Investment Rating - The report maintains a strong buy rating for the company [6][10] Core Views - The company is experiencing steady revenue growth, with a projected revenue increase of 13.24% in 2024, while net profit is expected to decline by 14.28% [1][2] - Online sales are growing at a faster rate compared to offline channels, and the company is expanding its offline direct stores [3][4] - The overall gross margin is under pressure, but online gross margin has improved, while increased expenses are affecting net profit margins [4][5] Revenue and Profitability - In 2024, the company’s revenue is projected to be 40.04 billion, with a net profit of 7.81 billion [2][11] - For Q1 2025, revenue is expected to be 12.86 billion, with a net profit of 3.31 billion [2][11] - The company anticipates net profits of 7.98 billion, 8.96 billion, and 10.11 billion for 2025, 2026, and 2027 respectively [1][10] Channel Performance - In 2024, online revenue reached 2.63 billion, growing by 35.03%, while offline direct store revenue was 25.68 billion, growing by 7.22% [3] - The total number of stores increased to 1,294 by the end of 2024, with a net addition of 39 stores [3] Margin Analysis - The gross margin for 2024 is expected to be 77.01%, a decrease of 1.60 percentage points year-on-year [4][14] - The net profit margin for 2024 is projected to decline to 19.49%, down by 6.26 percentage points [4][14] Cash Flow and Inventory Management - The net operating cash flow for 2024 is projected to be 7.50 billion, a decrease of 42.10% [10][11] - Inventory turnover days improved to 324 days in 2024, down by 22 days year-on-year [10] Financial Forecasts - Revenue forecasts for 2025, 2026, and 2027 are 42.94 billion, 47.19 billion, and 51.69 billion respectively, with growth rates of 7%, 10%, and 10% [10][11] - The company’s net profit is expected to grow at rates of 2%, 12%, and 13% for the same years [10][11]

2025 年 4 月 30 日 公司研究 收入保持稳健增长、利润现下滑，期待多品牌继续协同发力 ——比音勒芬（002832.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：16.52 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.71 | | 总市值(亿元)： | 94.28 | | 一年最低/最高(元)： | 16.10/30.77 | | 近 3 月换手率： | 79.21% | 股价相对走势 -41% -26% -10% 6% 21% 04/24 07/24 10/24 01/25 比音勒芬 沪深300 | 收益表现 | | | | | --- | --- | --- | --- ...

证券研究报告 比音勒芬 (002832 CH) 营收稳步增长，盈利能力短期承压 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 服装 比音勒芬发布 2024 年报及 1Q25 业绩：2024 年公司实现营收 40.0 亿元 （yoy+13.2%），归母净利润 7.8 亿元（yoy-14.3%），低于我们此前预期（9.1 亿元），主因消费环境仍处于弱复苏，线下渠道毛利承压明显。1Q25 营收 12.9 亿元（yoy+1.4%），归母净利润 3.3 亿元（yoy-8.5%）。利润分配方面， 24 全年拟派息 0.5 元/股，分红率约 36.6%。公司盈利短期相对承压，但营 收在消费复苏尚不确定的环境下仍保持同业领先的稳健增长，叠加定位高端 消费人群的用户壁垒以及海外品牌 KENT&CURWEN 开启第二增长曲线等 优势，维持"买入"评级。 全品类、全渠道协同发展，共同驱动公司营收增长 分品类来看，上装、外套、下装收入分别同比+13.1%/17.5%/6.3%至 17.1/11.6/7.5 亿元，占营收比重分别为 42.8%/28.8%18.8%。上装作为核心 品类，凭借其丰富的款式设计与优质面料，持 ...

