Peacebird(603877) 证券之星·2025-03-28 02:42Core Viewpoint - The fashion brand Peacebird (603877.SH) reported a significant decline in revenue and net profit for the year 2024, indicating ongoing struggles and a need for transformation in response to changing consumer preferences and market conditions [1][2]. Financial Performance - In 2024, Peacebird achieved revenue of 6.802 billion yuan, a year-on-year decrease of 12.7%, and a net profit of 258 million yuan, down 38.75% [1]. - The company has experienced a continuous revenue decline for three consecutive years, reaching its lowest scale since its listing in 2017 [1]. - Revenue figures for previous years include 8.602 billion yuan in 2022 (down 21.24%) and 7.792 billion yuan in 2023 (down 9.41%) [2]. Store Operations - Peacebird closed 940 stores in 2023 and further reduced its total store count from 3,731 to 3,373 in 2024, with a net decrease of 358 stores [2]. - The company opened 477 new stores while closing 835, indicating a strategic shift towards optimizing store efficiency [2]. Cost Management - The company implemented cost-cutting measures, resulting in a 5.9% decrease in sales expenses to 2.639 billion yuan in 2024 [3]. - Management and R&D expenses also saw reductions of 8.80% and 8.95%, respectively, while financial expenses increased by 16.54% to 61 million yuan [3]. Inventory and Sales Trends - Peacebird's inventory turnover days increased, indicating challenges in selling products, with an average of 192 days in 2024 [6]. - Sales across all major brands, including men's, women's, children's, and LEDiN, experienced declines, with the most significant drop in LEDiN at 28.27% [6]. Consumer Perception and Brand Positioning - The brand's appeal has diminished among consumers, particularly younger demographics, due to perceptions of high prices and low originality in design [4][7]. - Peacebird's pricing strategy positions it at a higher level compared to competitors, with significant portions of its products priced above 500 yuan and 1,000 yuan [6][7]. - The company is attempting to reposition itself to attract middle-class consumers in first- and second-tier cities, launching new flagship stores in key urban locations [7][8]. Future Strategies - Peacebird plans to invest 600 million yuan in establishing a fashion R&D center, with a focus on infrastructure rather than equipment [7]. - The brand aims to redefine its value proposition to resonate with a more discerning consumer base, amidst a competitive landscape where other brands are also engaging in price wars [8].