证券代码：002154 证券简称：报喜鸟 公告编号：2024-038 报喜鸟控股股份有限公司 2024年第一次临时股东大会决议公告 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。 （4）会议的召开方式：本次股东大会采用现场会议及网络投票相结合的方 式召开。 1、会议召开情况 （1）会议召集人：公司董事会 1、本次股东大会无变更和否决提案的情形。 （2）会议主持人：公司董事长兼总经理吴志泽先生 2、本次股东大会不涉及变更以往股东大会已通过的决议。 （3）会议召开的时间： 现场会议召开时间：2024年9月3日（星期二）下午14:00 特别提示： 一、会议召开和出席情况 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间：2024 年9月3日9:15—9:25、9:30—11:30 和13:00—15:00；通过深圳证券交易所互联网 投票系统投票的时间：2024年9月3日9:15-15:00期间的任意时间。 （5）现场会议地点：浙江省永嘉县瓯北镇双塔路2299号报喜鸟研发大楼四 楼会议室。 （6）会议的召集、召开与表决程序符合《公司法》、《深圳证券交易所股 票 ...

证券研究报告·公司点评报告·服装家纺 报喜鸟（002154） 2024 年中报点评：Q2 环境波动业绩承压，坚 持高质量可持续发展 2024 年 08 月 22 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4313 | 5254 | 5464 | 5984 | 6551 | | 同比（ % ） | (3.11) | 21.82 | 4.01 | 9.51 | 9.49 | | 归母净利润（百万元） | 458.77 | 697.85 | 654.37 | 741.79 | 831.06 | | 同比（ % ） | (1.20) | 52.11 | (6.23) | 13.36 | 12.04 | | EPS- 最新摊薄（元 / 股） | 0.31 | ...

证券研究报告 | 公司动态点评 2024 年 08 月 20 日 报喜鸟（002154.SZ） 费用率提升拖累净利率，短期业绩承压 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,313 | 5,254 | 5,436 | 6,019 | 6,530 | | | | 增长率 yoy （ % ） | -3.1 | 21.8 | 3.5 | 10.7 | 8.5 | 股票信息 | | | 归母净利润（百万元） | 459 | 698 | 661 | 771 | 870 | 行业 | 纺织服装 | | 增长率 yoy （ % ） | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.06 CNY based on a 2024 PE valuation of 11 times [2][4][8]. Core Views - The company achieved a revenue of 2.48 billion CNY in the first half of 2024, a year-on-year increase of 0.4%, but net profit fell by 15.6% to 340 million CNY, with Q2 showing a revenue and net profit decline of 4.5% and 38.3% respectively, which was below market expectations [1][6]. - The main brand faced growth pressure, while the Haggis brand showed stable growth and the Le Fei Ye brand experienced rapid growth. The main brand's revenue decreased by 3.7% in H1 2024, while Haggis's revenue increased by 0.2% and Le Fei Ye's revenue surged by 32.2% [1][6]. - The optional consumption demand was weak in the first half of the year, compounded by weather and high base effects, putting overall apparel retail under pressure. However, the company actively responded to external challenges by controlling discounts, optimizing channels, and enhancing brand promotion [1][6]. Financial Summary - The company’s revenue for 2022 was 4.31 billion CNY, with a projected revenue of 5.54 billion CNY for 2024, reflecting a growth rate of 5.4% [3][9]. - The gross profit margin increased by 1.5 percentage points to 67% in H1 2024, attributed to strict control over terminal discounts [1][3]. - The net profit margin for H1 2024 was 13.9%, a decrease of 2.6 percentage points year-on-year [1][3]. Earnings Forecast - The adjusted earnings per share (EPS) forecast for 2024-2026 is 0.46 CNY, 0.54 CNY, and 0.61 CNY respectively, down from previous estimates of 0.56 CNY, 0.66 CNY, and 0.77 CNY [2][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][14]. Core Views - The company has shown steady revenue growth of 0.4% year-on-year in the first half of 2024, reaching 2.48 billion yuan, despite a challenging retail environment [2][4]. - Gross margin improved by 1.5 percentage points to 67.0% due to strict discount control, although net profit decreased by 15.6% to 340 million yuan [2][4]. - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling approximately 102 million yuan, with a payout ratio of about 30% [2][4]. Revenue and Profitability - The second quarter saw a revenue decline of 4.5% year-on-year, with a gross margin increase of 1.1 percentage points to 66.0% [2][3]. - The company experienced a rise in sales expense ratio by 5.0 percentage points, leading to a net profit margin drop of 4.6 percentage points to 8.3% [2][3]. Brand Performance - Revenue from the brand "Baoxini" decreased by 3.7%, while "Hajisi" saw a slight increase of 0.2% in revenue [3]. - The "Lefeiye" brand benefited from a high-growth outdoor segment, achieving a revenue increase of 32.2% [3]. Financial Forecasts - The forecast for net profit from 2024 to 2026 is adjusted to 660 million, 750 million, and 830 million yuan respectively, reflecting a decrease from previous estimates [4][11]. - Revenue projections for the same period are revised to 5.367 billion, 5.929 billion, and 6.521 billion yuan, with expected growth rates of 2.2%, 10.5%, and 10.0% [4][11]. Valuation - The target price has been adjusted to a range of 5.4 to 5.8 yuan, corresponding to a price-to-earnings ratio of 12-13x for 2024 [4][14]. - The company’s financial metrics indicate a price-to-earnings ratio of 8.7 for 2024, with a projected earnings per share of 0.45 yuan [15][16].

