证券研究报告：纺织服饰 | 公司点评报告 公司基本情况 最新收盘价（元） 3.90 总股本/流通股本（亿股）14.59 / 11.80 总市值/流通市值（亿元）57 / 46 52 周内最高/最低价 6.83 / 3.90 资产负债率(%) 36.6% 市盈率 8.12 第一大股东 吴志泽 股票投资评级 买入|维持 个股表现 -32% -27% -22% -17% -12% -7% -2% 3% 8% 13% 2023-08 2023-10 2024-01 2024-03 2024-06 2024-08 报喜鸟 纺织服饰 资料来源：聚源，中邮证券研究所 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 报喜鸟(002154) 2024 年 8 月 18 日 哈吉斯扩店保持稳健，销售费用率提升拖累净利率 ⚫ 事件描述 公司公布 24 年中报，24H1 实现收入 24.8 亿元，同比+0.4%，实 现归母净利润 3.4 亿元，同比-15.6%，扣非归母净利润 3.0 亿元，同 比-11.5%；其中 24Q2 实现收入 11.3 亿元，同 ...

开源证券 公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 报喜鸟 沪深300 数据来源：聚源 相关研究报告 《2024Q1 毛利率进一步提升，扣非净 利 率 稳 健 — 公 司 信 息 更 新 报 告 》 -2024.4.27 《2023 年多品牌顺利拓店，乐飞叶高 增且实现扭亏 —公司信息更新报告》 -2024.4.14 《2023 年业绩超预期，多品牌发力下 成长性显著—公司信息更新报告》 -2024.1.26 报喜鸟（002154.SZ） 2024 年 08 月 19 日 2024H1 商务需求承压，乐飞叶亮眼，增加中期分红 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-----------| | 日期 | 2024/8/16 | | 当前股价 ( 元 ) | 3.90 | | 一年最高最低 ( 元 ) | 6.94/3.87 | | 总市值 ( 亿元 ) | 56.91 | | 流通 ...

2024 年 8 月 18 日 公司研究 上半年需求疲弱、业绩面临一定挑战，期待继续夯实内功、多品牌发力 ——报喜鸟（002154.SZ）2024 年中报点评 | --- | --- | --- | --- | --- | |-------------------------------------------------------|---------------------|--------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 买入（维持） ...

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 08 月 17 日 报喜鸟 (002154) ——终端零售承边际走弱，24H1 归母净利润下滑 16% | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 16 日 | | 收盘价（元） | 3.90 | | 一年内最高/最低（元） | 6.94/3.87 | | 市净率 | 1.2 | | 息率（分红/股价） | 6.41 | | | 4,601 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,879.43/8,349.87 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 2.96 | | 资产负债率 % | 32.22 | | 总股 ...

证券研究报告 | 半年报点评 2024gszqdatemark 年 08 月 17 日 报喜鸟（002154.SZ） 消费环境波动，短期利润承压，门店拓展持续 2024H1 收入同比持平/归母净利润同比-16%。公司发布 2024 年中报：1）2024H1 公司 收入为 24.8 亿元，同比基本持平；归母净利润为 3.4 亿元，同比-16%；扣非归母净利润为 3.0 亿元，同比-11%；非经常损益主要系政府补助 0.5 亿元（去年同期政府补助为 0.8 亿 元）。2）盈利质量方面，2024H1 公司毛利率同比+1.5pct 至 67.0%；销售/管理/财务费用率 同比分别+2.9/+0.3/-0.5pct 至 40.5%/7.2%/-0.8%；综合以上，2024H1 净利率同比-2.8pct 至 14.3%。 单二季度公司收入同比-5%/归母净利润同比-38%。1）2024Q2 公司收入为 11.3 亿元， 同比-5%，归母净利润为 0.9 亿元，同比-38%；扣非归母净利润为 0.7 亿元，同比-44%。 2）盈利质量方面，2024Q2 公司毛利率同比+1.1pct 至 66.0%；销售/管理/财务费用率同 ...

资 产 负 债 表 | 2024年6月30日 | | | 编制单位：报喜鸟控股股份有限公司 | | | | | | | | | | | | 单位:元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年末余额 | | | | | | | | 年初余额 | | | | 年末余额 | | 年初余额 | | | 资产 | | | | | 行次 | 合并 | 母公司 | 合并 | 母公司 | 负债和股东权益 | 行次 | 合并 | 母公司 | 合并 | 母公司 | | 流动资产： | | | | | 1 | | | | | 流动负债： | | | | | | | 货币资金 | | | | | 2 | 1,835,468,664.47 | 1,279,636,438.17 | 1,891,213,321.13 | 1,357,009,053.33 | 短期借款 | 41 | 506,339,270.84 | 42,000,000.00 | 549,358,724.21 ...

