Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 3.54 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 420 million yuan, down 25.2% year-on-year. In Q3 2024, revenue was 1.06 billion yuan, a decline of 11.7% year-on-year, with a net profit of 70 million yuan, down 51.7% year-on-year, primarily due to the pressure from the declining consumption in the mid-to-high-end market [4][5]. - The company has a total of 1,772 stores as of the first half of 2024, with a net increase of 11 stores compared to the end of 2023, including 10 new stores for the brand Haggis, which is expected to drive brand growth [5]. - The gross margin for the first three quarters of 2024 was 65.8%, an increase of 1.2 percentage points year-on-year, while the net profit margin was 11.7%, a decrease of 0.9 percentage points year-on-year. The increase in gross margin was attributed to strict discount control, while the rise in sales expense ratio negatively impacted the net profit margin [6]. Financial Forecast and Investment Recommendations - Due to changes in consumer sentiment and a high base from the previous year, the company has faced growth pressures since Q2. The profit forecast has been revised downwards, with expected net profits for 2024, 2025, and 2026 projected at 580 million yuan, 650 million yuan, and 730 million yuan, respectively, corresponding to P/E ratios of 10x, 9x, and 8x [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company has experienced a decline in revenue and net profit for the first three quarters of 2024, with revenue down 4% year-on-year to 3.54 billion yuan and net profit down 25% to 420 million yuan [1]. - The company is focusing on channel expansion, with expectations for improved performance in Q4 2024, particularly in its core brands [5][3]. - Despite short-term profit pressures, the company is projected to benefit from ongoing store expansion and optimization of its brand structure, leading to potential long-term growth [5]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 1.06 billion yuan, a decrease of 12% year-on-year, and a net profit of 70 million yuan, down 52% year-on-year [2]. - The gross margin for Q3 2024 was 62.9%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 5.6 percentage points to 7.5% [2]. - The company’s inventory turnover days increased by 28.6 days to 287.8 days, indicating slower inventory movement [4]. Brand Performance - The HAZZYS brand is estimated to have a revenue decline of 5% to 10% in Q3 2024, with expectations for improvement in Q4 due to better foot traffic [3]. - The main brand, Baoniao, is projected to see a revenue decline of around 10% in Q3 2024, with a focus on optimizing channel structure and store performance [4]. - The Baoniao business is expected to improve in Q4 2024, despite a significant revenue decline of approximately 30% in Q3 2024 [4]. Future Outlook - The company anticipates a slight decline in revenue for the full year 2024, with net profit under pressure in the short term [5]. - The company plans to continue expanding its store network, with expectations of opening 10% to 20% more stores in 2024 while closing underperforming locations [3]. - The projected net profit for 2024 is estimated at 550 million yuan, with a price-to-earnings ratio of 11 times [5].

Revenue and Profit Performance - Revenue for the third quarter was 1.056 billion yuan, a decrease of 11.73% year-over-year[2] - Net profit attributable to shareholders was 71.28 million yuan, down 51.68% compared to the same period last year[2] - Revenue for the quarter was RMB 3.54 billion, a decrease of 3.59% year-over-year, primarily due to weaker-than-expected retail performance[4] - Net profit attributable to shareholders of the parent company was RMB 415.27 million, down 25.19% year-over-year, driven by increased brand promotion and direct market expansion costs[4] - Total operating revenue for the period was 3,535,785,553.91 yuan, a decrease from the previous period's 3,667,434,448.06 yuan[11] - Net profit attributable to the parent company's shareholders was 415,267,019.16 yuan, down from 555,115,721.03 yuan[12] - Basic