Investment Rating - The report maintains a "Buy" rating for the company [2][7][8] Core Views - The company has fully provisioned to solidify its financial statements, preparing for a potential turnaround in 2025 [1][7] - The company reported a revenue of 5.15 billion yuan in 2024, a decrease of 1.9% year-on-year, with a net profit of 495 million yuan, down 29.1% year-on-year [7][8] - The company is focusing on controlling terminal discounts, resulting in a stable gross margin of 65% in 2024, despite high sales expenses leading to profit leverage [7][10] - The company has a strong cash position with over 2 billion yuan in cash and cash equivalents, indicating solid asset quality [7][10] - The acquisition of the Woolrich brand is expected to enhance the company's position in the outdoor segment, with a projected net profit of 5.3 billion yuan in 2025 [7][8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.515 billion yuan, with a year-on-year growth of 7.0% [6][18] - The projected net profit for 2025 is 526 million yuan, reflecting a growth of 6.3% year-on-year [6][18] - The company’s gross margin is expected to remain stable around 64.6% in 2025 [6][18] - The return on equity (ROE) is projected to be 11.1% in 2025 [6][18] - The price-to-earnings (PE) ratio is estimated at 11 for 2025, with a target market value of 7.1 billion yuan, indicating a potential upside of 28% from the current market value [7][15]

Operating Overview - The company reported a total revenue of 5.153 billion yuan for 2024, a year-on-year decrease of 1.91% [2] - The net profit attributable to shareholders was 495 million yuan, down 29.07% year-on-year, while the net profit after deducting non-recurring items was 436 million yuan, a decrease of 27.88% [2] - In Q4, total revenue was 1.617 billion yuan, an increase of 1.97% year-on-year, but the net profit attributable to shareholders was only 79.69 million yuan, down 44.17% year-on-year [2] Profitability Analysis - The company's gross margin was 65.02%, an increase of 0.48% year-on-year, indicating improved cost control [3] - However, the net profit margin was 10.09%, a decrease of 27.25% year-on-year, reflecting a significant decline in profitability due to total sales, management, and financial expenses reaching 2.477 billion yuan, accounting for 48.07% of revenue, an increase of 7.38% [3] Cash Flow and Asset Status - The operating cash flow per share was 0.48 yuan, a decrease of 39.13% year-on-year, primarily due to reduced collection of sales receivables and increased payments for procurement and employee salaries [4] - Accounts receivable stood at 693 million yuan, representing 139.98% of the latest annual net profit, indicating a significant risk in receivables collection [4] Balance Sheet Analysis - Cash and cash equivalents amounted to 2.025 billion yuan, an increase of 7.09% year-on-year, while interest-bearing debt decreased by 38.01% to 449 million yuan, indicating improved debt management [5] - Fixed assets increased by 76.26%, mainly due to the completion of an industrial park, while construction in progress decreased by 82.74% for the same reason [5] Main Business Analysis - The primary revenue source remains the textile and apparel industry, accounting for 97.39% of total revenue, with high gross margins for products such as jackets, pants, shirts, and T-shirts at 58.94%, 63.64%, 68.12%, and 76.62% respectively [6] - However, the export business reported a loss, with export revenue of 25.93 million yuan and a loss of 110 million yuan, resulting in a profit margin of -422.46% [6] Development Strategy and Future Outlook - The company will continue to focus on apparel as its main business and investment as a secondary business, aiming for multi-brand and omnichannel development to enhance product, channel, brand, and operational capabilities [7] - Despite facing macroeconomic fluctuations and intensified market competition, the