丨证券研究报告丨 公司研究丨点评报告丨太平鸟（603877.SH） [Table_Title] 太平鸟 2024 年年报点评：零售承压下毛利率改 善显著，期待未来高质量增长 报告要点 [Table_Summary] 短期，预计伴随公司净关近尾声、零售逐步改善以及加盟毛利率改善，控费力增强下后续利润 增速有望回升。长期，伴随公司架构调整，经营质量以及利润弹性将显著提升。公司亦由之前 的零售高增驱动的利润弹性，切换至重内功驱动的利润弹性，更为持续且稳健。预计 2025/2026/2027 年公司归母净利润为 3.7/5.0/5.9 亿元，PE 为 20/15/12X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 风险提示 丨证券研究报告丨 2025-04-08 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 太平鸟（603877.SH） cjzqdt11111 ...

Trading Information Summary - On April 2, 2025, Peacebird's main funds experienced a net outflow of 2.6311 million RMB, while speculative funds saw a net outflow of 4.4241 million RMB, and retail investors had a net inflow of 7.0553 million RMB [1][3]. Company Announcement Summary - As of March 31, 2025, a total of 248,000 RMB of "Peacebird Convertible Bonds" have been converted into the company's A-shares, accounting for 0.0022% of the total shares issued before the conversion of the convertible bonds. The amount of unconverted "Peacebird Convertible Bonds" stands at 799.752 million RMB [1][3]. - The current conversion price for the "Peacebird Convertible Bonds" is 21.21 RMB per share. The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million RMB and a term of 6 years [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue decline of 13% to 6.8 billion yuan and a net profit decline of 39% to 260 million yuan, attributed to economic slowdown and intensified industry competition [6][13] - The company is focusing on enhancing brand image through flagship stores and digital retail innovations, despite short-term challenges in market demand [6][7] - The gross margin improved by 1.1 percentage points to 55.2% in 2024, driven by effective inventory management and discount control [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027: 7.79 billion (2023), 6.80 billion (2024), 7.25 billion (2025E), 7.60 billion (2026E), 7.94 billion (2027E) [5] - Net profit forecast: 422 million (2023), 258 million (2024), 368 million (2025E), 450 million (2026E), 470 million (2027E) [5] - Earnings per share forecast: 0.90 (2023), 0.55 (2024), 0.78 (2025E), 0.95 (2026E), 0.99 (2027E) [5] - The company aims to achieve a target market value of 9.7 billion yuan, indicating a potential upside of 27% from the current market value [6]

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2025-031 | | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | 宁波太平鸟时尚服饰股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 发行可转换公司债券的批复》（证监许可【2021】646 号）核准，宁波太平鸟时尚 服饰股份有限公司（以下简称"公司"）于 2021 年 7 月 15 日公开发行可转债 800 万张，每张面值人民币 100 元，募集资金总额为 80,000 万元，期限 6 年。 内容详见公司 2022 年 5 月 24 日披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《关于"太平转债"转股价格调整的提示性公告》（公告编号：2022- 035）。 （二）因回购注销 280,000 股限制性股票，转股价格调整为 49.74 元/股，具 体内容详见 ...