earnings per share were 0.28 yuan, compared to 0.38 yuan in the previous period[13] Cash Flow and Financial Position - Operating cash flow for the first nine months was 141.19 million yuan, a decrease of 67.29% year-over-year[2] - Operating cash flow decreased by 67.29% to RMB 141.19 million, mainly due to reduced sales revenue and increased expenditures on procurement, salaries, and brand promotion[4] - Investment cash flow increased by 163.85% to RMB 356.31 million, primarily due to the maturity of financial products and reduced investment outflows[4] - Cash and cash equivalents decreased by 46.98% to RMB -266.08 million, mainly due to reduced operating inflows and lower bank borrowings[5] - Cash received from selling goods and providing services was 3,237,637,345.28 yuan, slightly down from 3,265,399,056.08 yuan[14] - Cash paid for goods and services was 1,405,618,344.20 yuan, up from 1,327,569,124.95 yuan[14] - Operating cash flow decreased to 141.19 million yuan from 431.66 million yuan in the previous period, a significant drop[15] - Investment cash flow improved to 356.31 million yuan from a negative 558.00 million yuan, indicating better investment returns[15] - Financing cash flow worsened to a negative 763.21 million yuan from a negative 54.93 million yuan, reflecting higher debt repayments[15] - Cash and cash equivalents decreased by 266.08 million yuan, ending the quarter at 1.53 billion yuan[15] - Payments to employees increased to 829.17 million yuan from 743.29 million yuan, showing higher labor costs[15] - Tax payments decreased slightly to 374.23 million yuan from 384.06 million yuan[15] - Other operating cash outflows rose to 722.75 million yuan from 639.26 million yuan[15] - Total operating cash outflows increased to 3.33 billion yuan from 3.09 billion yuan[15] Assets and Liabilities - Total assets at the end of the reporting period were 6.498 billion yuan, a decrease of 7.90% compared to the end of the previous year[2] - The company's prepayments increased by 57.41% to 81.27 million yuan due to advance payments for goods procurement[3] - Fixed assets increased by 76.58% to 823.62 million yuan, mainly due to investments in subsidiaries[3] - The company's financial assets decreased by 97.72% to 13 million yuan due to the maturity of financial products[3] - Short-term borrowings decreased by 33.81% to RMB 363.60 million, as the company repaid bank loans[4] - Construction in progress decreased by 90.46% to RMB 43.66 million, as projects were transferred to fixed assets[4] - Total assets decreased from RMB 7,055,130,923.81 to RMB 6,497,957,583.94, a decline of approximately 7.9%[9][10] - Monetary funds decreased from RMB 1,891,213,321.13 to RMB 1,623,769,595.28, a drop of 14.1%[8] - Inventory increased from RMB 1,151,159,853.15 to RMB 1,304,839,052.79, a rise of 13.3%[9] - Accounts receivable increased from RMB 647,920,626.33 to RMB 693,061,205.89, a growth of 7.0%[8] - Total current liabilities decreased from RMB 2,476,667,447.71 to RMB 1,970,794,789.15, a reduction of 20.4%[9][10] - Short-term borrowings decreased from RMB 549,358,724.21 to RMB 363,596,564.96, a decline of 33.8%[9] - Contract liabilities decreased from RMB 367,482,783.30 to RMB 252,466,863.29, a drop of 31.3%[9] - Total equity decreased slightly from RMB 4,470,330,097.48 to RMB 4,416,497,328.06, a reduction of 1.2%[10] - Fixed assets increased significantly from RMB 466,414,624.57 to RMB 823,617,892.87, a growth of 76.6%[9] - Long-term equity investments decreased slightly from RMB 233,685,177.14 to RMB 231,291,388.35, a reduction of 1.0%[9] Shareholder and Equity Information - The top shareholder, Wu Zhize, holds 25.20% of the company's shares, with 122.05 million shares pledged[6] - Wu Tingting, the second-largest shareholder, holds 12.72% of the shares, with 6.95 million shares pledged[6] - The company allocated RMB 506.25 million for dividends and interest payments, a 60.88% increase year-over-year, reflecting higher profit distribution to shareholders[4] Expenses and Costs - Sales expenses increased to 1,450,588,424.15 yuan from 1,355,035,219.57 yuan[12] - R&D expenses