证券代码：002154 证券简称：报喜鸟 公告编号：2024-057 二、 本次股东股份解除质押情况 | 股东 | 是否为控股 股东或第一 | 本次解除质 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 押数量 | 持股份 | 总股本 | 质押起始日 | 质押解除日 | 质权人 | | | 一致行动人 | （股） | 比例 | 比例 | | | | | 吴婷婷 | 是 | 6,950,000 | 3.75% | 0.48% | 2021/12/20 | 2024/12/17 | 国金证券股份有限公司 | | | 合计 | 6,950,000 | 3.75% | 0.48% | —— | | | 三、 股东股份累计质押情况 报喜鸟控股股份有限公司 关于公司大股东部分股份质押及解除质押的公告 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"）于近日收到公司大股东吴婷 婷女士部分股票办理质押及解除质押手续的通 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2024-056 报喜鸟控股股份有限公司 关于公司控股股东部分股票质押展期的公告 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"）于2024年11月26日收到公司控 股股东吴志泽先生部分股票办理了质押展期手续的通知，具体事项如下： 一、股东股份质押展期的基本情况 | 股东 | 是否为控 股股东或 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 为补 | | | 展期后质押 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | 展期 数量 | 持股份 | 总股本 | 为限 | 充质 | 质押起始日 | 质押到期日 | 到期日 | 质权人 | 用途 | | | 东及其一 | （股） | 比例 | 比例 | 售股 | | | | | | | | | 致行动人 | | | | | 押 | | | | | | | 吴志泽 | | 1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company experienced a 12% decline in revenue in the third quarter, with net profit under pressure due to increased sales expenses and a challenging market environment [1][3]. - The gross margin remained stable at 62.9%, with a slight year-on-year increase of 0.1 percentage points [1]. - The company is focusing on brand promotion and expanding its direct sales market, leading to a 5.1% increase in sales expenses to 4.5 billion yuan, resulting in a sales expense ratio increase of 6.8 percentage points to 42.3% [1][3]. - The forecast for net profit for 2024-2026 has been adjusted downwards, with expected figures of 5.6 billion, 6.3 billion, and 6.9 billion yuan respectively, reflecting a year-on-year change of -19.0%, +12.0%, and +9.2% [3][10]. Summary by Sections Financial Performance - In Q3, the company's revenue decreased by 11.7% year-on-year to 1.06 billion yuan, with a further decline compared to Q2 [1]. - The net profit for Q3 fell by 51.7% year-on-year to 70 million yuan, with a net profit margin of 6.7%, down 5.6 percentage points year-on-year [1][3]. - The company’s inventory increased by 8.7% year-on-year and 21.4% quarter-on-quarter to 1.3 billion yuan, influenced by sales pressure and preparations for seasonal promotions [2]. Brand Performance - Revenue for the main brands showed varied performance, with the flagship brand experiencing a decline of 3.7% in the first half of the year, while the Haggis brand showed a slight increase of 0.2% [2]. - The company anticipates continued pressure on revenue across all brands in Q3, with expectations for improvement in Q4 [2]. Profitability and Forecasts - The company has adjusted its revenue forecasts for 2024-2026 to 5.1 billion, 5.5 billion, and 5.9 billion yuan, reflecting a year-on-year change of -3.0%, +8.0%, and +7.7% [10]. - The sales expense ratio is expected to rise to 41.7%, 41.4%, and 41.2% for the years 2024-2026 due to high marketing expenditures [10]. - The net profit margin is projected to decrease to 11.1%, 11.5%, and 11.7% for the same period, primarily due to increased sales expenses [10].

Investment Rating - The report has adjusted the investment rating to "Accumulate" from a previous rating [4][6]. Core Views - The company is expected to restart growth in the coming year, with a focus on enhancing product strength, brand influence, channel expansion, and operational efficiency [2][3]. - The company reported a revenue of 1.1 billion in Q3 2024, a decrease of 12% year-on-year, and a net profit of 71 million, down 52% year-on-year [1]. - The macroeconomic environment and consumer sentiment have led to a revision of earnings forecasts, with expected EPS for 2024-2026 adjusted to 0.36, 0.47, and 0.59 respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 3.5 billion, a decrease of 4% year-on-year, and a net profit of 420 million, down 25% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 65.8%, an increase of 1.2 percentage points, while the net margin was 12.2%, a decrease of 3.5 percentage points [1]. - The financial data for 2022 to 2026 shows a projected revenue growth rate of 0.2% in 2024, followed by 9.4% in 2025 and 12.3% in 2026 [5][11]. Brand and Product Strategy - The core brand, Hazzys, is focusing on product innovation and sustainability, launching an eco-friendly sailing series using sustainable materials [3]. - The company is enhancing brand visibility through collaborations with celebrities and leveraging social media platforms to appeal to younger consumers [2]. Operational and Channel Development - The company is implementing a large store strategy and actively expanding quality franchisees to enhance channel penetration [3]. - A digital project is underway to improve operational efficiency by optimizing the connection between people, goods, and venues [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.04 CNY based on a 14x PE valuation for 2024 [2][3][7]. Core Insights - The company reported Q3 2024 results that fell short of market expectations, with a revenue decline of 3.59% year-on-year to 3.536 billion CNY and a net profit drop of 25.2% to 415 million CNY. Q3 alone saw revenue and net profit decrease by 11.7% and 51.7% respectively, attributed to weak consumer spending [1][6]. - The report highlights that the sales expense ratio significantly increased, negatively impacting overall profitability. The gross margin improved slightly by 0.1 percentage points to 62.9%, while the net profit margin decreased by 5.6 percentage points to 