Investment Rating - Maintain "Buy" rating [4] Core Views - The company's 24Q1 revenue reached 1.353 billion yuan, a year-on-year increase of 4.8%, while net profit attributable to the parent company was 250 million yuan, a year-on-year decrease of 2.1% [1] - The company's gross margin in 24Q1 was 67.8%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 19.0%, a decrease of 1.1 percentage points year-on-year [6] - The company is optimistic about the development of its multi-brand matrix and is focusing on optimizing channel structure and improving store operation quality [6][7] - The company adheres to a multi-brand strategy, promoting the steady development of mature brands, rapid growth of emerging brands, and low-cost trial and error for new brands [12][14] Financial Performance - The company's 24Q1 non-GAAP net profit attributable to the parent company was 235 million yuan, a year-on-year increase of 6.9%, with non-recurring gains mainly from government subsidies of 19 million yuan [1] - The company's intangible assets were 2.2433 billion yuan, 2.3642 billion yuan, 2.1654 billion yuan, 1.9666 billion yuan, and 1.7678 billion yuan over the past five years [3] - The company's investment income was 128.8 million yuan, 217.1 million yuan, 179.6 million yuan, 175.1 million yuan, and 190.6 million yuan over the past five years [3] - The company's accounts receivable and notes receivable were 6.1869 billion yuan, 6.6108 billion yuan, 8.7554 billion yuan, 4.9664 billion yuan, and 10.4446 billion yuan over the past five years [5] - The company's operating costs were 16.0709 billion yuan, 18.5412 billion yuan, 20.9541 billion yuan, 23.3094 billion yuan, and 25.9896 billion yuan over the past five years [5] Strategic Initiatives - The company is advancing a large-store plan, upgrading terminal store images, and optimizing channel structure by closing underperforming stores [7] - The company is actively expanding high-quality franchisees and accelerating channel penetration to expand its channel scale [7] - The company is focusing on improving single-store performance, controlling online discounts, and optimizing inventory structure [7] Financial Forecasts - The company's revenue is expected to grow from 5.96812 billion yuan in 2024E to 7.56611 billion yuan in 2026E, with a compound annual growth rate of 12.31% [15] - The company's net profit attributable to the parent company is expected to grow from 821.23 million yuan in 2024E to 1.09555 billion yuan in 2026E, with a compound annual growth rate of 15.03% [15] - The company's EPS is expected to grow from 0.56 yuan in 2024E to 0.75 yuan in 2026E [15] - The company's P/E ratio is expected to decrease from 10.75 in 2024E to 8.06 in 2026E [15] Valuation Metrics - The company's P/B ratio is expected to decrease from 1.97 in 2024E to 1.67 in 2026E [15] - The company's EV/EBITDA ratio is expected to decrease from 5.31 in 2024E to 3.91 in 2026E [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 6.05 CNY [12]. Core Insights - The company reported a Q1 2024 gross margin of 67.8%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 19.0%, a decrease of 1.1 percentage points year-on-year [1]. - The company's revenue for Q1 2024 was 1.353 billion CNY, representing a year-on-year growth of 4.8%, while the net profit attributable to the parent company was 250 million CNY, a decrease of 2.1% [7]. - The company is focused on a multi-brand strategy, emphasizing the development of mature brands and the rapid growth of emerging brands, while maintaining a low-cost trial and error approach for new brands [8][9]. Financial Performance - The company’s operating costs for Q1 2024 were reported at 1.607 billion CNY, with sales, management, R&D, and financial expense ratios at 36.1%, 6.2%, 1.6%, and -0.8% respectively, showing year-on-year changes of +1.3, +0.2, -0.1, and -0.7 percentage points [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 821.23 million CNY, 952.40 million CNY, and 1.09555 billion CNY respectively, with corresponding EPS of 0.56 CNY, 0.65 CNY, and 0.75 CNY [10][11]. Strategic Initiatives - The company is optimizing its channel structure by upgrading store images and closing underperforming stores to enhance overall store quality [2]. - The company is committed to enhancing product development, brand image, channel layout, and operational management efficiency to achieve high-quality and sustainable growth [10].