decreased to 68,214,848.62 yuan from 72,029,417.13 yuan[12] - Operating costs for the period were 1,210,690,714.94 yuan, down from 1,297,901,807.05 yuan in the previous period[11] Government Subsidies and Non-Recurring Items - Government subsidies received during the reporting period amounted to 18.76 million yuan[3] - Non-recurring gains and losses for the reporting period totaled 15.64 million yuan[3] Audit and Reporting - The company's third-quarter report was not audited[16] Return on Equity - The weighted average return on equity for the first nine months was 9.47%, down 4.13 percentage points year-over-year[2]

证券代码：002154 证券简称：报喜鸟 公告编号：2024--053 报喜鸟控股股份有限公司 关于深圳证券交易所《关于对报喜鸟控股股份有限 公司的问询函》的回复公告 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。 报喜鸟控股股份有限公司（以下简称"公司"或"报喜鸟"）于2024年10月 15日收到深圳证券交易所（以下简称"深交所"）下发的《关于对报喜鸟控股股 份有限公司的问询函》（公司部问询函〔2024〕第385号，以下简称"《问询函》"）。 公司就《问询函》中所涉及事项逐项进行了认真讨论与核查，并逐项落实后 进行了书面说明。 在《问询函》回复中，若合计数与各分项数值相加之和或相乘在尾数上存在 差异，均为四舍五入所致。 目 录 | 问题 | 1：关于本次预案 1 | | --- | --- | | 问题 | 2：关于前次募集资金 15 | | 问题 | 3：说明你公司本次再融资事项所履行内幕信息登记和保密义务情况。...28 | | 问题 | 4：核查你公司持股 5%以上股东、董事、监事、高级管理人员及其直系亲 | | 属近 | 6 个月以来是否存在买卖你公司 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2024-054 报喜鸟控股股份有限公司 获得政府补助的公告 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、获取补助的基本情况 报喜鸟控股股份有限公司（以下简称"公司"）及其部分下属全资子公司、控 股子公司、孙公司自 2023 年 11 月 21 日至 2024 年 10 月 25 日期间累计收到政 府补助资金共计人民币 71,301,058.10 元，占最近一年经审计归属于母公司所有 者净利润的 10.22%。具体情况如下： 按照《企业会计准则第 16 号-政府补助》等有关规定，上述政府补助预计对 公司 2024 年度利润总额的影响为 70,614,616.96 元，最终会计处理以会计师年度 审计确认后的结果为准。 4、风险提示和其他说明 二、补助的类型及其对上市公司的影响 1、补助的类型 根据《企业会计准则第 16 号-政府补助》的规定，与资产相关的政府补助， 是指企业取得的、用于购建或以其他方式形成长期资产的政府补助；与收益相关 的政府补助，是指除与资产相关的政府补助之外的政府补助。 2、补助的确认 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a leading multi-brand apparel group in the mid-to-high-end market, with its main brand showing resilient growth and HAZZYS emerging as a new growth driver [3][6]. - The company has a strong focus on its core apparel business, which has seen a compound annual growth rate (CAGR) of 12.94% from 2017 to 2023, with 2023 apparel revenue reaching 5.109 billion yuan, accounting for 97.2% of total revenue [3][32]. - HAZZYS, a mid-to-high-end British style apparel brand, has achieved a remarkable CAGR of 83% from 2011 to 2023, indicating significant growth potential [3][38]. Summary by Sections Company Overview - Founded in 1996, the company has expanded its brand matrix to include nine brands, catering to diverse dressing needs for various occasions [3][24]. - The company has established a robust offline sales network with over 1,700 outlets and three major production bases [24]. Brand Analysis - HAZZYS targets the mid-to-high-end market with a focus on British casual styles, appealing to fashion-conscious consumers aged 25-40 [38]. - The main brand, Baoxini, is recognized as the leading domestic suit brand, undergoing a transformation towards younger and more casual styles [3][38]. - Other brands like Baoniao and Lafuma are also showing promising growth, with Lafuma achieving a 40.5% year-on-year revenue increase in 2023 [3][38]. Financial Forecast - The company is projected to achieve net profits of 681 million yuan, 756 million yuan, and 849 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of -2.4%, 10.9%, and 12.4% [4]. - The report estimates a revenue of 5.254 billion yuan for 2024, reflecting a growth rate of 21.8% [4]. Investment Recommendation - The company is expected to leverage its young-oriented strategy and differentiated product offerings to secure growth in the apparel market, particularly through the expansion of HAZZYS [3][4].

证券代码：002154 证券简称：报喜鸟 公告编号：2024——052 报喜鸟控股股份有限公司 关于公司参与投资的私募投资基金变更完成的公告 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。 报喜鸟控股股份有限公司（以下简称"公司"或"报喜鸟"）于2024年8月2日召开 公司第八届董事会第十次会议、第八届监事会第十次会议、独立董事专门会议2024 年第二次会议，审议通过了《关于温州浚泉信远投资合伙企业（有限合伙）延期暨 关联交易的议案》，同意经全体合伙人同意后将温州浚泉信远存续期延长2年。具体 内容详见巨潮资讯网（www.cninfo.com.cn）和2024年8月3日《证券时报》、《上海 证券报》和《中国证券报》。 近日，公司收到基金管理人上海浚泉信投资有限公司的通知，截至本公告披露 日，温州浚泉信远已按照《温州浚泉信远投资合伙企业（有限合伙）合伙协议之补 充协议》、《温州浚泉信远投资合伙企业（有限合伙）全体合伙人决定书》完成工 商变更登记并根据《证券投资基金法》及《私募投资基金监督管理暂行办法》等法 律法规的要求在中国证券投资基金业协会完成了基金变更手续。变更 ...