报喜鸟控股股份有限公司 报喜鸟控股股份有限公司（以下简称"公司"）经中国证券监督管理委员会 证监许可[2021]3477 号《关于核准报喜鸟控股股份有限公司非公开发行股票的 批复》的核准，已向特定对象发行人民币普通股股票 241,721,855 股，发行价格 3.02 元/股，募集资金总额为 730,000,002.10 元，扣除承销商保荐及承销费（不 含增值税）人民币 4,000,000.00 元，减除审计及验资费、律师费和发行手续费用 等（不含增值税）人民币 2,221,860.27 元，募集资金净额为人民币 723,778,141.83 元。该募集资金已于 2021 年 12 月 24 日到账。上述募集资金到位情况已经立信 会计师事务所（特殊普通合伙）审验，并出具了信会师报字[2021]第 ZF11111 号 验资报告。公司对募集资金采取了专户储存管理。 本报告期募集资金使用情况及当期余额： 金额单位：人民币元 | 项目 | 金额 | | --- | --- | | 2024 年募集资金专户期初存款余额 | 158,216,425.24 | | 2024 年初使用募集资金进行现金管理产品金额 | 20, ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,479,424,816.21, representing a slight increase of 0.36% compared to ¥2,470,639,963.24 in the same period last year[11]. - Net profit attributable to shareholders decreased by 15.60% to ¥343,991,645.67 from ¥407,594,397.47 year-on-year[11]. - The net cash flow from operating activities dropped significantly by 59.05%, amounting to ¥139,026,227.37 compared to ¥339,483,766.36 in the previous year[11]. - Basic earnings per share fell by 14.29% to ¥0.24, down from ¥0.28 in the same period last year[11]. - Total assets decreased by 7.16% to ¥6,549,780,114.29 from ¥7,055,130,923.81 at the end of the previous year[11]. - The net assets attributable to shareholders slightly decreased by 0.47% to ¥4,320,772,035.92 from ¥4,341,343,685.33 at the end of the previous year[11]. - The weighted average return on equity decreased to 7.73% from 9.97% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥303,721,446.81, down 11.48% from ¥343,093,885.73 in the previous year[11]. - The company's net profit for the reporting period was impacted by non-recurring gains and losses, with a total of 40,270,198.86 CNY recorded[15]. - The revenue for the reporting period was 247,942.48 million yuan, a year-on-year increase of 0.36%, while net profit attributable to shareholders decreased by 15.60% to 34,399.16 million yuan[22]. Market and Sales Performance - The total retail sales of consumer goods in China reached 23.60 trillion CNY in the first half of 2024, showing a year-on-year growth of 3.7%[16]. - The retail sales of clothing, shoes, and textiles amounted to 709.8 billion CNY, with a growth of only 1.3% compared to the previous year, indicating weaker performance in the apparel sector[16]. - The online retail sales in China reached 7.10 trillion CNY, growing by 9.8%, with online apparel retail sales increasing by 7.0%[16]. - The company has established three major production bases in Wenzhou, Shanghai, and Hefei, focusing on a multi-brand strategy to cater to different dressing needs[17]. - The company has implemented a large-scale personalized intelligent customization system to meet individual consumer orders without compromising quality or efficiency[19]. - The retail brands operate through an omnichannel marketing strategy, integrating online and offline sales channels[20]. - The company achieved significant growth in new customer orders, with a notable increase in the number of large orders during the reporting period[30]. - The company has expanded its online presence by establishing official flagship stores on platforms like Tmall, JD.com, and Vipshop, and utilizing live streaming sales[31]. - Online sales generated ¥381,019,403.35, with a gross margin of 73.39%, although revenue decreased by 2.34% compared to the previous year[46]. - Franchise sales increased by 7.39% to ¥356,958,771.31, with a gross margin of 69.78%[46]. Research and Development - The company invested 4,731.53 million yuan in R&D, a year-on-year increase of 1.88%, to meet the growing demand for fashionable and personalized products[22]. - The company has established independent design and R&D teams for each brand, enhancing product design accuracy through data analysis of consumer trends[55]. - The company has expanded its R&D center using raised funds to enhance its design capabilities and improve textile technology[55]. - The company has ongoing research and development initiatives for new products and technologies[99]. Operational Efficiency - The company's main business cost was 76,881.97 million yuan, down 5.14% year-on-year, while total expenses increased by 6.31% to 116,124.98 million yuan due to increased marketing and human resource costs[22]. - The company has implemented strategies to enhance supply chain responsiveness and efficiency, promoting membership recruitment activities and expanding cross-industry collaborations[28]. - The company has focused on enhancing its member system and optimizing terminal incentive programs to improve operational efficiency[28]. - The company has maintained a flat operating structure and a multi-channel marketing model, which are key components of its competitive advantage[38]. Financial Position - The company's cash and cash equivalents at the end of the reporting period amounted to ¥1,835,468,664.47, representing 28.02% of total assets, a decrease of 2.95% compared to the previous year[56]. - Accounts receivable increased by 0.96% to ¥654,143,501.30, accounting for 9.99% of total assets[56]. - Inventory decreased by 6.65% to ¥1,074,565,361.56, representing 16.41% of total assets[57]. - The company reported a significant increase in fixed assets by 58.67% to ¥740,060,772.28, primarily due to the transfer of construction projects to fixed assets[57]. - The total investment during the reporting period was ¥6,050,000.00, a decrease of 39.50% compared to the previous year's investment of ¥10,000,000.00[60]. - The company’s long-term borrowings decreased by 10.54% to ¥42,427,622.87, representing 0.65% of total liabilities[57]. - The company’s total liabilities decreased from CNY 2,584,800,826.33 to CNY 2,110,108,849.23, a reduction of approximately 18.3%[116]. Corporate Governance and Compliance - The company has not sold any major assets or equity during the reporting period[65][66]. - The company has not implemented any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[76]. - The company has fulfilled all commitments made by its actual controllers and shareholders as of the end of the reporting period[82]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[83]. - The company has ensured compliance with fair pricing principles in necessary related transactions[82]. Social Responsibility and Sustainability - The company has installed solar panels covering an area of approximately 21,000 square meters, generating about 1.8 million kWh of electricity in the first half of 2024, which is expected to reduce carbon emissions by 2,800 tons annually[78]. - The company has donated over RMB 200 million to support social welfare and poverty alleviation, establishing the "Baoxini Bird Charity Fund" to aid various charitable initiatives[80]. - The company has not reported any environmental penalties during the reporting period and has maintained a focus on sustainable development and environmental management[77]. - The company has actively participated in community charity events, including a clothing donation campaign to support vulnerable groups[80]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth, although specific figures were not provided in the report[127]. - Future performance guidance indicates a positive outlook based on current market trends and strategic initiatives[99].