Investment Rating - The investment rating for the company is "Buy" [13][15][41] Core Views - The company has shown steady revenue growth of 4.8% in Q1 2024, reaching 1.35 billion yuan, despite a high base effect. The net profit attributable to the parent company decreased by 2.1% to 250 million yuan, while the non-recurring net profit increased by 6.9% to 235 million yuan. The gross margin improved by 1.7 percentage points to 67.8% [15][21] - The company maintains a healthy inventory level, with inventory turnover days remaining stable at 241 days and total inventory decreasing by 0.6% to 1.07 billion yuan [15][21] - The long-term growth outlook remains positive, with expected net profits of 810 million, 920 million, and 1.04 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 15.8%, 14.4%, and 12.5% [16][21] Summary by Sections Financial Performance - The company reported a total market capitalization of 8.099 billion yuan and a circulating market capitalization of 6.532 billion yuan. The closing price was 5.55 yuan, with a reasonable valuation range of 8.00 to 8.50 yuan [13][15] - The company’s revenue for 2024 is projected to be 5.8 billion yuan, with a year-on-year growth of 10.4% [23][37] Profitability Metrics - The net profit for 2024 is estimated at 808 million yuan, with a net profit margin of 17.0% [23][37] - The company’s earnings per share (EPS) for 2024 is projected to be 0.55 yuan, with a price-to-earnings (P/E) ratio of 10.0 [23][37] Market Position - The company is positioned in the mid-to-high-end menswear market, with a focus on brand expansion and maintaining a competitive edge through effective marketing strategies [15][21] - The brand "Haggis" has shown a strong store expansion momentum, with a net increase of 9.6% in stores to 457 by the end of 2023 [22][21]

报喜鸟控股股份有限公司 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 一、主要财务数据 1 □适用 不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益 项目的情况说明 □适用 不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为 经常性损益的项目的情形。 2 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|--------------|---------------------|------------------------------------------|---------------------------------- ...

Revenue and Profitability - Revenue for Q1 2024 reached ¥1,352,909,154.08, an increase of 4.84% compared to ¥1,290,475,906.50 in the same period last year[5] - Net profit attributable to shareholders decreased by 2.09% to ¥250,232,447.93 from ¥255,586,126.25 year-on-year[5] - Net profit excluding non-recurring gains and losses increased by 6.93% to ¥234,976,735.16 from ¥219,758,210.21 in the previous year[5] - Operating profit for the quarter was ¥321,533,195.61, slightly up from ¥320,757,163.73, indicating a stable performance[29] - Net profit before tax was ¥321,500,742.81, compared to ¥320,496,586.09 in the previous year, showing a marginal increase[29] - The company reported a net profit of ¥257,526,932.68 after tax, compared to ¥259,876,943.93 in the same quarter last year[29] - The net profit attributable to the parent company was approximately ¥250.23 million, a decrease from ¥255.59 million in the previous period, representing a decline of about 2.6%[31] - The total comprehensive income attributable to the parent company was approximately ¥250.23 million, compared to ¥255.59 million in the previous period, indicating a decrease of around 2.1%[31] - The company reported a basic and diluted earnings per share of ¥0.17, down from ¥0.18 in the previous period, indicating a decrease of approximately 5.6%[31] Cash Flow and Financial Health - Operating cash flow net amount dropped significantly by 88.29% to ¥17,524,605.83 from ¥149,651,136.62 year-on-year[5] - The net cash flow from operating activities was ¥17.52 million, significantly lower than ¥149.65 million in the previous period, reflecting a decline of approximately 88.3%[34] - Cash inflows from operating activities totaled ¥1.24 billion, an increase from ¥1.17 billion in the previous period, marking a growth of about 5.7%[34] - Cash outflows from operating activities increased to ¥1.22 billion, compared to ¥1.02 billion in the previous period, representing a rise of approximately 19.4%[34] - The net cash flow from investing activities was approximately ¥468.90 million, up from ¥132.09 million in the previous period, indicating a significant increase of about 254.5%[36] - The net cash flow from financing activities was approximately ¥78.22 million, a turnaround from a negative cash flow of ¥2.67 million in the previous period[36] - The cash and cash equivalents at the end of the period reached approximately ¥2.36 billion, compared to ¥1.67 billion at the end of the previous period, reflecting an increase of about 41.5%[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,034,198,062.15, a slight decrease of 0.30% from ¥7,055,130,923.81 at the end of the previous year[5] - Total current assets amount to 4,579,166,591.66 RMB, slightly up from 4,559,113,104.71 RMB at the beginning of the period[23] - Total liabilities decreased to ¥2,306,209,576.34 from ¥2,584,800,826.33, indicating improved financial health[25] - The total equity increased to ¥4,727,988,485.81 from ¥4,470,330,097.48, reflecting a growth of 5.8%[25] - The company maintained a stable long-term debt level at ¥47,427,622.87, unchanged from the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,891[12] - Major shareholder Wu Zhize holds 25.20% of shares, totaling 367,777,954 shares[12] - Major shareholder Wu Tingting holds 12.72% of shares, totaling 185,564,542 shares[12] - The company has a significant number of pledged shares, with Wu Zhize pledging 86,750,000 shares and Wu Tingting pledging 97,850,000 shares[12] - The company has not reported any changes in major shareholders or their relationships during the reporting period[17] Expenses - Total operating costs amounted to ¥1,030,618,369.04, up from ¥996,570,336.19, reflecting a year-over-year increase of 3.4%[29] - Research and development expenses totaled ¥21,578,618.85, a decrease from ¥22,000,890.90, indicating a focus on cost management[29] - Sales expenses increased to ¥489,485,222.59 from ¥449,436,103.83, reflecting a rise of 8.9% year-over-year[29] Government Subsidies and Investment Income - The company received government subsidies amounting to ¥19,301,042.91, a decrease of 59.55% compared to ¥47,713,527.64 in the same period last year[11] - Investment income fell by 81.73% to ¥1,364,358.07 from ¥7,469,074.83 year-on-year due to fewer project exits[11] - The total cash inflow from investment activities was approximately ¥571.19 million, compared to ¥229.05 million in the previous period, representing an increase of about 149.0%[34] - The company’s financial expenses increased by 534.41% to -¥10,593,351.82, primarily due to increased interest income from bank deposits[11]