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 3.67 CNY [4][3] Core Insights - The company reported a revenue of 1.13 billion CNY in Q2 2024, a decrease of 4.6% year-on-year, and a net profit attributable to the parent company of 90 million CNY, down 38% year-on-year [1] - For the first half of 2024, the company achieved a revenue of 2.48 billion CNY, an increase of 0.4% year-on-year, while the net profit attributable to the parent company decreased by 15.6% to 340 million CNY [1] - The company is actively responding to external pressures by controlling terminal discounts, expanding channels, upgrading channel structures, and enhancing brand promotion [1] - The company plans to distribute a cash dividend of 0.7 CNY per 10 shares, totaling approximately 100 million CNY, with a payout ratio of about 30% [1] Revenue by Brand - In H1 2024, the revenue breakdown by brand shows: - Baoshiniao: 770 million CNY, down 3.7%, accounting for 31% of total revenue - Haji's: 860 million CNY, up 0.3%, accounting for 35% - Lefeiye: 150 million CNY, up 32%, accounting for 6% - Baoniao: 510 million CNY, down 2%, accounting for 20% - Kaimiqie & TB: 90 million CNY, down 6%, accounting for 4% [1] Store Count - As of H1 2024, the company operates a total of 1,772 stores, with a net increase of 11 stores from the end of 2023 [1] - The breakdown by brand includes: - Baoshiniao: 807 stores, 229 of which are direct-operated - Haji's: 467 stores, 335 direct-operated and 132 franchised - Lefeiye: 80 stores, 78 direct-operated [1] Revenue by Channel - Revenue by channel in H1 2024 is as follows: - Online: 380 million CNY, down 2%, accounting for 15% - Direct-operated: 1.01 billion CNY, down 3%, accounting for 41% - Franchised: 360 million CNY, up 7%, accounting for 14% - Group purchase: 540 million CNY, down 2%, accounting for 22% [1] Financial Metrics - The company's gross margin for H1 2024 was 66.99%, an increase of 1.5 percentage points year-on-year, while the net profit margin attributable to the parent company was 13.87%, a decrease of 2.6 percentage points [1] - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.45, 0.53, and 0.60 CNY per share, respectively, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [3][4]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 2.479 billion yuan in H1 2024, reflecting a year-on-year increase of 0.36%, while the net profit attributable to shareholders was 344 million yuan, down 15.60% [2][8]. - The company plans to distribute a mid-term cash dividend of 0.7 yuan per 10 shares, with a payout ratio of approximately 30% [8][21]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 640 million, 730 million, and 810 million yuan respectively, with corresponding EPS of 0.4, 0.5, and 0.6 yuan [2][21]. Summary by Sections 1. Business Performance - The company faced pressure from business demand in H1 2024, with the "Baoxini" and "Haggis" brands affected by reduced offline foot traffic, while "Lefeiye" showed strong performance with a revenue increase of 32.20% [2][8]. - The revenue breakdown for H1 2024 includes "Baoxini" at 770 million yuan (-3.69%), "Haggis" at 860 million yuan (+0.25%), and "Baoniao" at 507 million yuan (-2.28%) [2][8]. 2. Channel Performance - The company continues to optimize its channels, with a total of 1,772 stores as of H1 2024, an increase of 102 stores year-on-year [12][13]. - Franchise revenue grew by 7.39% to 360 million yuan, while direct sales revenue decreased by 3.28% to 1.01 billion yuan [12][13]. 3. Profitability and Financial Metrics - The gross margin for H1 2024 was 67.0%, an increase of 1.5 percentage points year-on-year, with the net profit margin at 13.9%, down 2.6 percentage points [2][17]. - The company reported a significant decline in operating cash flow, with a net cash flow of 140 million yuan, down 59.05% year-on-year [18][20]. 4. Future Outlook - The company is optimistic about the multi-category development of the "Haggis" brand and its brand momentum, maintaining a "Buy" rating despite the downward adjustment in profit forecasts [21].

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 ...