证券代码：002154 证券简称：报喜鸟 公告编号：2024-036 报喜鸟控股股份有限公司 关于 2024 年半年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 公司第八届董事会第十一次会议审议通过了《关于 2024 年半年度利润分配 预案》，并将该议案提交 2024 年第一次临时股东大会审议。 报喜鸟控股股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日召开第八 届董事会第十一次会议和第八届监事会第十一次会议，审议通过了《关于公司 2024 年半年度利润分配预案》，该议案尚需提交 2024 年第一次临时股东大会审 议。现将具体情况公告如下： 一、2024 年半年度利润分配预案的基本情况 2024 年 1-6 月公司实现净利润 353,580,907.15 元，归属于上市公司股东的净 利润为 343,991,645.67 元，母公司实现净利润 193,924,111.41 元，截止 2024 年 6 月 30 日公司合并报表的期末未分配利润为 1,741,176,312.50 元，母公司的期末未 分配利润为 687,17 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2024——033 报喜鸟控股股份有限公司 第八届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2024 年 8 月 5 日以专人送 达或邮件形式发出了召开第八届董事会第十一次会议的通知，会议于 2024 年 8 月 15 日在报喜鸟研发大楼十一楼会议室以现场结合通讯方式召开，应出席董事 7 名，实际出席董事 7 名。会议的召集、召开程序及出席的董事人数符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定，合法、有效。会议由 公司董事长兼总经理吴志泽先生主持。公司监事会成员及高级管理人员列席了会 议。 1、审议通过了《公司 2024 年半年度报告》及其摘要； 该事项已经公司董事会审计委员会审议通过。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 半年度报告详见巨潮资讯网（www.cninfo.com.cn），半年度报告摘要详见巨 潮资讯网（www.cninfo.com.cn）和 2024 ...