Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [7]. Core Views - The company demonstrates resilience with accelerated store openings in the second half of 2023 and a dividend payout exceeding expectations [1][2]. - The company focuses on T-shirt branding, enhancing product innovation, and expanding market share while improving brand image and cultural strength [4]. - Financial forecasts remain stable, with projected net profits for 2024-2026 at 1.2 billion, 1.4 billion, and 1.8 billion respectively, indicating a strong growth trajectory [5]. Financial Performance Summary - In Q1 2024, the company reported revenues of 1.268 billion, a year-on-year increase of 17.6%, and a net profit of 362 million, up 20.4% [1]. - For the full year 2023, revenues reached 3.536 billion, reflecting a 22.6% increase, with a net profit of 911 million, up 25.2% [1][2]. - The gross margin for 2023 was 78.6%, an increase of 1.2 percentage points, while the net profit margin was 25.8%, up 0.5 percentage points [3]. Sales Channel Breakdown - Online sales generated 195 million, a 16.1% increase, with a gross margin of 70.6% [2]. - Direct sales amounted to 2.395 billion, up 34.6%, with a gross margin of 83.1% [2]. - Franchise sales decreased by 2.1% to 918 million, with a gross margin of 70.3% [2]. Store Expansion - As of the end of 2023, the company operated 607 direct stores, an increase of 28, and 648 franchise stores, an increase of 36 [3]. Future Outlook - The company is expected to continue its growth trajectory with a focus on high-quality channel development and targeting younger demographics through its golf series [5]. - The projected earnings per share (EPS) for 2024-2026 are 2.1, 2.5, and 3.1 yuan per share, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 10 times [5].

证券代码：002832 证券简称：比音勒芬 公告编号：2024-019 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 2023 年 8 月 29 日召开 第四届董事会第二十次会议、第四届监事会第十四次会议，会议审议通过了《关 于使用闲置募集资金及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。公司独立董事以及 保荐机构均发表了同意的意见。具体内容详见 2023 年 8 月 30 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。 尽管公司会选择低风险理财产品投资，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。 受托方 产品名称 ...

证券研究报告 | 2024年05月02日 比音勒芬（002832.SZ） 买入 第一季度净利润增长 20%，库存改善明显 核心观点 公司研究·财报点评 直营渠道拉动下，2023年收入增长22.6%，归母净利润增长25.2%。比音勒 纺织服饰·服装家纺 芬是主营高端运动生活的男装品牌。2023年收入增长22.6%至35.4亿元， 证券分析师：丁诗洁 证券分析师：关竣尹 归母净利润增长25.2%至9.1亿元，分渠道看，直营/加盟/线上收入分别同 0755-81981391 0755-81982834 dingshijie@guosen.com.cnguanjunyin@guosen.com.cn 比变动+35%/-2%/+16%，加盟渠道下降预计主要由于2022年加盟收入高基数 S0980520040004 S0980523110002 和加盟商处理2022年疫情期间库存而减少订单。由于直营占比提升、直营 基础数据 和电商毛利率提升，公司毛利率提升1.2百分点至78.6%。由于直营占比提 投资评级 买入(维持) 升，公司费用率提升1.8百分点。同时资产减值损失比率减少1.7百分点， 合理估值 37.50 - 39 ...

证券研究报告 | 2024年05月02日 比音勒芬（002832.SZ） 买入 第一季度净利润增长 20%，库存改善明显 核心观点 公司研究·财报点评 直营渠道拉动下，2023年收入增长22.6%，归母净利润增长25.2%。比音勒 纺织服饰·服装家纺 芬是主营高端运动生活的男装品牌。2023年收入增长22.6%至35.4亿元， 证券分析师：丁诗洁 证券分析师：关竣尹 归母净利润增长25.2%至9.1亿元，分渠道看，直营/加盟/线上收入分别同 0755-81981391 0755-81982834 dingshijie@guosen.com.cnguanjunyin@guosen.com.cn 比变动+35%/-2%/+16%，加盟渠道下降预计主要由于2022年加盟收入高基数 S0980520040004 S0980523110002 和加盟商处理2022年疫情期间库存而减少订单。由于直营占比提升、直营 基础数据 和电商毛利率提升，公司毛利率提升1.2百分点至78.6%。由于直营占比提 投资评级 买入(维持) 升，公司费用率提升1.8百分点。同时资产减值损失比率减少1.7百分点， 合理估值 37.50 - 39 ...

