revenue of 250 million yuan, down 16.8% year-on-year [3][4]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue from its proprietary brand business was 610 million yuan, a decrease of 8.9% year-on-year, with specific declines in segments such as DaMu camping gear and XiaoMu outdoor clothing [4][5]. - The gross margin for Q1-Q3 2024 was 28.6%, an increase of 0.3 percentage points year-on-year, driven by improved efficiency in the OEM business [5][6]. - The net profit margin for Q1-Q3 2024 was 8.6%, down 1.0 percentage points year-on-year, reflecting increased expenses related to brand and operational upgrades [5][6]. Future Projections - The company forecasts net profits of 100 million yuan, 110 million yuan, and 120 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 19, 18, and 16 [5][6]. - Revenue projections for 2024, 2025, and 2026 are set at 1.47 billion yuan, 1.60 billion yuan, and 1.77 billion yuan, indicating a gradual recovery in growth rates [6][9].

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]

证券代码：603908 证券简称：牧高笛 公告编号：2024-062 牧高笛户外用品股份有限公司 关于2024年前三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1-9月主要经营数据（未经审计）公告如下： | 2023年末数量 | 报告期末数量 | 报告期内新开 | 报告期内关闭 | 品牌 | 门店类型 | （家） | （家） | （家） | （家） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 直营 | 1 | 0 | 0 | 1 | 大牧 | | | | | | 小计 | 1 | 0 | 0 | 1 | | | | | | | 直营 | 18 | 10 | 0 | 8 | | | | | | | 小牧 | 加盟 | 190 | 209 | 28 | 9 | ...

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]

重要内容提示： https://roadshow.sseinfo.com/） 证券代码：603908 证券简称：牧高笛 公告编号：2024-063 牧高笛户外用品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 08 日(星期五) 至 11 月 14 日(星期 四)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 ir@mobigarden.com.cn 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。 牧高笛户外用品股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 15 日 下午 14:00-15:00 举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会 ...

证券代码：603908 证券简称：牧高笛 公告编号：2024-061 牧高笛户外用品股份有限公司 关于 2023 年员工持股计划第一个锁定期届满 暨解锁条件成就的提示性公告 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"）于 2023 年 8 月 11 日召开 第六届董事会第十次会议，审议通过了《关于<牧高笛户外用品股份有限公司 2023 年员工持股计划（草案）>及其摘要的议案》等相关议案，并于 2023 年 8 月 28 日召开 2023 年第一次临时股东大会，审议通过上述相关议案。具体内容分 别详见公司于 2023 年 8 月 12 日、2023 年 8 月 29 日披露于上海证券交易所网站 （www.sse.com.cn）等指定媒体的相关公告。 任。 公司 2023 年员工持股计划（以下简称"本员工持股计划"）所持有的公司股 票第一个锁定期已于 2024 年 10 月 17 日届满，根据《关于上市公司实施员工持 股计划试点的指导意见》《上海证券交易所上市公司自律监管指引 ...

证券代码：603908 证券简称：牧高笛 上海荣正企业咨询服务（集团）股份有限公司 关于 牧高笛户外用品股份有限公司 2024 年股票期权激励计划预留授予相关事项 之 二、声明 本独立财务顾问对本报告特作如下声明： 独立财务顾问报告 2024 年 10 月 | （二）咨询方式 14 | | --- | 一、释义 3/15 在本独立财务顾问报告中，除非特别载明，以下简称具有如下含义： 独立财务顾问 指 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 指 《上海荣正企业咨询服务（集团）股份有限公司关于牧高 笛户外用品股份有限公司 2024 年股票期权激励计划预留授 予相关事项之独立财务顾问报告》 牧高笛、本公司、公司、上市公 司 指 牧高笛户外用品股份有限公司 本激励计划、股权激励计划、本 计划 指 牧高笛户外用品股份有限公司 2024 年股票期权激励计划 股票期权、期权 指 公司授予激励对象在未来一定期限内以预先确定的价格和 条件购买公司一定数量股票的权利 激励对象 指 按照本激励计划规定，获得股票期权的在公司（含子公 司）任职的董事，高级管理人员，核心管理、技术、业务 人员以及公司董事会认为需要进 ...

牧高笛户外用品股份有限公司监事会 关于公司 2024 年股票期权激励计划 预留授予相关事项的核查意见 牧高笛户外用品股份有限公司（以下简称"公司"）监事会依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等法律、行政法规及规范性文件和《牧高笛户外用品股份有限公司章程》（以下 简称"《公司章程》"）的规定，对公司《2024 年股票期权激励计划》（以下简 称"《激励计划》"或"本激励计划"）预留授予相关事项进行核查，发表核查 意见如下： 1、根据公司《激励计划》的相关规定，若在行权前有派息、资本公积转增 股本、派送股票红利、股票拆细、配股或缩股等事项，应对行权价格进行相应的 调整，公司股票期权行权价格由 27.69 元/份调整至 18.92 元/份，该调整符合《管 理办法》和公司《激励计划》有关行权价格调整的相关规定。 2、根据公司《激励计划》的相关规定，若在行权前公司有资本公积转增股 本、派送股票红利、股票拆细、配股、缩股、派息等事项，应对股票期权数量进 行相应的调整，调整后股票期权首次授予数 ...

之 国浩律师（杭州）事务所 关于 牧高笛户外用品股份有限公司 2024 年股票期权激励计划预留股票期权授予事项 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼邮编：310008 GrandallBuilding,No.2＆No.15,BlockB,BaitaPark,OldFuxingRoad,Hangzhou,Zhejiang310008,China 电话/Tel:(+86)(571)85775888 传真/Fax:(+86)(571)85775643 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 牧高笛户外用品股份有限公司 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年十月 2024 年股票期权激励计划预留股票期权授予事项 之 法律意见书 致：牧高笛户外用品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受牧高笛户外用品股份有 限公司（以下简称"牧高笛""公司"）的委托，担任牧高笛 2024 年股票期权 激励计划（以下简称"本次 ...