一、董事会会议召开情况 比音勒芬服饰股份有限公司 第五届董事会第三次会议决议公告 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。 证券代码：002832 证券简称：比音勒芬 公告编号：2024-020 比音勒芬服饰股份有限公司（以下简称"公司"）第五届董事会第三次会议于2024 年6月4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2024年5月30日以电话、电子邮件等方式向全体董事发出，会议应 出席会议董事7人，实际出席会议董事7人，监事、高级管理人员列席，本次董事会会 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， 会议由董事长谢秉政先生主持。 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1．关于投资建设公司总部基地项目的议案 公司总部基地项目投入运营后将加强公司市场竞争力和综合实力，促进公司可持 续发展，加快公司新零售布局，提升公司数字化运营能力，提高公司品牌国际影响力 及提升公司附加值，从而进一步增强公司的核心竞争力，符合公司整体发展战略。 表决结果：同意 7 票，反 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-022 比音勒芬服饰股份有限公司 关于续聘 2024 年度会计师事务所的公告 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 6 月 4 日召开第 五届董事会第三次会议，审议通过了《关于续聘 2024 年度会计师事务所的议案》, 公司拟续聘华兴会计师事务所（特殊普通合伙）（以下简称"华兴"）为公司 2024 年度审计机构。本次续聘会计师事务所符合财政部、国务院国资委、证监会印发 的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规 定。现将有关事项说明如下： 一、拟续聘会计师事务所事项的情况说明 为保证公司审计工作的连续性，经公司董事会审计委员会审议，公司董事会 综合评估及审慎研究，公司拟续聘华兴会计师事务所(特殊普通合伙)为公司 2024 年度审计机构，聘期一年，该议案尚需提交公司股东大会审议。审计费用由 董事会提请股东大会授权管理层根据公司实际业务情况并参照有关标准协商确 定。 二、拟续聘会计师事务所的基本 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-023 比音勒芬服饰股份有限公司 关于召开 2023 年度股东大会的通知 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 6 月 4 日召开第五届 董事会第三次会议，会议决议于 2024 年 6 月 28 日召开 2023 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：2023 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三次会议审议通过了《关于召 开 2023 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：2024 年 6 月 28 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 2024 年 6 月 28 日上午 9:15-9:25、9:30-11:30 和下午 13:00 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" [4][22]. Core Views - The company achieved a revenue growth of 22.6% in 2023, reaching 3.54 billion yuan, and a net profit growth of 25.2%, amounting to 910 million yuan. The growth was driven by direct sales channels, with direct sales, franchise, and online revenues changing by +35%, -2%, and +16% respectively [1][2]. - In Q1 2024, the company reported a net profit growth of 20.4% to 360 million yuan, with revenue increasing by 17.6% to 1.27 billion yuan. The gross profit margin slightly improved, while the net profit margin increased by 0.7 percentage points to 28.5% [1][2]. - The company has shown significant improvement in inventory turnover, with a reduction of 42 days in inventory turnover days by the end of 2023, and a further reduction of 40 days in Q1 2024, indicating healthier inventory management [1][2]. - The company maintained a net increase in stores, adding 28 direct stores and 36 franchise stores, totaling 607 and 648 stores respectively by the end of 2023 [1][2]. Financial Forecasts - The company’s projected revenues for 2024-2026 are 4.199 billion yuan, 4.903 billion yuan, and 5.657 billion yuan, reflecting year-on-year growth rates of 18.7%, 16.8%, and 15.4% respectively [2][18]. - The net profit forecasts for the same period are 1.127 billion yuan, 1.340 billion yuan, and 1.569 billion yuan, with growth rates of 23.8%, 18.9%, and 17.0% respectively [2][18]. - The earnings per share (EPS) are expected to be 1.97 yuan, 2.35 yuan, and 2.75 yuan for 2024, 2025, and 2026 respectively [2][18]. Valuation - The target price has been adjusted to 37.5-39.5 yuan, down from the previous 41.0-43.1 yuan, corresponding to a price-to-earnings (PE) ratio of 19-20x for 2024 [1][17]. - The company’s current market capitalization is approximately 17.036 billion yuan, with a circulating market value of 11.624 billion yuan [4].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1] Core Views - The company demonstrated strong growth in 2023, achieving a revenue of 3.536 billion RMB, a year-on-year increase of 22.58%, and a net profit of 911 million RMB, up 25.17% [4][5] - The first quarter of 2024 continued to show robust performance, with revenue reaching 1.268 billion RMB, a 17.55% increase year-on-year, and a net profit of 362 million RMB, up 20.43% [5] - The company's growth is supported by channel expansion and precise marketing strategies, particularly in the high-end sports market [5] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 3.536 billion RMB, with a net profit of 911 million RMB, reflecting strong growth despite a weak domestic demand recovery [5][6] - The gross margin and net margin improved to 78.61% and 25.76% respectively in 2023, with further improvements in Q1 2024 to 76.03% and 28.55% [5][9] Growth Drivers - The company expanded its direct sales channels, generating 2.395 billion RMB in revenue, a 34.55% increase, while the franchise channel saw a slight decline [5] - Online sales grew by 16.08% to 195 million RMB, driven by increased advertising and targeted marketing efforts [5] Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 2.08, 2.47, and 2.93 RMB for 2024, 2025, and 2026 respectively, and corresponding PE ratios of 14, 12, and 10 [6][8] - The strategic focus on product innovation and brand enhancement is anticipated to open up significant market opportunities [5]

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.81 CNY based on a 19x PE valuation for 2024 [2][4][7] Core Insights - The company achieved a revenue of 3.54 billion CNY in 2023, representing a year-on-year growth of 22.6%, and a net profit attributable to the parent company of 911 million CNY, up 25.2% year-on-year [1][3] - In Q1 2024, the company's revenue and net profit attributable to the parent company grew by 17.6% and 20.4% year-on-year, respectively, exceeding market expectations [1] - The company plans to distribute a dividend of 570 million CNY, with a dividend payout ratio of 62.7%, significantly higher than the previous year [1] - The operational quality has improved, with inventory turnover days decreasing by 42 days to 346 days, and the operating cycle reduced by 46 days to 375 days, indicating enhanced operational efficiency [1] - The internationalization strategy is progressing steadily, with the acquisition of global trademark rights for the CERRUTI 1881 and KENT CURWEN brands, and the establishment of a Paris R&D center [1] - The company continues to lead industry growth despite overall pressure in the brand apparel sector, supported by its unique brand positioning and high return on equity (ROE) of around 20% from 2019 to 2022 [1] Financial Summary - Revenue (in million CNY): 2022A: 2,885; 2023A: 3,536; 2024E: 4,311; 2025E: 5,102; 2026E: 5,948 [3][10] - Net profit (in million CNY): 2022A: 728; 2023A: 911; 2024E: 1,138; 2025E: 1,382; 2026E: 1,658 [3][10] - Earnings per share (in CNY): 2022A: 1.27; 2023A: 1.60; 2024E: 1.99; 2025E: 2.42; 2026E: 2.91 [3][10] - Gross margin: 2022A: 77.4%; 2023A: 78.6%; 2024E: 78.8%; 2025E: 78.9%; 2026E: 78.9% [3][10] - Net margin: 2022A: 25.2%; 2023A: 25.8%; 2024E: 26.4%; 2025E: 27.1%; 2026E: 27.9% [3][10] - Return on equity (ROE): 2022A: 19.7%; 2023A: 20.2%; 2024E: 22.0%; 2025E: 23.2%; 2026E: 23.6% [3][10]