2024 年 09 月 11 日 公司点评 买入/维持 比音勒芬(002832) 目标价: 昨收盘:17.41 2024H1 财报点评：加盟&电商驱动增长，营运持续提质 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------|-------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 09 月 11 日 公司点评 买入/维持 比音勒芬(002832) 目标价: 昨收盘:17.41 2024H1 财报点评：加盟&电商驱动增长，营运持续提质 | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------|-------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002832 证券简称：比音勒芬 | --- | --- | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|--------------| | | | | 编号： | 2024-002 | | | □特定对象调研 □分析师会议 | | | | | 投资者关系活动类别 | □媒体采访 √业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | （请文字说明其他活动内容） | | | | | | | | | | 参与单位名称及人员 姓名 | 参与" 2024 | 年广东辖区上市公司投资者网上集体接待日"活动 | | | | | 的投资 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-036 比音勒芬服饰股份有限公司 关于参加广东辖区 2024 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，比音勒芬服饰股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手 共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月 活动投资者集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周 四）15:30-16:30。届时公司高管将在线就 2024 年半年度业绩、公司治理、发展 战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告。 比音勒芬服饰股份有限公司董事会 2024 年 9 月 11 日 ...

比音勒芬服饰股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 比音勒芬服饰股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开 第五届董事会第四次会议、第五届监事会第三次会议，会议审议通过了《关于使 用闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常生产经 营和确保资金安全的情况下，使用不超过人民币 18 亿元的闲置自有资金进行现 金管理。此次审议的现金管理额度期限自董事会通过之日起 12 个月内有效，在 上述额度及有效期内，资金可滚动使用。具体内容详见 2024 年 8 月 31 日公司指 定信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮 资讯网（www.cninfo.com.cn）的相关公告。 根据上述决议，公司就近日购买理财产品的相关事宜公告如下： | 受托方 | 产品名称 | | 产品类 | 金额 | 起息日 | 到期日 | 预期年化收益 | 资金来源 | | --- | --- | --- | --- | --- | --- | --- | ...

投资评级：买入（维持） 日期 2024/9/2 隐证券 纺织服饰/服装家纺 公 司 研 究 比音勒芬（002832.SZ） 2024 年 09 月 03 日 2024H1 加盟稳步拓张，盈利能力稳中有升 ——公司信息更新报告 | --- | --- | --- | --- | |---------------------------|--------------------|----------------|---------------------------| | | | | | | 吕明（分析师） | 周嘉乐（分析师） | | 吴晨汐（联系人） | | lvming@kysec.cn | zhoujiale@kysec.cn | | wuchenxi@kysec.cn | | 证书编号： S0790520030002 | 证书编号： | S0790522030002 | 证书编号： S0790122120013 | 2024H1 加盟稳步拓张，盈利能力稳中有升，维持"买入"评级 公司 2024H1 实现营收 19.4 亿元（同比+15.0%），实现归母/扣非归母净利润 4.8/4.6 亿元，同增 15. ...

