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]

证券研究报告 | 年报点评报告 2024年04月27日 比音勒芬（002832.SZ） 业绩优异，分红提升，彰显信心 2023年公司收入同比+23%/归母净利润同比+25%，分红比例提升。1）2023年公司收入 买入（维持） 为35.4亿元，同比+23%，归母净利润为9.1亿元，同比+25%，扣非归母净利润为8.7亿元， 同比+29%。盈利质量：2023年毛利率同比+1.2pct至78.6%，销售/管理/财务费用率同比分 股票信息 别+1.2/+1.1/-0.5pct至37.1%/7.8%/-0.8%；计提资产价值损失0.61亿元（占收入的1.7%）； 行业 服装家纺 净利率同比+0.5pct至25.8%。公司拟派发现金红利1.0元/股（含税），股利支付率约62.7% （同比+39pct），以2024/04/26收盘价计算股息率约3.4%。2）单四季度来看，2023Q4公 前次评级 买入 司收入为 7.4 亿元，同比+12%；归母净利润为1.5 亿元，同比-1%；毛利率同比+0.1pct 至 4月26日收盘价(元) 29.70 86.2%，销售/管理/财务费用率同比分别+10.5/+0.6/-0.9pct至4 ...

业绩简评 公司 4 月26日发布 2023年报、24 年一季报，其中 2023全年实现 收入35.36亿元（+22.58%）、实现归母净利润9.11亿元（+25.17%）； 1Q24单季度实现收入12.68亿元（+17.55%）、实现归母净利润3.62 亿元（+20.43%），符合此前预期。 公司公告拟派发现金红利1元每股（含税），合计 5.7 亿元，股利 支付率为62.7%（+39pct），以 04/26 日收盘价计算股息率约3.4%。 经营分析 人民币(元) 成交金额(百万元) 23 年内生外延稳定拓张，领跑行业。公司全年直营/加盟/电商渠 38.00 450 道分别实现收入24/9/2 亿元，同比分别+35%/-2%/16%，受到拓店 36.00 400 350 与店效增长同步驱动，合计净增加 64 家门店至 1255 家，其中直 34.00 300 250 32.00 营/加盟分别为607 家/648 家，净增 28家/36 家；其中直营平均 200 30.00 150 单店收入395万元（+28%）。毛利率方面，直营/加盟/电商分别同 100 28.00 50 比+1.0/-0.7/+7.2pct ...

2024年4月27日 公司研究 23 年及 24Q1 业绩表现亮眼，期待多品牌协同发展 ——比音勒芬（002832.SZ）2023 年年报及 2024 年一季报点评 买入（维持） 要点 当前价：29.70元 23年收入、归母净利润同比增长23%、25%，24Q1同比增长18%、20% 作者 比音勒芬发布2023年年报及2024年一季报。公司2023年实现营业收入35.36亿 分析师：唐佳睿 CFA FCPA(Aust.) 元、同比增长 22.58%，归母净利润 9.11 亿元、同比增长 25.17%符合预期，扣非 ACCA CAIA FRM 净利润 8.67 亿元、同比增长 29.36%，EPS 为1.60 元，拟每股派发现金红利 1 元 执业证书编号：S0930516050001 021-52523866 （含税），分红率为63%。 tangjiarui@ebscn.com 23年公司归母净利率同比提升0.53PCT至25.76%。复盘来看，公司近年来业绩表 分析师：孙未未 现持续亮眼，20~23年收入、归母净利润年复合增速分别为15.36%、22.22%。分 执业证书编号：S0930517080001 季 ...

比音勒芬服饰股份有限公司 2023 年度独立董事述职报告 各位股东及股东代表： 本人作为比音勒芬服饰股份有限公司（以下简称"公司"）董事会独立董事， 2023 年度严格按照《公司法》《证券法》《上市公司独立董事管理办法》及《公司 章程》《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》 等有关规定，勤勉、忠实、尽责地履行职责，充分发挥独立董事的独立作用，谨慎 认真地行使法律所赋予的权利，维护公司整体利益以及全体股东尤其是中小股东的 合法权益。现就 2023 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 本人谢青，1965 年出生，中国国籍，无境外永久居留权，硕士研究生，高级经 济师。曾担任中国服装协会副会长、新疆维吾尔自治区经济和信息化委员会副主任 （援疆）、新疆维吾尔自治区工业和信息化厅副厅长（援疆）、中国纺织工业企业 管理协会常务副会长。现任中国服装协会代理常务副会长、公司独立董事。 本人任职期间符合《上市公司独立董事管理办法》第六条规定的独立性要求， 不存在影响独立性的情况。 2023 年度，公司共召开 8 次董事会会议和 2 次股东大会会议。本人秉持勤勉尽 责、真诚 ...