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

比音勒芬服饰股份有限公司（以下简称"公司"）第五届监事会第六次会议于2025年4月28日在广州市番 禺区南村镇兴业大道东608号公司总部8楼会议室以现场会议的方式召开，会议通知于2025年4月18日以 电话、电子邮件等方式向全体监事发出，会议应出席会议监事3人，实际出席会议监事3人，本次监事会 会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，会议由监事会主 席梁传勇先生主持。 二、监事会会议审议情况 本次会议审议并通过了以下议案： 1．关于公司2024年度监事会工作报告的议案 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002832 证券简称：比音勒芬 公告编号：2025-010 比音勒芬服饰股份有限公司 第五届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 表决结果：同意3票，反对0票，弃权0票。 本议案尚需提交股东大会审议批准。 《2024年度监事会工作报告》详见巨潮资讯网（www.cninfo.com.cn）。 2．关于公司2024年度财务决算报告的议案 表决结 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 14 times for 2025 [6][8]. Core Views - The company's revenue is projected to grow by 13% year-on-year in 2024, reaching 4 billion yuan, while net profit is expected to decline by 14% to 780 million yuan [1]. - The company is focusing on enhancing its main brand's competitiveness and nurturing a second growth curve through the development of sub-brands [4][6]. - E-commerce is experiencing high-quality and rapid growth, while offline stores are expanding steadily [3]. Revenue and Profitability - In 2024, the company's revenue is expected to be 4 billion yuan, with a net profit of 780 million yuan, resulting in a net profit margin of 19.5%, down 6.3 percentage points year-on-year [1]. - For Q1 2025, revenue is projected to be 1.29 billion yuan, with a net profit of 330 million yuan, reflecting a year-on-year decline of 8% [2]. Sales Channels - In 2024, sales revenue from various channels is expected to be: e-commerce 263 million yuan (+35%), direct sales 2.568 billion yuan (+7.2%), franchise 1.139 billion yuan (+24.1%), and others 34 million yuan (+19.9%) [3]. - The company plans to open approximately 100 new stores in 2025, contributing to its growth strategy [3]. Brand Strategy - The main brand is focusing on youth-oriented marketing and product differentiation, while the sub-brand K&C is progressing well in store openings [4]. - The company is enhancing its brand image through strategic partnerships and sponsorships in sports [4]. Cash Flow and Inventory Management - The company has maintained healthy cash flow management, with operating cash flow of 750 million yuan in 2024, approximately 1.0 times the net profit [5]. - Inventory levels increased by 34.3% year-on-year to 950 million yuan by the end of 2024, with inventory turnover days improving [5]. Financial Projections - The company expects steady revenue growth of over 10% in 2025, driven by ongoing store expansion and new brand investments [5]. - Projected net profits for 2025-2027 are 707 million yuan, 797 million yuan, and 890 million yuan, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting continued performance resilience and growth potential in the coming years [6]. Core Insights - The company reported a total revenue of 4.004 billion RMB for 2024, reflecting a year-on-year growth of 13.24%, while the net profit attributable to shareholders decreased by 14.28% to 781 million RMB [3][10]. - In Q1 2025, the company achieved a revenue of 1.286 billion RMB, a slight increase of 1.41%, with a net profit of 331 million RMB, down 8.47% year-on-year, aligning with expectations [3][4]. - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 285 million RMB, with a payout ratio of 36.55% [3]. Performance Analysis - The profit performance in 2024 was weaker than revenue growth, primarily due to increased brand marketing investments [4]. - The company experienced a significant revenue increase of 35% in Q4 2024, driven by strong customer loyalty and enhanced brand presence [4]. - The gross margin for 2024 was 77%, a decrease of 1.6 percentage points, while the net profit margin fell by 6.3 percentage points to 19.5% due to rising sales and management expenses [4]. Brand Development - The KENT&CURWEN brand is positioned as a second growth curve for the company, with new store openings and a focus on appealing to Gen Z consumers [5]. - The brand aims to enhance its visual identity and market presence, with new product launches planned for Spring/Summer 2025 [5]. Profit Forecast and Valuation - The company is expected to achieve net profits of 714 million RMB, 874 million RMB, and 1.038 billion RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14, 11, and 9 [6][10]. - The anticipated growth rates for revenue and net profit reflect a robust outlook for the company's main brand and new international brand initiatives [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting continued performance resilience and growth potential in the coming years [6]. Core Insights - The company reported a total revenue of 4.004 billion RMB for 2024, reflecting a year-on-year growth of 13.24%, while the net profit attributable to shareholders decreased by 14.28% to 781 million RMB [3][10]. - In Q1 2025, the company achieved a revenue of 1.286 billion RMB, a slight increase of 1.41%, with a net profit of 331 million RMB, down 8.47% year-on-year, aligning with expectations [3][4]. - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 285 million RMB, with a payout ratio of 36.55% [3]. Performance Analysis - The profit performance in 2024 was weaker than revenue growth, primarily due to increased brand marketing investments [4]. - The company experienced a significant revenue increase of 35% in Q4 2024, driven by strong customer loyalty and enhanced brand presence [4]. - The gross margin for 2024 was 77%, a decrease of 1.6 percentage points, while the net profit margin fell by 6.3 percentage points to 19.5% due to rising sales and management expenses [4]. Brand Development - The KENT&CURWEN brand is positioned as a second growth curve for the company, with new store openings and a focus on appealing to Gen Z consumers [5]. - The brand aims to enhance its visual identity and market presence, with new product launches planned for Spring/Summer 2025 [5]. Profit Forecast and Valuation - The company is expected to achieve net profits of 714 million RMB, 874 million RMB, and 1.038 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 11, and 9 [6][10]. - The main brand is anticipated to continue gaining influence, supported by the successful launch of international new brands and improved operations [6].

证券代码：002832 证券简称：比音勒芬 公告编号：2025-017 比音勒芬服饰股份有限公司 关于召开 2024 年度股东大会的通知 比音勒芬服饰股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第五 届董事会第八次会议，会议决议于 2025 年 6 月 11 日召开 2024 年度股东大会，本次股 东大会采用现场投票与网络投票相结合的方式召开，现将本次会议的有关事项通知如 下： 一、召开会议的基本情况 1．股东大会届次：2024 年度股东大会。 2．会议召集人：公司董事会。 3．会议召开的合法、合规性：公司第五届董事会第八次会议审议通过了《关于召 开 2024 年度股东大会的议案》，本次股东大会会议召开符合有关法律、行政法规、部 门规章、规范性文件和公司章程的规定。 4．会议召开的日期、时间： 现场会议：2025 年 6 月 11 日下午 14:30； 通过深圳证券交易所系统进行网络投票的时间为 2025 年 6 月 11 日上午 9:15-9:25、9:30-11:30 和下午 13:00-15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com ...

证券代码：002832 证券简称：比音勒芬 公告编号：2025-010 比音勒芬服饰股份有限公司 第五届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 比音勒芬服饰股份有限公司（以下简称"公司"）第五届监事会第六次会议于 2025 年 4 月 28 日在广州市番禺区南村镇兴业大道东 608 号公司总部 8 楼会议室以现 场会议的方式召开，会议通知于 2025 年 4 月 18 日以电话、电子邮件等方式向全体监 事发出，会议应出席会议监事 3 人，实际出席会议监事 3 人，本次监事会会议的召开 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，会议由监 事会主席梁传勇先生主持。 二、监事会会议审议情况 本次会议审议并通过了以下议案： 1．关于公司 2024 年度监事会工作报告的议案 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议批准。 《2024 年度监事会工作报告》详见巨潮资讯网（www.cninfo.com.cn）。 2．关于公司 2024 年度财务决算报告的 ...