比音勒芬（002832.SZ） 优于大市 上半年收入与净利润增长 15%，各渠道毛利率均有提升 2024 上半年收入增长 15%，归母净利润保持同步增长。比音勒芬是主营高端 运动生活的男装品牌。2024 上半年在消费力疲软的市场环境下，以及去年高 基数基础上，公司收入同比增长 15.0%至 19.4 亿元，归母净利润同比增长 15.3%至 4.8 亿元。基于各渠道毛利率的提升，公司整体毛利率同比+0.7 百 分点至 77.9%；费用率基本保持稳，整体费用率同比+0.5 百分点。进而归母 净利率同比+0.1 百分点至 24.7%。存货金额虽同比增长 11%，存货周转天数 大幅改善，同比-27 天、环比-37 天至 309 天，应收、应付周转天数基本保 持稳定。现金流充裕，经营活动现金流净额为 5.3 亿元，净现比为 1.1。 第二季度收入同比增长 10%，毛利率提升，净利润受非经影响承压。第二季 度公司收入同比增长 10.5%至 6.7 亿元，归母净利润同比增长 1.7%至 1.2 亿 元，扣非归母净利润同比增长 16.3%至 1.1 亿元，非经常性损益主要受政府 补助减少、理财产品收益减少影响。主营业务来看， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.95 CNY based on a 15x PE valuation for 2024 [2][4][7]. Core Insights - The company reported a revenue of 1.94 billion CNY for H1 2024, representing a 15% year-on-year growth, and a net profit of 480 million CNY, up 15.3% year-on-year, with a non-recurring profit of 460 million CNY, which is a 21% increase year-on-year [1]. - The growth was driven by franchise and online channels, with online revenue increasing by 35% year-on-year and gross margin rising by 15 percentage points to 77.6% [1]. - The company's profitability is improving, with a gross margin of 77.9% for H1 2024, up 0.7 percentage points year-on-year, and a net profit margin of 24.7%, an increase of 0.1 percentage points year-on-year [1]. - Inventory turnover days improved to 309 days, a decrease of 27 days year-on-year, indicating better inventory management [1]. - The company is expanding its brand portfolio, with new brands launched and a refreshed brand image showcased at major events [1]. Financial Summary - Revenue (in million CNY): 2022A: 2,885, 2023A: 3,536, 2024E: 4,138, 2025E: 4,783, 2026E: 5,397 [3]. - Net profit (in million CNY): 2022A: 728, 2023A: 911, 2024E: 1,103, 2025E: 1,303, 2026E: 1,499 [3]. - Earnings per share (in CNY): 2022A: 1.27, 2023A: 1.60, 2024E: 1.93, 2025E: 2.28, 2026E: 2.63 [3]. - Gross margin (%): 2022A: 77.4%, 2023A: 78.6%, 2024E: 78.8%, 2025E: 78.7%, 2026E: 78.6% [3]. - Net margin (%): 2022A: 25.2%, 2023A: 25.8%, 2024E: 26.6%, 2025E: 27.2%, 2026E: 27.8% [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a 15% year-on-year increase in revenue for the first half of 2024, reaching 1.94 billion yuan, and a 15.3% increase in net profit, totaling 479 million yuan [6][9]. - The company's gross margin improved to 77.9% in the first half of 2024, reflecting a 0.7 percentage point increase year-on-year, driven by product competitiveness and brand value [6][8]. - The company has shown strong operational quality with inventory turnover improving, and cash reserves reaching approximately 3.2 billion yuan, providing a solid foundation for high dividends [6][8]. - The company is actively pursuing high-quality growth despite a challenging retail environment, with plans to accelerate store openings in the second half of the year [6][8]. - The company has made strategic acquisitions and appointments, including the acquisition of global trademarks and hiring a new chief creative officer, which are expected to enhance its growth trajectory [6][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.94 billion yuan, a 15% increase year-on-year, and a net profit of 479 million yuan, up 15.3% [6][9]. - The gross margin for the first half of 2024 was 77.9%, with a net profit margin of 24.7% [6][8]. Operational Metrics - The company reported a decrease in inventory turnover days by 27 days to 309 days, indicating efficient inventory management [6][8]. - The cash flow from operations was 533 million yuan, with a net cash ratio of 1.1, highlighting strong liquidity [6][8]. Market Position and Strategy - The company is expanding its store network, with a total of 1,263 stores by the end of the first half of 2024, and plans to open more stores in the upcoming months [6][8]. - The company has made significant investments in brand acquisitions and creative leadership to drive future growth [6][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 24.44 CNY, down from the previous 37.73 CNY [4]. Core Insights - The company has shown steady revenue growth in H1 2024, with total revenue reaching 1.94 billion CNY, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 480 million CNY, up 15.3% year-on-year [3]. - The company is expected to continue its high-quality growth trajectory, supported by a robust expansion strategy in the second half of the year [3]. - The report highlights the company's focus on high-end sports fashion and its steady channel expansion, which positions it to maintain industry leadership [3]. Financial Performance Summary - H1 2024 revenue breakdown: Direct sales revenue was 1.28 billion CNY (+2.4% YoY), franchise revenue was 520 million CNY (+56.5% YoY), and online revenue was 120 million CNY (+34.6% YoY) [3]. - Q2 2024 revenue was 670 million CNY, a 10.5% increase year-on-year, with a net profit of 120 million CNY, reflecting a 1.7% increase year-on-year [3]. - The gross margin improved by 1.6 percentage points year-on-year, indicating effective cost control measures [3]. Future Outlook - The company plans to expand its main brand and golf independent stores, focusing on internationalization and high-end branding, which is expected to create a second growth curve [3]. - The company has a strong cash position, which will support its expansion plans [3]. - Inventory as of H1 2024 was 760 million CNY, an 11% increase year-on-year, with inventory turnover days reduced by 27 days to 309 days [3].