Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q3 performance showed a decline in revenue and profit, with expectations for improved sales during the winter clothing season [3]. - The company has a strong cash position of 2.61 billion yuan as of September 2024, indicating robust financial strength [3]. - The report has adjusted the profit forecast for 2024-2026 downwards by 20%-25% due to uncertain consumer demand [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.0 billion yuan, up 7.3% year-on-year, and a net profit of 760 million yuan, up 0.5% year-on-year [1]. - Q3 revenue was 1.06 billion yuan, down 4.4% year-on-year, and net profit was 280 million yuan, down 17.3% year-on-year [1]. - The gross profit margin for the first three quarters decreased by 0.2 percentage points to 76.4% [2]. Sales Channels - Direct sales accounted for 66.0% of revenue in the first half of 2024, with year-on-year growth of 2.4% [2]. - The company opened a net of 8 new stores in the first half of 2024, bringing the total to 1,263 stores [2]. Cost and Cash Flow - The operating cash flow for the first three quarters was 650 million yuan, down 33.0% year-on-year due to increased payments for goods and expenses [2]. - Inventory increased by 25.5% to 890 million yuan as of September 2024, with inventory turnover days rising to 304 days [2]. Profit Forecast and Valuation - The report projects revenue growth rates of 6.84%, 11.39%, and 9.83% for 2024, 2025, and 2026, respectively [4]. - The estimated EPS for 2024, 2025, and 2026 is 1.61 yuan, 1.86 yuan, and 2.11 yuan, respectively, with corresponding P/E ratios of 12, 11, and 9 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.44 CNY, reflecting a PE ratio of 15 times for 2024, which is above the industry average [4][5]. Core Views - The company's Q3 performance is significantly better than the industry average despite short-term profit fluctuations due to increased investment in international brand development. The company continues to expand its store network while focusing on store profitability, indicating potential for high-quality growth in the future [3][4]. - For the first three quarters of 2024, the company reported revenues of 3.0 billion CNY, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 760 million CNY, up 0.6% year-on-year. However, Q3 revenue was 1.06 billion CNY, down 4.4% year-on-year, and net profit was 280 million CNY, down 17.3% year-on-year [4][5]. Financial Summary - The company has adjusted its EPS forecasts for 2024-2026 to 1.61, 1.85, and 2.08 CNY respectively, down from previous estimates of 1.88, 2.20, and 2.53 CNY due to weak consumer demand affecting terminal sales [4]. - The company opened 59 new stores and closed 51 in H1 2024, resulting in a net increase of 8 stores, with a focus on improving store operational quality and profitability [4][5]. - As of the end of Q3, inventory increased by 28% year-on-year to 890 million CNY, primarily due to increased stock for new and existing brands [4]. Market Data - The company's current stock price is 19.63 CNY, with a 52-week price range of 16.68 to 33.66 CNY and a total market capitalization of 11.203 billion CNY [6][5]. - The company has a net asset value per share of 8.91 CNY, with a current price-to-book ratio of 2.2 [7]. Financial Forecast - The company is projected to achieve total revenues of 3.763 billion CNY in 2024, with a net profit of 917 million CNY, reflecting a growth rate of 6.4% and 0.7% respectively [10][11]. - The report indicates a stable EBIT margin of around 28.6% for 2024, with a projected return on equity (ROE) of 17.5% [10][11]. Comparable Company Valuation - The report includes a comparison with similar companies, indicating that the company is positioned favorably within the industry, with a projected PE ratio of 12 for 2024 [12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.92 [6][15]. Core Views - The company has shown robust growth despite uncertainties in consumer recovery, with a 7.30% year-on-year increase in revenue to RMB 3.00 billion for the first three quarters of 2024, and a slight increase in net profit of 0.55% to RMB 762 million [1][4]. - The company is expanding its brand matrix and has launched international brands like CERRUTI 1881 and KENT&CURWEN, which are expected to drive growth in the luxury segment [2][4]. - The company is focusing on high-end consumers, successfully building user barriers, and differentiating itself from competitors amid a "cost-performance" consumption trend [2][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue decline of 4.37% year-on-year to RMB 1.06 billion, while the gross margin decreased by 1.95 percentage points to 73.79% [2][3]. - The management expense ratio increased by 2.19 percentage points to 12.20% due to the costs associated with building overseas brand teams [2][3]. - The net profit margin decreased by 4.17 percentage points to 26.60% [2]. Operational Efficiency - As of Q3 2024, inventory increased by 28.14% year-on-year to RMB 888 million, primarily due to winter stock preparations [3]. - The company maintains a healthy cash flow with net cash from operating activities at RMB 652 million [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 911 million, RMB 1.05 billion, and RMB 1.20 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 1.60, RMB 1.84, and RMB 2.11 [4][19]. - The report anticipates a stable gross margin of 77.5% from 2024 to 2026, with a gradual decline in sales and management expense ratios [4][19]. Market Positioning - The company is expected to maintain a steady expansion pace, with a projected increase in the number of direct and franchise stores by 40 each year from 2024 to 2026 [9]. - The online channel is anticipated to grow significantly, with revenue projections of RMB 214 million, RMB 236 million, and RMB 260 million for 2024, 2025, and 2026, respectively [9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target market value of 17 billion yuan, representing a 52% upside potential from the current market value [7] Core Views - The company's performance significantly outperforms the industry, with Q1-3 2024 revenue reaching 3 billion yuan (up 7.3% YoY) and net profit of 762 million yuan (up 0.55% YoY) [4] - Despite a challenging domestic retail environment, the company achieved double-digit growth in revenue and profit, with Q3 revenue at 1.06 billion yuan (down 4.4% YoY) and net profit of 283 million yuan (down 17.3% YoY) [4] - The company's high-end brand positioning supports a gross margin of 76.4% in Q1-3 2024, with Q1/Q2/Q3 gross margins at 76.0%/81.3%/73.8% respectively [5] - The launch of the new brand Kent&Curwen marks the beginning of the company's second growth curve, with multiple direct stores opening in China and a successful debut at the 2025SS London Fashion Show [6] Financial Performance - The company's Q1-3 2024 operating cash flow was 650 million yuan, with a cash conversion ratio of 0.86, and cash and financial assets totaling over 2.6 billion yuan [6] - Inventory at the end of Q3 2024 was 890 million yuan (up 28% YoY), with inventory turnover days at 304 days (up 8 days YoY) [6] - The company's net profit margin for Q1-3 2024 was 25.4%, down 1.7 percentage points YoY [5] - The company's ROE for Q1-3 2024 was 15.0%, with expected ROE for 2024-2026 at 17.5%/18.4%/19.3% respectively [8] Future Projections - The company's revenue is expected to grow to 3.778 billion yuan in 2024 (up 6.8% YoY), 4.159 billion yuan in 2025 (up 10.1% YoY), and 4.575 billion yuan in 2026 (up 10.0% YoY) [8] - Net profit is projected to reach 920 million yuan in 2024 (up 1.0% YoY), 1.06 billion yuan in 2025 (up 15.2% YoY), and 1.22 billion yuan in 2026 (up 15.1% YoY) [8] - The company's EPS is expected to be 1.61 yuan in 2024, 1.86 yuan in 2025, and 2.14 yuan in 2026 [8] Industry Comparison - The company's PE ratio for 2024-2026 is projected at 12/11/9 times, compared to the industry average PE of 21/16/14 times for comparable companies [11] - The company's market value as of October 31, 2024, is 11.2 billion yuan, significantly lower than the industry leader Anta Sports' market value of 234.7 billion yuan [11]

Investment Rating - The report maintains a "Buy" rating for the company [1][6][8] Core Views - The company achieved a revenue of 3 billion RMB in the first three quarters of 2024, representing a growth of 7.3%, and a net profit attributable to shareholders of 762 million RMB, up by 0.55% [1] - The third quarter of 2024 saw a revenue decline of 4.37% to 1.064 billion RMB and a net profit drop of 17.32% to 283 million RMB, attributed to increased expenses from new brand investments [1] - The company’s gross margin remained stable at 76.4%, while net profit margin decreased by 1.71 percentage points to 25.4% [1] - The new brand KENT&CURWEN launched in September 2024, with both online and offline stores opening, is expected to contribute positively to revenue [1] - The company is projected to achieve net profits of 921 million RMB, 1.061 billion RMB, and 1.217 billion RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 10 [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 3 billion RMB and a net profit of 762 million RMB, with a gross margin of 76.4% [1][3] - The company’s management expenses increased by 43.49% to 268 million RMB, primarily due to new brand promotional costs [1] - The company’s cash and cash equivalents decreased by 44.18% to 1.21 billion RMB, mainly due to increased investments in financial products [1] Brand Development - The KENT&CURWEN brand was launched in London in September 2024, with a flagship store opening on Tmall in October and seven offline stores established in various regions [1] - The company aims to enhance brand recognition and sales performance, expecting significant revenue contributions from the new brand [1] Future Outlook - The company is expected to continue expanding its main brand and improve store efficiency, with a focus on internationalization and high-end market positioning [1] - The projected net profits for 2024 to 2026 indicate a steady growth trajectory, supported by ongoing brand diversification and digital transformation efforts [1][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a revenue growth of 7% year-on-year for Q1 to Q3 2024, with a total revenue of 3 billion yuan and a net profit of 760 million yuan, indicating strong performance compared to the industry [2] - The main brand continues to outperform the industry, with ongoing development of sub-brands that open up long-term growth opportunities [4] - The company is expected to maintain stable profits in 2024, with revenue growth projected to continue in the medium to long term due to channel expansion [6] Financial Performance Summary - For Q1 to Q3 2024, the company reported a gross margin of 76.4%, with a net profit margin of 25.4%, despite a slight decline in profitability metrics [2][3] - In Q3 2024, the company experienced a revenue decline of 4% year-on-year, with a net profit decrease of 17%, attributed to changes in product mix [3] - The company’s cash flow management remains stable, with a net operating cash flow of 650 million yuan, approximately 0.9 times the net profit for the same period [6] Brand and Channel Development - The main brand is focusing on product innovation and marketing strategies to enhance consumer engagement, including collaborations for promotional activities [4] - The company has seen positive performance in its direct sales channels, with a 35% increase in e-commerce revenue [5] - The total number of stores increased to 1,263 by the end of H1 2024, with plans for further expansion in H2 [5] Future Outlook - The company is expected to achieve a net profit of 919 million yuan in 2024, with a projected P/E ratio of 13 times [7] - Long-term growth is anticipated as the company continues to expand its brand portfolio and enhance its market presence [7]

证券代码：002832 证券简称：比音勒芬 公告编号：2024-048 比音勒芬服饰股份有限公司 第五届监事会第五次会议决议公告 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"）第五届监事会第五次会议于 2024 年 10 月 30 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 场会议的方式由过半数监事共同推举梁传勇先生主持召开，会议通知于 2024 年 10 月 25 日以电话、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。 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 年第三季度报告的议案 经审核，监事会认为董事会编制和审核比音勒芬服饰股份有限公司 2024 年第三季 度报告的程序符合法律、行政法规、中国证监会和深交所的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述 ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-046 比音勒芬服饰股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间 现场会议时间：2024 年 10 月 30 日（星期三）14:30 开始 网络投票时间：2024 年 10 月 30 日 通过深圳证券交易所互联网投票系统投票时间：2024 年 10 月 30 日 9:15- 15:00 的任意时间； 通过深圳证券交易所交易系统进行网络投票的时间：2024 年 10 月 30 日上 午 9:15-9:25、9:30-11:30 和下午 13:00-15:00。 （2）现场会议地点：广州市番禺区南村镇兴业大道东 608 号比音勒芬商业 办公楼 8 楼会议室 （3）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：董事 ...

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。 一、董事会会议召开情况 比音勒芬服饰股份有限公司（以下简称"公司"）第五届董事会第六次会议 于 2024 年 10 月 30 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 议室以现场及通讯会议的方式由董事长谢秉政先生主持召开。通知于 2024 年 10 月 25 日以电话、邮件等方式向全体董事发出，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。 二、董事会会议审议情况 证券代码：002832 证券简称：比音勒芬 公告编号：2024-047 比音勒芬服饰股份有限公司 第五届董事会第六次会议决议公告 三、备查文件 1.第五届董事会第六次会议决议； 2.董事会审计委员会会议决议。 特此公告。 - 1 - 比音勒芬服饰股份有限公司 董事会 本次会议审议并通过了以下议案： 1. 关于公司 2024 年第三季度报告的议案 表决结果：同意 7 票，反对 0 票，弃权 0 票。 《2024 年第 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于比音勒芬服饰股份有限公司 2024 年第二次临时股东大会的 法律意见书 国枫律股字[2024]A0531 号 致：比音勒芬服饰股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法 律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《比音勒芬服饰股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出 ...