company plans to optimize performance mechanisms and strengthen risk management to ensure high-quality, stable, and sustainable development [7] Summary - Overall, the company's financial performance in 2024 was unsatisfactory, with slight revenue decline, significant net profit reduction, high accounts receivable, and increased cash flow pressure [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 5.153 billion and net profit at 495 million, representing a year-on-year decrease of 1.91% and 29.07% respectively [2] - The decline in performance was attributed to negative operating leverage, rigid expenses, and a reduction in investment income [2] - The company plans to distribute cash dividends of 0.5 yuan per 10 shares and 0.7 yuan mid-term, with a payout ratio of 35% [3] - The company is investing 300-400 million yuan in a new R&D center and acquiring the global intellectual property rights for the Woolrich brand for 380 million yuan [3] Financial Summary - The company's revenue for 2024 was 5.153 billion, with a projected increase to 5.602 billion in 2025 and 6.205 billion in 2026 [11] - The net profit for 2024 is expected to be 495 million, with projections of 534 million in 2025 and 700 million in 2026 [11] - The gross margin for 2024 is reported at 65.0%, with a slight increase expected in subsequent years [11] - The company’s earnings per share (EPS) is projected to be 0.34 yuan in 2024, increasing to 0.37 yuan in 2025 and 0.48 yuan in 2026 [11] Brand Performance - The company’s main brands, including Baoniao and Hazzys, showed mixed results, with Baoniao experiencing a decline due to reduced group purchasing budgets [4] - The number of stores for Baoniao increased by 4 to 821, while Hazzys opened 21 new stores, bringing the total to 478 [4] - Online and direct sales channels showed slight growth, with online revenue at 8.17 billion, reflecting a year-on-year increase of 0.42% [4] Profitability Analysis - The company’s gross margin increased slightly to 65.0%, while the net profit margin decreased to 9.6% due to rising sales expenses and asset impairment losses [5][6] - The sales expense increased by 100 million, primarily due to higher advertising costs [6] - The company’s net profit for Q4 2024 was reported at 80 million, with a net profit margin of 4.9% [6] Inventory and Receivables - The company’s inventory at the end of 2024 was 1.205 billion, reflecting a year-on-year increase of 4.66% [7] - Accounts receivable also increased to 693 million, with a turnover period of 47 days [7] Investment Outlook - Short-term outlook remains cautious due to high base effects and low confidence among franchisees, but there is cautious optimism for the year ahead [8] - The company expects to see improvements in its main brand and other segments in the coming years, with projected revenue growth of 8.7% in 2025 and 10.8% in 2026 [9]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 HAZZYS、要品牌开店符合预期，2025 年预计趋势持续。分品牌：2024 年 HAZZYS/报喜 鸟要品牌/宝鸟/恺米切&乐飞叶&TB 品牌销售收入分别为 17.8/15.9/10.1/5.0 亿元，同比分 别+1%/-8%/-3%/+13%。 1）HAZZYS：2024 年收入+1%至 17.8 亿元（其中 H1/H2 分别同比持平/+2%），占比 35%。 ①产品，聚焦通勤、休闲、运动三大场景，升级面料创新产品，通过大单品策略提升配饰品 类的运情效率。②渠道数量稳步扩张，2024 年净加主 21 家至 478 家（其中直情+17 家至 344 家/主盟+4 家至 134 家），们根断销 2025 年有望保持快速新开店加幅 10%~15%、同 时关闭低效门店，目前品牌仍以直情为要、布局高线城市。 2）报喜鸟要品牌：2024 年收入-8%至 15.9 亿元（其中 H1/H2 分别同比-4%/-12%），占比 32%。①产品强调面料功能性与舒适性，重视研发创新，运动西服等产品受到好评。②渠道 结构优化，2024 年净 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 报喜鸟（002154.SZ） 2024 年利润端短期承压，开店情况符合预期 2024 年：收入同比-2%/归母净利润同比-29%。2024 全年公司收入为 51.5 亿元，同比- 2%；归母净利润为 4.9 亿元，同比-29%；扣非归母净利润为 4.4 亿元，同比-28%。1）盈 利质量方面：2024 全年公司毛利率同比+0.3pct 至 65%，销售/管理/财务费用率同比分别 +2.7/+0.3/+0.3pct 至 41.3%/7.4%/-0.6%（（们根据经营情情况断销销售费用率加主要系：： ①直情渠道存在刚性销售费用；②情销推广力度主大）；计提资产减值损失 1.4 亿元（上一 年同期为 1.2 亿元）；综合以上，净利率同比-3.8pct 至 10.1%。2）公司 2024 年合计拟分配 现金股利 1.75 亿元，股利支付率约 35%，以 2025/4/18 收盘价计算的股息率约为 3%。 2024Q4：收入同比+2%/归母净利润同比-44%。2024Q4 公司收入为 16.2 亿元，同比 +2%；归母净利润为 0 ...

