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研报掘金丨华源证券:维持报喜鸟“买入”评级 静待战略性支出兑现长期收益
Ge Long Hui A P P· 2025-08-19 07:50
Core Viewpoint - The report from Huayuan Securities indicates that Baoxiniang has completed the acquisition of Woolrich in H1 2025, awaiting strategic expenditures to realize long-term benefits [1] Group 1: Company Performance - The company has a solid foundation in men's apparel, having focused on this sector for many years [1] - Multi-brand operations are expanding the customer base, contributing to the company's steady growth [1] Group 2: Growth Drivers - Brands such as Baoxiniang and HAZZYS are expected to maintain steady growth, serving as core growth drivers for the company [1] - Other brands like LAFUMA and Kaimiqie are anticipated to open up growth opportunities for the company's long-term development [1] Group 3: Competitive Advantages - The company benefits from competitive barriers in the multi-brand operation within the men's apparel sector, extensive channel coverage, and a focus on product research and development [1] - The report maintains a "buy" rating based on these strengths [1]
报喜鸟(002154):2024年年报及2025年一季报点评:费用投入加大致业绩下滑,期待多品牌高质量发展
EBSCN· 2025-04-30 14:43
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a decline in performance due to increased expenses, with a focus on high-quality development across multiple brands [12] - In 2024, the company reported a revenue of 5.15 billion yuan, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 495 million yuan, down 29.1% year-on-year [5][12] - The company is expanding its brand portfolio, including the acquisition of the global intellectual property rights for the high-end outdoor brand Woolrich for approximately 384 million yuan [12] Financial Performance - The company's gross profit margin increased by 0.3 percentage points to 65.0% in 2024, while the net profit margin decreased to 9.6%, down 3.7 percentage points year-on-year [6][9] - The company’s operating income for 2025 Q1 was 1.3 billion yuan, a year-on-year decline of 3.7%, with a net profit of 170 million yuan, down 31.9% year-on-year [6][12] - The total number of stores for the main brands as of the end of 2024 was 821 for Baoxini, 478 for Haggis, and 95 for Le Fei Ye, with Le Fei Ye showing a significant growth rate of 26.7% [8] Expense and Profitability Analysis - The company's expense ratio increased by 3.0 percentage points to 49.9% in 2024, primarily due to higher sales and marketing costs [9][10] - The sales expense ratio rose to 41.3%, reflecting increased investment in market expansion and brand promotion [9][18] - The company’s net cash flow from operating activities decreased by 39.1% in 2024, primarily due to reduced sales collections [11] Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, with net profits projected at 517 million yuan and 570 million yuan, respectively [12] - The report anticipates continued growth in the outdoor segment, particularly for the Le Fei Ye brand, benefiting from trends in outdoor activities [12]