纺织服饰 | 证券研究报告 — 业绩评论 2024年4月30日 002832.SZ 比音勒芬 买入 24Q1 经营情况亮眼，盈利水平仍维持提升 原评级：买入 市场价格:人民币 30.03 公司于4月26日发布2023年年报和2024年一季报，2023全年实现营收35.36 亿元，同增22.58%，归母净利润9.11亿元，同增25.17%，扣非净利润8.67 板块评级:强于大市 亿元，同增29.36%。23Q1营收12.68亿元，同增17.55%，归母净利润3.62 亿元，同增20.43%，扣非净利润3.51亿元，同增21.87%，公司营收与业绩 股价表现 持续高增，盈利水平仍保持增长趋势，看好公司成长性，维持买入评级。 支撑评级的要点 0% (6%)  渠道扩张+精准营销推动线上线下保持快速增长。2023全年公司实现营收 35.36亿元，同增22.58%，归母净利润9.11亿元，同增25.17%，在内需 (12%) 弱复苏背景下仍维持高速增长，彰显品牌强劲增长动能。分渠道看，直 (17%) 营渠道营收23.95亿元，同增34.55%，公司把握国内高端运动市场风口， (23%) 继续聚焦品牌力提升，打造高品质 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.536 billion yuan in 2023, representing a year-on-year increase of 22.58%, and a net profit attributable to shareholders of 910.75 million yuan, up 25.17% year-on-year. The revenue growth outpaced industry averages, and the net profit margin showed a steady increase. In Q4 2023, revenue was 740 million yuan, with a year-on-year growth of 12.14%, while net profit decreased by 0.88% year-on-year due to increased marketing expenses and new brand promotion investments [3] - For Q1 2024, the company achieved a revenue of 1.268 billion yuan, a year-on-year increase of 17.55%, and a net profit of 362 million yuan, up 20.43% year-on-year, indicating robust growth despite a weak overall domestic consumption environment [3] - The company plans to distribute a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 62.7%, an increase of 39 percentage points year-on-year [3] Summary by Sections Revenue and Profitability - Total revenue for 2023 was 3.536 billion yuan, with a year-on-year growth of 22.58%. The net profit attributable to shareholders was 910.75 million yuan, reflecting a 25.17% increase year-on-year. The company maintained a leading growth rate in the industry [2][3] - Q4 2023 revenue was 740 million yuan, with a year-on-year growth of 12.14%, while net profit decreased by 0.88% year-on-year due to increased marketing investments [3] Channel Performance - Direct sales revenue grew by 34.55% year-on-year, while franchise revenue slightly declined by 2.07%. Online sales saw a double-digit growth of 16.08% [3] - As of the end of 2023, the company had 607 direct sales stores, a net increase of 28 stores year-on-year, with single-store revenue increasing by 28.4% [3] Financial Forecasts - The company is projected to achieve revenues of 4.245 billion yuan in 2024, 5.032 billion yuan in 2025, and 5.897 billion yuan in 2026, with corresponding net profits of 1.162 billion yuan, 1.407 billion yuan, and 1.670 billion yuan respectively [2][3] - The P/E ratios for 2024, 2025, and 2026 are estimated to be 14.59, 12.05, and 10.15 respectively, indicating a favorable valuation outlook [2][3] Cash Flow and Inventory Management - Operating cash flow for Q1 2024 was 540 million yuan, a year-on-year increase of 7.34%, with cash and cash equivalents amounting to 3.23 billion yuan [3] - Inventory as of Q1 2024 was 645 million yuan, down 1.2% year-on-year, with inventory turnover days reduced by 40 days to 200 days, indicating improved inventory management [3]