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达2.49%。 公募基金方面本期较上一季度持股减少的公募基金共计8个，主要包括中欧成长优选混合A、中欧价值 发现混合A、华夏消费优选混合A、华夏行业龙头混合、中欧潜力价值灵活配置混合A等，持股减少占 比达2.70%。本期较上一季度新披露的公募基金共计116个，主要包括华夏中证1000ETF、汇添富消费行 业混合、富国中证价值ETF、摩根健康品质生活混合A、广发中证1000ETF等。本期较上一季未再披露 的公募基金共计7个，主要包括南方通元6个月持有债券A、西部利得研究精选混合A、南方睿阳稳健添 利6个月持有债券A、南方集利18个月持有债券A、西部利得新润混合A等。 2025年4月19日，报喜鸟(002154.SZ)发布2024年年度报告。截至2025年4月18日，共有129个机构投资者 披露持有报喜鸟A股股份，合计持股量达1.53亿股，占报喜鸟总股本的10.46%。其中，前十大机构投资 者包括中国建设银行股份有限公司-中欧价值发现股票型证券投资基金、香港中央结算有限公司、易方 达基金-中央汇金资产管理有限责任公司-易 ...

报喜鸟控股股份有限公司 2024 年度财务决算报告 根据立信会计师事务所(特殊普通合伙)出具的信会师报字[2025]第 ZF10235 号审计报告及公司财务决算相关资料，现将公司 2024 年度财务决算报 告概述如下： 一、主要经营情况 单位：元 | 指标及项目 | 金额 | 增减比例（% ） | | --- | --- | --- | | 营业总收入 | 5,153,231,587.72 | -1.91% | | 营业成本 | 1,802,544,874.28 | -2.78% | | 税金及附加 | 45,509,717.86 | -3.60% | | 销售费用 | 2,130,316,188.66 | 4.88% | | 管理费用 | 379,174,647.67 | 2.37% | | 研发费用 | 92,733,425.77 | -14.59% | | 财务费用 | -32,267,155.69 | 35.27% | | 其他收益 | 103,860,677.47 | -8.77% | | 投资收益 | 10,504,657.47 | -51.61% | | 公允价值变动收益 | -14,400,3 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——016 报喜鸟控股股份有限公司 关于公司使用部分闲置募集资金进行现金管理的公告 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。 重要内容提示： 1、投资种类：安全性高、流动性好、一年期以内（含一年期）的保本型理 财产品或结构性存款。 2、投资金额：公司使用闲置募集资金进行现金管理金额（含前述投资的收 益进行再投资的相关金额）单日最高不超过 1.4 亿元。 3、特别风险提示：公司购买的理财产品属于低风险投资品种，但金融市场 受宏观经济的影响较大，不排除该项投资受到市场波动的影响；委托理财的实际 收益存在不确定性。 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开第八 届董事会第十六次会议、第八届监事会第十四次会议，审议通过了《关于公司使 用部分闲置募集资金进行现金管理的议案》。具体情况如下： 一、募集资金基本情况 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，公司实际已向特定对象发行人民币 普通 ...

董事会对会计师事务所的履职情况评估报告及 审计委员会履行监督职责情况报告 注册地址：上海市黄浦区南京东路 61 号四楼 首席合伙人：朱建弟、杨志国 立信会计师事务所(特殊普通合伙)（以下简称"立信会计师事务所"）由我国 会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家 完成改制的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱 建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证 券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公 司会计监督委员会（PCAOB）注册登记。截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名，签署过证券服务业务审计报告的注册会计师 743 名， 上年度上市公司审计客户 693 家，是国内最具综合实力的会计师事务所之一。 二、2024 年度会计师事务所履职情况 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《独立董事管理 办法》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》、《国有企业、上市公司选聘会计师事务所管理办法》 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025-015 报喜鸟控股股份有限公司 关于利用自有闲置资金投资理财产品的公告 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。 重要内容提示： 1、投资种类：保本类、固定收益类、有担保或保证的产品及其他非保本浮 动收益类等低风险投资品种。 2、投资金额：公司及全资子公司、控股子公司购买理财产品金额（含前述 投资的收益进行再投资的相关金额）单日最高不超过10亿元。 3、特别风险提示：公司购买的理财产品属于低风险投资品种，但金融市场 受宏观经济的影响较大，不排除该项投资受到市场波动的影响；委托理财的实际 收益存在不确定性。 报喜鸟控股股份有限公司（以下简称"公司"）于2025年4月17日召开第八届 董事会第十六次会议及第八届监事会第十四次会议，审议通过了《关于利用自有 闲置资金投资理财产品的议案》，本议案尚需提交股东大会审议。具体情况如下： 一、委托理财的基本情况 （一）投资目的：为确保资金安全及保持合理的流动性，在满足公司日常经 营和战略投资的资金需求的前提下，合理利用自有闲置资金购买理财产品，提高 自有资金 ...