买入（维持） 报喜鸟（002154） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4,313 | 5,254 | 5,972 | 6,773 | 7,681 | | 同比（ % ） | (3.11) | 21.82 | 13.67 | 13.42 | 13.41 | | 归母净利润（百万元） | 458.77 | 697.85 | 805.88 | 929.43 | 1,069.26 | | 同比（ % ） | (1.20) | 52.11 | 15.48 | 15.33 | 15.04 | | EPS- 最新摊薄（元 / 股） | 0.31 | 0.48 | 0.55 | 0.64 | 0.73 | | P/E （现价 & 最新摊薄） | 17.65 | 11.6 ...

| --- | --- | --- | --- | |-------|-----------------------------------------------|----------------------------------------------------------------|-------------------------------------------------------------| | | 上海 深圳 北京 | | | | 地址 | 上海市静安区新闸路 669 号博华广场 20 层 | 深圳市福田区益田路 6003 号荣超商 务中心 B 栋 27 层 | 北京市西城区金融大街甲 9 号 金融 街中心南楼 18 层 | | 邮编 | 200041 | 518026 | 100032 | | 电话 | （ 021）38676666 | （0755 ） 23976888 | （010）83939888 | | | E-mail：gtjaresearch@gtjas.com | | | 证 券 研 究 报 告 [Table_MainInfo] 股 票 研 究 | --- | --- ...

| --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------|-----------------------|-------------------|----------------------------------|---------------------------------------| | | [Table_Title] 报喜鸟（ | 002154.SZ | ） | | | [ 公司评级 Table_Invest] | 证券研究报告 \n买入 | | | | ...

证券研究报告：纺织服饰 | 公司点评报告 总股本/流通股本（亿股）14.59 / 11.77 公司基本情况 总市值/流通市值（亿元）81 / 65 资产负债率(%) 36.6% 第一大股东 吴志泽 股票投资评级 个股表现 资料来源：聚源，中邮证券研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 24Q1 收入稳健增长，政府补助下降影响业绩增长 ⚫ 事件点评 ⚫ 受消费景气度及基数压力 24Q1 收入平稳增长。公司 24Q1 收入实 现平稳增长，我们认为主要在于：1）24Q1 国内服装限额社零同比增 速为 2.5%，服装消费较为平稳；2）公司 23Q1 基数较高，带来一定的 增长压力。展望未来，公司报喜鸟、哈吉斯等品牌实现门店稳健扩张， 截至 23 年年末门店分别较上年同期净增 40 个/13 个，稳健门店扩张 +大店策略有望驱动收入增长。 毛利率稳定提升，净利率高位微降。公司 24Q1 毛利率为 67.8%， 同比上升 1.7pct;公司 24Q1 销售费用率、管理费用率、研发费用率分 别为 36.2%/6.2%/1.6%，同比变动 ...

2024Q1 扣非归母净利润稳健增长，期待渠道持续扩张 | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,313 | 5,254 | | 5,913 | 6,638 | 7,328 | | 增长率 yoy （ % ） | -3.1 | 21.8 | | 12.6 | 12.3 | 10.4 | | 归母净利润（百万元） | 459 | 698 | | 806 | 921 | 1,043 | | 增长率 yoy （ % ） | -1.2 | 52.1 | | 15.5 | 14.3 | 13.2 | | EPS 最新摊薄（元 / 股） | 0.31 | 0.48 | | 0.55 | 0.63 | 0.71 | | 净资产收益率（ % ） | 11.8 | 16.3 | | 17.0 | ...