Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company has shown resilience in revenue despite overall pressure on discretionary consumption, with a projected revenue growth of 13.2% in 2024 [6]. - The company is increasing brand investments to drive long-term growth, including a youth-oriented strategy and the revitalization of the KENT & CURWEN brand [6]. - The company’s inventory turnover days have improved, indicating better inventory management [6]. Financial Forecasts - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.33, 1.51, and 1.72 yuan respectively, with a target price of 22.61 yuan based on a 17x PE ratio for 2025 [3][7]. - Revenue projections for 2023A to 2027E are as follows: 3,536 million, 4,004 million, 4,427 million, 4,965 million, and 5,556 million yuan, reflecting growth rates of 22.6%, 13.2%, 10.5%, 12.2%, and 11.9% respectively [3][9]. - The company’s gross margin is expected to decline slightly from 78.6% in 2023A to 75.3% in 2027E, while net profit margin is projected to decrease from 25.8% to 17.7% over the same period [3][9]. Revenue Breakdown - In 2024, the company’s revenue from online, direct, and franchise channels is expected to grow by 35%, 7%, and 24% respectively [6]. - The company plans to open new stores for the KENT & CURWEN brand in key locations, aiming to establish it as a second growth driver [6]. Management Changes - The company has appointed a new general manager, who is expected to contribute to the implementation of the youth-oriented strategy [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.61 CNY based on a 17x PE valuation for 2025 [3][7]. Core Views - The company demonstrated revenue resilience with a projected revenue growth of 13.2% in 2024, despite a decline in net profit by 14.3% [6]. - The company is focusing on brand investment and youth-oriented strategies, including the appointment of a new brand ambassador and the revitalization of the KENT & CURWEN brand [6]. - Inventory turnover days improved, indicating better inventory management, with a decrease of 22 days year-on-year [6]. Financial Summary - Revenue is projected to grow from 3,536 million CNY in 2023 to 5,556 million CNY in 2027, with a CAGR of approximately 11.9% [3][9]. - Operating profit is expected to decline slightly from 1,063 million CNY in 2023 to 1,186 million CNY in 2027, reflecting a more challenging operating environment [3][9]. - Net profit attributable to the parent company is forecasted to decrease from 911 million CNY in 2023 to 981 million CNY in 2027, with a notable drop in 2024 [3][9]. - The company's gross margin is expected to decline from 78.6% in 2023 to 75.3% in 2027, while net margin is projected to decrease from 25.8% to 17.7% over the same period [3][9]. Channel Performance - In 2024, the company's revenue from online, direct, and franchise channels is expected to grow by 35%, 7%, and 24% respectively [6]. - The company opened 37 new direct stores and 2 franchise stores, indicating a commitment to expanding its physical presence [6]. Management Changes - The company appointed a new general manager, who is expected to drive the youth-oriented strategy and enhance brand positioning [6].

Group 1: Sales and Revenue Growth - The company aims to enhance sales revenue through internationalization, high-end positioning, and a diversified brand matrix [2][3] - Online sales revenue reached 263 million yuan in 2024, marking a 35.03% year-on-year increase with a gross margin of 74.63% [9] - The company plans to expand its market share and improve brand strength, product quality, and channel capabilities [3][4] Group 2: Brand Strategy and Target Audience - The brand's young strategy has been implemented with the endorsement of Ding Yuxi, aiming to increase brand awareness and loyalty among younger consumers [3][10] - The company focuses on high-end golf apparel, emphasizing a lifestyle brand that appeals to various age groups [3][6] - Collaborations with cultural IPs like the Palace Museum and international designers are intended to enhance brand appeal and market presence [4][6] Group 3: Financial Performance and Challenges - The company reported a 42% drop in net cash flow from operating activities in 2024, with inventory turnover days reaching 346 days [5][9] - The dividend payout decreased from 10 yuan to 5 yuan per share in 2024, raising concerns about cash flow pressures [5][9] - The company has not disclosed specific profit forecasts for 2024 but is actively responding to national policies to stimulate business growth [5][9] Group 4: Market Position and Investor Relations - The company acknowledges the impact of macroeconomic factors and market risks on stock prices, which have seen a significant decline [6][8] - There are no current plans for stock buybacks, but the company emphasizes its commitment to investor communication and market value management [6][8] - The company is focused on maintaining a stable profit distribution plan to enhance shareholder returns [5][9]