| 项目 | 2023 年 | 2022 年 | 同比增减 | | --- | --- | --- | --- | | 营业收入 | 353,613.27 | 288,484.18 | 22.58% | | 归属于上市公司股东的净利润 | 91,075.40 | 72,759.78 | 25.17% | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 86,745.76 | 67,057.89 | 29.36% | | 经营活动产生的现金流量净额 | 129,588.03 | 94,223.60 | 37.53% | | 基本每股收益（元/股） | 1.60 | 1.28 | 25.00% | | 稀释每股收益（元/股） | 1.60 | 1.28 | 25.00% | | 加权平均净资产收益率 | 20.31% | 19.35% | 0.96% | | 项目 | 2023 年末 | 2022 年末 | 本年末比上年末增减 | | 总资产 | 672,764.29 | 557,888.59 | 20.59% | | 归属于上市公司股东的净资产 | 489,665.01 | 413,003.35 | 1 ...

比音勒芬服饰股份有限公司 比音勒芬服饰股份有限公司（以下简称"公司"）聘请华兴会计师事务所（特殊普通 合伙）（以下简称"华兴会计师事务所"）作为公司 2023 年度审计机构。根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国有企业、上市公司 选聘会计师事务所管理办法》等法律法规的有关要求，公司对华兴会计师事务所在 2023 年 度审计中的履职情况进行了评估。经评估，公司认为，2023 年度华兴会计师事务所资质等 方面合规有效，履职能够保持独立性，勤勉尽责，公允表达意见。现将具体情况汇报如下： 一、 2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 华兴会计师事务所(特殊普通合伙)前身系福建华兴会计师事务所，创立于 1981 年， 隶属福建省财政厅。1998 年 12 月，与原主管单位福建省财政厅脱钩，改制为福建华兴有 限责任会计师事务所。2009 年 1 月，更名为福建华兴会计师事务所有限公司。2013 年 12 月，转制为福建华兴会计师事务所(特殊普通合伙)。2019 年 7 月，更名为华兴会计师事 务所(特殊普通合伙)。 华兴会计师事务所(特殊普通合伙)为特殊普 ...

法定代表人：谢秉政 主管会计工作的负责人：唐新乔 会计机构负责人：陈志辉 非经营性资金占用 资金占用方名 称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2023年期初 占用资金余 额 2023年度占用 累计发生金额 （不含利息） 2023年度占用 资金的利息 （如有） 2023年度偿还 累计发生金额 2023年期末占 用资金余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 前控股股东、实际控 制人及其附属企业 小计 其他关联方及其附 属企业 小计 总计 其他关联资金往来 资金往来方名 称 往来方与上 市公司的关 联关系 上市公司核 算的会计科 目 2023年期初 往来资金余 额 2023年度往来 累计发生金额 （不含利息） 2023年度往来 资金的利息 （如有） 2023年度偿还 累计发生金额 2023年期末往 来资金余额 往来形 成原因 往来性质（经 营性往来、非 经营性往来） 控股股东、实际控制 人及其附属企业 上市公司的子公司 及其附属企业 CERRUTI 1881 控股子公司 其他应收款 5,000.00 3.61 5,003.61 往来款 非经营性往来 其他 ...

根据公司独立董事自查及其在公司的履职情况，董事会认为公司独立董事均 能够胜任独立董事的职责要求，其未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍独立 董事进行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市 公司独立董事管理办法》等法律法规及《公司章程》中关于独立董事的任职资格 及独立性的相关要求。 比音勒芬服饰股份有限公司董事会 2024 年 4 月 25 日 比音勒芬服饰股份有限公司 董事会对独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《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》的规定，独立董事应当每年对独立性情况 进行自查，并将自查情况提交董事会。董事会应当每年对在任独立董事独立性情 况进行评估并出具专项意见，与年度报告同时披露。基于此，比音勒芬服饰股份 有限公司（以下简称"公司"）董事会，就公司在任独立董事的独立性情况进行 评估并出具如下专项意见： ...