Investment Rating - The report upgrades the investment rating of the company from "Outperform" to "Buy" [4] Core Views - The major shareholder plans to fully subscribe to a private placement for the second time in three years, reflecting confidence in the company's future [4] - The company's stock price has significantly corrected, indicating that the market has overly pessimistic expectations regarding domestic consumption [4] - The company has shown considerable growth potential, with 2023 revenue at 5.25 billion and net profit at 698 million, representing 1.4 times and 1.9 times the figures from 2021 respectively [4] - The company’s PE (TTM) and PB (MRQ) ratios are approximately 10 times and 1.48 times, respectively, indicating substantial room for valuation recovery [4] - The company has maintained a positive shareholder return policy, with cash dividends of 5.8 billion, 5.8 billion, and 3.6 billion in the past three years [4] - The company’s HAZZYS brand is in a growth phase, with revenue of 860 million in 2024H1 and a net increase of 10 stores [4] - The report maintains profit forecasts for 2024-2026, expecting net profits of 620 million, 700 million, and 780 million respectively, with corresponding PE ratios of 11, 9, and 9 times [4] Summary by Sections Market Data - Closing price as of October 8, 2024, is 4.54 yuan, with a one-year high/low of 6.94/3.12 yuan [1] - The company has a market capitalization of 5.356 billion yuan and a dividend yield of 7.05% [1] Financial Data - As of June 30, 2024, the company has a net asset per share of 2.96 yuan and a debt-to-asset ratio of 32.22% [2] - The total share capital is 1.459 billion shares, with 1.18 billion shares in circulation [2] Performance Comparison - The company's stock price has shown a significant decline compared to the market index over the past year [3] Earnings Forecast - Projected total revenue for 2024 is 5.271 billion, with a growth rate of 0.3% [5] - Expected net profit for 2024 is 616 million, reflecting a decline of 11.7% [5] - The company’s gross margin is projected to be 65.7% in 2024 [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Views - The actual controller's full subscription of the private placement indicates a strong confidence in the company's future development and serves as a value bottom line [2][3]. - The company aims to enhance its liquidity and risk resistance through the raised funds, which will support rapid business growth and market share increase [3]. - The company has established a robust multi-brand matrix and an efficient operational structure, which are key competitive advantages [4]. Financial Summary - The company reported a revenue of 4,312.76 million yuan in 2022, with a projected increase to 5,264.13 million yuan in 2024, reflecting a growth rate of 21.82% in 2023 [5][10]. - The net profit attributable to the parent company is expected to be 662.73 million yuan in 2024, down from 697.85 million yuan in 2023, indicating a slight decline of 5.03% [5][10]. - The earnings per share (EPS) are projected to be 0.45 yuan in 2024, with a price-to-earnings (P/E) ratio of 9.64 [5][10]. Financial Ratios - The company’s asset-liability ratio is projected to be 31.73% in 2024, indicating a stable financial structure [8][9]. - The return on equity (ROE) is expected to be 15.29% in 2024, reflecting the company's ability to generate profits from its equity [10]. - The company maintains a healthy cash flow from operating activities, with a projected net increase of 489.98 million yuan in 2024 [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.60 CNY per share, corresponding to a 2024 PE ratio of 12x [2][4] Core Views - The company plans to issue additional shares to its controlling shareholder, demonstrating confidence in future development [2] - The controlling shareholder will subscribe to the shares at 2.80 CNY per share, with a lock-up period of 36 months [2] - The company's dividend payout ratio was 52.28% in 2023 and 29.70% in H1 2024, indicating a strong commitment to shareholder returns [2] - The company's gross margin improved in H1 2024 despite a challenging consumer environment, driven by controlled discounts and store expansion [2] Financial Performance and Projections - Revenue is expected to grow from 5,254 million CNY in 2023 to 6,406 million CNY in 2026, with a CAGR of 6.8% [3] - Net profit attributable to shareholders is projected to increase from 698 million CNY in 2023 to 825 million CNY in 2026 [3] - EPS is forecasted to rise from 0.48 CNY in 2023 to 0.57 CNY in 2026 [3] - ROE is expected to remain stable at around 15% from 2024 to 2026 [3] Operational Highlights - The company continues to expand its store network, particularly for the Hazzys and Baoxiniao brands, with a focus on larger stores [2] - The company's cash flow from operations is projected to grow steadily, reaching 1,180 million CNY in 2026 [6] - The company's asset turnover ratio is expected to improve slightly, from 0.74 in 2023 to 0.78 in 2026 [7] Valuation Metrics - The company's P/E ratio is expected to decline from 11.83x in 2023 to 7.04x in 2026, indicating potential undervaluation [3] - The EV/EBITDA ratio is projected to decrease from 6.38x in 2023 to 2.43x in 2026, reflecting improved operational efficiency [3]