Group 1 - The company achieved a total revenue of 4.004 billion yuan in 2024, representing a year-on-year increase of 13.24%, while the net profit attributable to shareholders was 781 million yuan, a decrease of 14.28% compared to the previous year [1] - The decline in net profit is primarily attributed to the company's investment in building the KENT&CURWEN brand and increased advertising expenses [1] - The company has adopted a multi-brand strategy, incorporating international brands KENT&CURWEN and CERRUTI1881 into its portfolio, alongside its own brands, to enhance its high-end, youthful, and international positioning [1][2] Group 2 - As of the end of 2024, the company operates 1,294 retail stores, with a net increase of 39 stores over the past year, in line with its strategic planning and channel expansion [2] - The company has maintained its position as the leading brand in the professional golf apparel market for eight consecutive years, with its T-shirt products achieving the highest market share for seven consecutive years from 2018 to 2024 [2] - The company is focusing on digital transformation to enhance operational efficiency, establishing a new retail system that covers major e-commerce platforms and implementing AI technology in product development and planning [2] Group 3 - The company plans to continue its multi-brand development strategy to meet the diverse needs of different consumer groups and aims to build a globally recognized high-end apparel group [3] - Industry analysts expect that the steady expansion of the main brand and the rapid growth of sub-brands will continue to contribute to the company's performance in the medium to long term [3]

Core Viewpoint - The company Bi Yin Le Fen (002832) announced that its director, Shen Jindong, plans to reduce his shareholding due to personal financial needs, which will not affect the company's control structure [1] Summary by Relevant Sections Shareholding Details - Shen Jindong holds 19.652 million shares, accounting for 3.4434% of the total share capital [1] - He plans to reduce his holdings by up to 4.913 million shares, representing 0.8609% of the total share capital [1] Reduction Plan - The reduction will occur within three months after 15 trading days from the announcement date [1] - The shares to be reduced are sourced from those held prior to the initial public offering and shares obtained through capital reserve conversion [1] - The selling price will be determined based on market conditions [1] Control Structure - Shen Jindong is not the controlling shareholder, actual controller, or acting in concert with them, ensuring that the reduction will not lead to a change in the company's control [1]

证券代码：002832 证券简称：比音勒芬 公告编号：2025-018 比音勒芬服饰股份有限公司 关于公司董事股份减持计划的预披露公告 公司董事申金冬先生保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：持有比音勒芬服饰股份有限公司（以下简称"公司"）股份 19,652,000 股（占本公司总股本的 3.4434%）的董事申金冬先生计划自本公告披 露之日起15个交易日后的3个月内以集中竞价交易或大宗交易方式减持本公司股 份不超过 4,913,000 股（占本公司总股本的 0.8609%）。 公司于近日接到公司董事申金冬先生计划减持公司股份的告知函，现将具体 情况公告如下： 一、股东的基本情况 1、股东名称：申金冬 2、股东持股情况：截至本公告披露日，申金冬先生持有股份 19,652,000 股， 占本公司总股本的 3.4434%。 二、本次减持计划的主要内容 1、拟减持的原因：个人资金需求。 2、减持股份来源：首次公开发行前持有的股份及资本公积金转增股本获得的 股份。 3、拟减持股份数量及比例：计划 ...