Financial Performance - The company's operating revenue for 2023 reached ¥3,536,132,714.02, representing a 22.58% increase compared to ¥2,884,841,760.82 in 2022[11]. - The net profit attributable to shareholders for 2023 was ¥867,457,631.43, a 29.36% increase from ¥670,578,894.32 in 2022[11]. - Basic earnings per share for 2023 were ¥1.60, up 37.53% from ¥1.28 in 2022[11]. - Total assets at the end of 2023 amounted to ¥6,727,642,887.64, reflecting a 20.59% increase from ¥5,578,885,921.48 at the end of 2022[11]. - The net assets attributable to shareholders increased to ¥4,896,650,107.72, an 18.56% rise from ¥4,130,033,512.93 in 2022[11]. - The company reported a cash flow from operating activities of ¥1,295,880,336.01 for 2023, a 37.53% increase compared to ¥942,236,033.82 in 2022[11]. - The company achieved total revenue of 3.536 billion yuan, a year-on-year increase of 22.58%[36]. - The net profit attributable to shareholders reached 911 million yuan, reflecting a growth of 25.17% compared to the previous year[36]. Dividend Distribution - The company plans to distribute a cash dividend of 10 RMB per 10 shares to all shareholders based on a total share capital of 570,707,084 shares as of December 31, 2023[2]. - The company distributed a cash dividend of 3 yuan per 10 shares, totaling 171,212,125.20 yuan, based on a total share capital of 570,707,084 shares as of December 31, 2022[155]. - The cash dividend accounted for 100% of the total distributable profit of 3,114,259,428.84 yuan[157]. Business Operations and Strategy - The company has not reported any changes in its main business operations since its listing[9]. - The company has no changes in its controlling shareholders since its establishment[9]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[2]. - The company aims to enhance its brand positioning towards high-end and luxury markets, aligning with industry trends[17]. - The company is focused on developing high-elastic breathable composite fiber functional apparel to enhance product technology and meet consumer demands for comfort and performance[76]. - The company is entering a new decade in 2024, aiming to become a leader in the high-end apparel segment in China[103]. Market Trends and Growth - The company experienced a 7% growth in the luxury goods market in 2023, with a market size reaching ¥27,232 billion[17]. - The outdoor sports market saw a 79% increase in order volume in the first half of 2023 compared to the same period in 2022[17]. - The outdoor sports market in China is projected to reach a total scale of 3 trillion yuan by 2025, indicating significant growth potential[18]. - The domestic "Guochao" (national trend) apparel market grew from 407.1 billion yuan in 2017 to 992.8 billion yuan in 2023, with a compound annual growth rate of nearly 16%[18]. Acquisitions and Brand Development - The company completed the acquisition of the global trademark rights for the CERRUTI 1881 brand in April 2023, aiming to revitalize the brand with a focus on modern elegant tailoring[26]. - The company also acquired the global trademark rights for the KENT & CURWEN brand in April 2023, targeting the young market with a light luxury designer brand approach[26]. - A new Paris R&D center was established for CERRUTI 1881 and KENT & CURWEN, with Daniel Kearns appointed as Chief Creative Officer to oversee the brands' collections[27]. - The company completed the acquisition of 100% equity in Cerruti Investment Pte. Ltd. and Cerruti 1881 for a total investment of 57 million EUR and 38 million EUR respectively[192]. Retail Expansion - The company has opened 149 new stores in 2023, resulting in a net increase of 64 stores, bringing the total to 1,255 retail outlets, including 607 direct-operated and 648 franchised stores[34]. - The average sales per store was CNY 3,945,600, with a total retail area of 94,514 square meters across 607 direct-operated stores[50]. - The company has established a digital new retail strategy, actively engaging with e-commerce platforms to enhance customer experience through online and offline integration[34]. Research and Development - The company has a total of 190 patents, reflecting its strong commitment to innovation and product development[34]. - The company invested 124,112,802.90 CNY in R&D in 2023, representing a 23.89% increase from 100,182,947.69 CNY in 2022, with R&D expenses accounting for 3.51% of operating revenue[77]. - The company has 217 R&D personnel, an increase of 4.83% from 207 in 2022, with a notable rise in the number of master's degree holders from 6 to 10[77]. Corporate Governance - The company maintains complete operational independence from its controlling shareholder, with distinct business, personnel, asset, and financial structures[122]. - The company has established an independent financial department and a separate accounting system, ensuring autonomous financial decision-making[127]. - The company has a clear asset ownership structure, with no instances of asset misappropriation by the controlling shareholder[125]. - The company has implemented a robust internal control system in accordance with legal requirements, enhancing governance practices[121]. Social Responsibility - The company donated 20 million yuan worth of winter supplies to the earthquake-affected areas in Gansu, demonstrating its commitment to social responsibility[174]. - The company has not reported any significant environmental issues or administrative penalties related to environmental problems during the reporting period[169]. Employee Management - The total number of employees at the end of the reporting period was 3,672, including 581 at the parent company and 3,091 at major subsidiaries[151]. - The company emphasizes a performance-oriented salary policy, with a flexible structure based on job value and company performance[152]. - The company has implemented various training programs, including a national new product tour training and an E-learning platform to enhance employee skills[153]. Risks and Challenges - The company faces risks related to outsourcing production, network expansion management, and high inventory levels, with specific measures in place to mitigate these risks[110][111][112].