6.7% [1][6]. - The company is expected to continue optimizing and expanding its Haji's brand stores, with potential improvements anticipated in October and beyond, alongside positive expectations for its online business during the Double Eleven shopping festival [1][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 3.536 billion CNY, a year-on-year decrease of 3.59%, and a net profit attributable to shareholders of 415 million CNY, down 25.2% [1][5]. - The report projects adjusted earnings per share for 2024-2026 to be 0.36 CNY, 0.43 CNY, and 0.5 CNY respectively, down from previous estimates of 0.46 CNY, 0.54 CNY, and 0.61 CNY [2][7]. - The company’s inventory turnover days increased to 288 days, up by 29 days year-on-year, and cash flow from operating activities for the first three quarters was 140 million CNY, significantly down from 432 million CNY in the same period last year [1][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.536 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.59%, with a net profit attributable to shareholders of 415 million yuan, down 25.19% year-on-year [2] - In Q3 2024, the revenue decreased by 11.7% year-on-year, and the net profit dropped by 51.68% year-on-year, primarily due to weakened domestic consumption [2][3] - The gross margin in Q3 2024 slightly increased by 0.15 percentage points to 62.86%, while the expense ratio rose significantly, leading to a decline in net profit margin [3] - Inventory pressure increased with inventory at 1.305 billion yuan, up 8.67% year-on-year, and cash flow from operating activities decreased by 98% year-on-year [4] - The company plans to issue up to 286 million new shares to raise no more than 800 million yuan, with the controlling shareholder expressing confidence by fully subscribing to the offering [4] Financial Forecasts and Valuation - The revenue forecast for 2024 is adjusted to 5.066 billion yuan, with net profit forecasts revised down to 551 million yuan for 2024, 643 million yuan for 2025, and 729 million yuan for 2026 [4] - Corresponding P/E ratios are projected at 10, 9, and 8 times for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 4.94 CNY, down from the previous 7.48 CNY [5][4]. Core Views - The company's Q3 performance was below expectations due to poor terminal sales influenced by weather factors and insufficient consumer confidence. However, there is an expectation for gradual improvement in sales as winter approaches [3][4]. - The company is positioned as a leading men's apparel brand, and despite the challenges, it is expected to maintain a solid market position [4]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 3.54 billion CNY, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 420 million CNY, down 25.2% year-on-year. Q3 alone saw revenues of 1.06 billion CNY, a decline of 11.7%, and a net profit of 70 million CNY, down 51.7% year-on-year [4][5]. - The report forecasts EPS for 2024-2026 to be adjusted to 0.38, 0.43, and 0.48 CNY respectively, down from previous estimates of 0.55, 0.63, and 0.70 CNY [4]. - The company’s gross margin in Q3 improved slightly by 0.2 percentage points year-on-year, despite a decline in revenue for several brands [4]. Market and Operational Insights - The company plans to focus on stabilizing channel profitability amidst weak consumer demand, with a steady pace of store openings expected in Q3 and Q4 [4]. - Recent temperature drops are anticipated to catalyze improved sales for the company's brands, particularly for the flagship brands [4].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The report indicates that Q3 2024 saw weak terminal retail performance, with store opening and promotional expenses squeezing profits. Revenue for Q3 2024 was 1.056 billion yuan, down 11.73% year-on-year, and net profit attributable to shareholders was 71 million yuan, a decrease of 51.68% [1] - The report revises profit forecasts downward due to weak performance from core brands Haggis and Baoxini, projecting net profits for 2024-2026 to be 550 million, 640 million, and 730 million yuan respectively, with corresponding EPS of 0.4, 0.4, and 0.5 yuan [1] - Despite short-term challenges, the company expects to return to a growth trajectory by 2025 through new store openings and multi-category development [1] Financial Performance Summary - Q3 2024 revenue was 1.056 billion yuan, with a net profit of 71 million yuan and a non-recurring net profit of 56 million yuan. For the first three quarters of 2024, revenue totaled 3.536 billion yuan, down 3.6%, with a net profit of 415 million yuan, a decrease of 25% [1] - Gross margin for Q3 2024 was 62.9%, a slight increase of 0.1 percentage points, while the net profit margin decreased by 5.6 percentage points to 6.7% [1] - Operating cash flow for Q3 2024 was 141 million yuan, down 67.29%, with inventory increasing to 1.305 billion yuan and inventory turnover days rising to 288 days [1] Brand Performance Insights - Baoxini's revenue is expected to decline by 25-35% in Q3 2024 due to shipping rhythm impacts, while other brands like Le Fei Ye are projected to see revenue growth of 15-20% [1] - Haggis is anticipated to experience a revenue decline of 5-10% in Q3 2024, with a significant drop in September [1] Market Data - The current stock price is 3.95 yuan, with a market capitalization of 5.764 billion yuan and a circulating market value of 4.660 billion yuan [2] - The stock has seen a 3-month turnover rate of 212.15% [2]

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].