Core Viewpoint - The company "Biyin Lefen" has experienced a decline in net profit for the first time since its listing in 2016, indicating challenges in its operational performance and the need for new growth strategies [2][4][6]. Financial Performance - In 2024, Biyin Lefen reported a revenue of 4.004 billion yuan, a year-on-year increase of 13.24%, while net profit was 781 million yuan, down 14.28% [4]. - The downward trend in net profit continued into 2025, with Q1 revenue at 1.286 billion yuan, up 1.41%, and net profit at 331 million yuan, down 8.47% [4][6]. Cost Structure and Marketing - Marketing expenses surged significantly, with sales expenses reaching 1.613 billion yuan, a 22.96% increase, and advertising costs rising by 108.11% to 196 million yuan in 2024 [5][8]. - In contrast, R&D expenses saw a substantial decrease, with growth at only 1.8% in 2024 compared to 23.89% in 2023 [5][8]. Market Position and Challenges - Biyin Lefen targets a high-end demographic, primarily affluent middle-aged individuals, but is facing market saturation and competition in the niche golf apparel sector [6][7]. - The golf apparel market in China is relatively small, with a total market size of approximately 3.626 billion yuan, and Biyin Lefen is encountering challenges in sustaining growth within this limited market [7]. Strategic Initiatives - The company is attempting to diversify and modernize its brand by targeting younger consumers, including updating its logo and engaging younger celebrities as brand ambassadors [9][10]. - Biyin Lefen has also expanded its portfolio by acquiring international luxury brands CERRUTI 1881 and KENT&CURWEN, aiming to broaden its business beyond golf apparel [9][10]. Future Investments - Plans are in place for a significant investment of up to 2.3 billion yuan to develop a fashion industry headquarters in the Bay Area, which will include various facilities aimed at enhancing its operational capabilities [10].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][16] Core Views - The company is implementing a youth-oriented strategy to reshape its brand image, transitioning from being recognized as the "first association brand in golf" to a multi-brand strategy in the apparel sector [3] - The company has reported a revenue of 1.3 billion yuan in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to the parent company was 300 million yuan, down 8% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 290 million yuan, with a payout ratio of 37% [1] Financial Performance Summary - For the year 2024, the company reported a revenue of 4 billion yuan, a 13% increase year-on-year, and a net profit of 800 million yuan, down 14% year-on-year [1] - The company's direct sales revenue for 2024 was 2.6 billion yuan, up 7% year-on-year, with a gross margin of 81% [1] - The franchise revenue for 2024 was 1.1 billion yuan, up 24% year-on-year, with a gross margin of 70% [1] - E-commerce revenue reached 300 million yuan, a 35% increase year-on-year, with a gross margin of 75% [1] Profitability Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 4.2 billion, 4.4 billion, and 4.8 billion yuan respectively [4] - The net profit attributable to the parent company is projected to be 820 million, 880 million, and 960 million yuan for 2025-2027 [4] - The earnings per share (EPS) is expected to be 1.4, 1.5, and 1.7 yuan for the same period [4]

纺织服饰 2025 年 05 月 05 日 比音勒芬 (002832) ——主品牌持续领跑行业，积极投入培育第二成长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 16.48 | | 一年内最高/最低（元） | 32.38/16.10 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 6.07 | | 流通 A 股市值（百万元） | 6,418 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 -60% -40% -20% 0% 20% 40% 比音勒芬 沪深300指数 (收益率) 相关研究 上 市 公 司 《比音勒芬（002832）点评：业绩表现显 著优于行业，新品牌投入培育第二成长曲 线》 2024/10/31 《比音勒芬（002832）点评：24Q2 扣非 ...

公司报告 | 年报点评报告 比音勒芬（002832） 证券研究报告 践行年轻化战略，重塑品牌形象 公司发布 24 年报和 25 年一季报 25Q1：营收 13 亿，同比+1%；归母净利润 3 亿，同比-8%；扣非归母净利 润 3 亿，同比-9%； 24Q4：营收 10 亿，同比+36%；归母净利润 0.2 亿，同比-88%；扣非归母 净利润 0.1 亿，同比-93%； 24A：营收 40 亿，同比+13%；归母净利润 8 亿，同比-14%；扣非归母净利 润 7 亿，同比-14%。 同时，公司拟每 10 股派发现金红利 5 元(含税)，共计派发现金红利 2.9 亿， 派息率为 37%。 分渠道，1）24 年直营营收 26 亿，同比+7%，毛利率 81%，同比-2pct。门 店 644 家，净增 37 家，单店平均面积为 172.12 平方米，同比+11%，单店 平均销售金额 398.72 万元，同比+1%。 2）加盟营收 11 亿，同比+24%，毛利率 70%，同比-1pct。门店 650 家，净 增 2 家。 3）电商营收 3 亿，同比+35%，毛利率 75%，同比+4pct。 25Q1 毛利率 75%，同比 ...