公司研究 | 年报点评 比音勒芬 002832.SZ 经营业绩持续快速增长，国际化战略稳步 买入 （维持） 股价（2024年04月26日） 29.7元 推进 目标价格 37.81元 52周最高价/最低价 37.64/27.34元 总股本/流通A股（万股） 57,071/38,942 A股市值（百万元） 16,950 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司2023年实现营业收入35.4亿，同比增长22.6%，实现归母净利润9.11亿，同 报告发布日期 2024年04月29日 比增长25.2%。24Q1公司的收入和归母净利润分别同比增长17.6%和20.4%，超 市场预期。公司拟分红5.7亿，分红率为62.7%，同比大幅提升。 1周 1月 3月 12月 ⚫ 分渠道来看，2023年线上、直营、加盟渠道收入分别同比增长16%、35%和-2%， 绝对表现% 0.13 2.1 -0.5 -9.4 毛利率分别同比增长7.2pct、1pct和-0.7pct。线下渠道来看，截至2023年底，直 相对表现% -1.07 0.96 -8.01 0.07 营和加盟门店分别净开28家和36家门店，合计净开64家，我们预计 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong growth trajectory and strategic initiatives [6] Core Views - The company reported robust financial performance in 2023 and Q1 2024, with 2023 revenue reaching 3,536 million yuan (+22.6% YoY) and net profit of 911 million yuan (+25.2% YoY) [6] - Q1 2024 revenue grew by 17.6% YoY to 1,268 million yuan, with net profit increasing by 20.4% YoY to 362 million yuan, demonstrating sustained high growth [6] - The company's gross margin improved to 78.6% in 2023 (+1.2 pct YoY), with a net profit margin of 25.8% (+0.5 pct YoY), reflecting strong profitability [6] - The company is actively expanding its international presence through acquisitions and talent recruitment, including the appointment of a former GUCCI designer as Chief Creative Officer [6] Financial Performance Summary - The company's revenue is projected to grow at a CAGR of 18.4% from 2024 to 2026, reaching 5,881 million yuan by 2026 [7] - Net profit is expected to grow at a CAGR of 25% from 2024 to 2026, reaching 1,780 million yuan by 2026 [7] - The company's ROE is forecasted to increase from 18.6% in 2023 to 25.0% in 2026, indicating improving efficiency [7] Operational Highlights - The company's offline direct sales grew by 35% YoY in 2023, while online sales increased by 16% YoY, with online gross margin rising by 7.2 pct [6] - The company expanded its store network to 1,255 stores by the end of 2023, with a focus on larger store formats and quality improvements [6] - Inventory turnover days decreased by 42 days to 346 days in 2023, reflecting improved operational efficiency [6] Valuation and Shareholder Returns - The company's current PE ratio is at a historically low level, around the 13th percentile since 2021, indicating attractive valuation [6] - The company announced a cash dividend of 570 million yuan for 2023, representing a dividend payout ratio of 62.7% and a dividend yield of 3.4% [6] Strategic Initiatives - The company completed the acquisition of global trademark rights for CERRUTI 1881 and KENT&CURWEN for approximately 700 million yuan in 2023 [6] - The company plans to relaunch KENT&CURWEN in Q3 2024, supported by its new Chief Creative Officer, as part of its international expansion strategy [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of April 26, 2024 [2]. Core Views - The company continues to experience growth in Q1 2024, with a focus on international expansion under its brand matrix [2][3]. - The company achieved a revenue of 3.536 billion yuan in 2023, representing a year-on-year increase of 22.6% [2]. - In Q1 2024, the company reported a revenue of 1.27 billion yuan, a year-on-year increase of 17.6% [2]. - The company is optimistic about the ongoing expansion of various store formats and the improvement in store efficiency [3]. Financial Performance Summary - In 2023, the company achieved a gross profit margin of 78.6%, which increased by 1.2 percentage points year-on-year [3]. - The net profit margin for 2023 was 25.8%, reflecting a year-on-year increase of 0.5 percentage points [3]. - The company’s revenue is projected to grow from 4.267 billion yuan in 2024E to 6.114 billion yuan in 2026E, with year-on-year growth rates of 20.7% and 19.4% respectively [4]. - The diluted EPS is expected to increase from 2.00 yuan in 2024E to 2.89 yuan in 2026E [4]. Operational Highlights - The company opened 64 new stores in 2023, bringing the total to 1,255 stores, with a net increase of 28 direct-operated stores and 36 franchised stores [3]. - The average revenue per direct-operated store in 2023 was 3.946 million yuan, marking a year-on-year increase of 28.3% [3]. - The company has established a research and development center in Paris, enhancing its product offerings under brands like K&C and CERRUTI 1881 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 39.71 [1][2] Core Views - The company has shown consistent high-quality growth, with a 25% YoY increase in net profit attributable to the parent company in 2023 [1] - The company's performance in Q1 2024 was robust, with revenue and net profit growing by 17.6% and 20.4% YoY, respectively [1] - The company is expected to continue its rapid growth trajectory, with EPS forecasts of CNY 2.11, CNY 2.51, and CNY 2.97 for 2024, 2025, and 2026, respectively [1] Financial Performance - In 2023, the company's revenue, net profit, and non-GAAP net profit were CNY 3.54 billion, CNY 910 million, and CNY 870 million, respectively, representing YoY growth of 22.6%, 25.2%, and 29.4% [1] - The company's gross margin increased by 1.2 percentage points YoY in 2023, with online, direct, and franchise channel revenues growing by 16.1%, 34.5%, and -2.1%, respectively [1] - The company's net profit margin increased by 0.5 percentage points YoY in 2023, driven by improved operational efficiency and optimized inventory structure [1] Industry and Market Position - The company is a leading player in the men's apparel market, with a strong brand positioning and differentiated product offerings [1] - The company's focus on the "T-shirt expert" brand and super single products has helped it maintain impressive growth trends in a challenging consumer environment [1] Future Outlook - The company is expected to accelerate its offline channel expansion in 2024, which could further drive growth [1] - The company's operational efficiency is expected to continue improving, with inventory turnover days decreasing by 40 days in 2023 [1]