Core Insights - The company reported a revenue of 6.8 billion yuan for 2024, marking a year-on-year decline of 12.7%, continuing a trend of negative growth for the third consecutive year [1] - The net profit attributable to shareholders was 260 million yuan, down 38.7% year-on-year, while the net profit excluding non-recurring items fell by 57.4% to 120 million yuan [1] Revenue Performance - All three major revenue channels—direct sales, franchising, and online sales—experienced a contraction, with revenues of 2.81 billion yuan, 2.05 billion yuan, and 1.83 billion yuan respectively, accounting for 42%, 31%, and 27% of total revenue [2] - The regional market showed a "full-line decline," with East China leading at 2.062 billion yuan but down 15.34% year-on-year; Central and North China contributed 1.393 billion yuan and 1.534 billion yuan, with declines of 12.37% and 13.73% respectively [3] Brand Performance - None of the four main brands saw revenue growth, with PEACEBIRD women's and men's clothing generating 2.503 billion yuan and 2.783 billion yuan, down 13.12% and 8.56% respectively; LEDiN girls' clothing revenue was 543 million yuan, down 28.27%; mini peace children's clothing revenue was 827 million yuan, down 13.77% [5] Cost and Expense Management - The company reduced sales, management, and R&D expenses by 5.85%, 8.80%, and 8.95% respectively, indicating a strategic adjustment to enhance profitability, including store reductions and marketing cost cuts [7] - As of the end of 2024, the company had 3,373 stores, net closing 358 stores during the year, with 477 new openings and 835 closures [7] Strategic Direction - The company is shifting its strategy towards a "quality fashion" positioning, moving away from frequent collaborations and fast fashion, focusing instead on high-quality materials and craftsmanship [7] - The company has launched a new winter quality series and is targeting the popular "urban outdoor" segment with premium winter products [7] Store Strategy - The company is implementing a new store strategy centered around a "single brand" approach, opening large experiential stores over 1,000 square meters in key cities such as Ningbo, Wuhan, and Shenzhen [8] Executive Compensation - The chairman and general manager's annual salary for 2024 was 3.5384 million yuan, a decrease of 850,000 yuan from 2023, reflecting the company's current challenges [9]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.69 CNY [6] Core Viewpoints - The company reported a revenue of 2.3 billion CNY in Q4 2024, a year-on-year decrease of 12%, and a net profit attributable to the parent company of 150 million CNY, down 29% year-on-year [1] - For the full year 2024, the company achieved a revenue of 6.8 billion CNY, a decline of 13% year-on-year, primarily due to a decrease in retail sales [1] - The company is focusing on enhancing brand strength and product quality despite facing retail environment pressures, resulting in a gross margin of 56% for 2024, an increase of 1.4 percentage points year-on-year [2] - The company is actively closing inefficient stores to improve operational quality and profitability, with a total of 3,373 offline stores at the end of 2024, having closed 358 stores during the year [3] - The company is restructuring its channels and enhancing online and offline integration, aiming to build a comprehensive retail network and improve retail operational efficiency [4] Financial Performance Summary - The company's revenue for 2024 was 6.8 billion CNY, with a year-on-year growth rate of -12.7% [13] - The net profit attributable to the parent company for 2024 was 258.46 million CNY, reflecting a year-on-year decrease of 38.75% [13] - The company’s gross margin for 2024 was 56%, with a projected gross margin of 56% for the following years [14] - The company’s total assets at the end of 2024 were 8.42 billion CNY, with a debt-to-asset ratio of 46.44% [14] Brand Strategy - The company plans to upgrade its three major brands in 2025, focusing on different target demographics to enhance brand value [5][11] - The main brand, Peacebird, will target the 25-35 age group, while the LEDiN brand will focus on young urban women aged 18-28, and MiniPeace will cater to children under 14 [5][11] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 7 billion CNY, 7.3 billion CNY, and 7.7 billion CNY respectively [12] - The projected net profits for 2025-2027 are 390 million CNY, 480 million CNY, and 510 million CNY respectively, with corresponding EPS of 0.82 CNY, 1.00 CNY, and 1.08 CNY [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has opened 8 flagship stores, expecting operational leverage and profit elasticity [1] - In 2024, the company's revenue, net profit attributable to the parent, net profit excluding non-recurring items, and operating cash flow were 6.802 billion, 258 million, 123 million, and 860 million yuan respectively, showing year-on-year declines of 12.7%, 38.8%, 57.4%, and 32.6% [2] - The company plans to distribute a final dividend of 0.4 yuan per share, with a payout ratio of 72.91% and a dividend yield of 2.55% [2] Summary by Sections Revenue and Profitability - The company's revenue for 2024 was 6.802 billion yuan, down 12.7% year-on-year, primarily due to store closures and a controlled discount strategy [2][3] - The net profit attributable to the parent decreased by 38.7% to 258 million yuan, with a net profit margin of 3.8% [2][5] - The gross margin for 2024 was 55.2%, an increase of 1.1 percentage points year-on-year, driven by improved franchise gross margins [5] Store Operations - The company closed a total of 358 stores in 2024, with a net opening of 33 stores in Q4 [4] - The total number of stores at the end of 2024 was 3,373, down from 5,214 in 2021 [4] - The company is focusing on enhancing brand image and store efficiency through the opening of flagship stores and the closure of underperforming locations [3][4] Future Outlook - For 2025, the company expects a revenue growth of approximately 10%, with e-commerce facing downward pressure due to discount control [7] - The company has adjusted its revenue forecasts for 2025 and 2026 to 7.457 billion and 7.979 billion yuan respectively, while lowering net profit forecasts to 421 million and 507 million yuan [8] - The company maintains a "Buy" rating with projected PE ratios of 18, 15, and 12 for 2025, 2026, and 2027 respectively [8]

Core Viewpoint - In 2024, Peacebird Fashion Co., Ltd. reported a revenue decline of 12.70% year-on-year, marking a continuous three-year revenue decrease, with net profit dropping by 38.75% and net profit excluding non-recurring items down by 57.38% [1][2] Financial Performance - Revenue for 2024 was 6.802 billion yuan, a decrease from the previous year [1] - Net profit attributable to shareholders was 259 million yuan, down from the previous year [1] - Net profit excluding non-recurring items was 123 million yuan, reflecting a significant decline [1] Cost Management - The company continued to reduce sales and management expenses, with sales expenses decreasing by 5.85% and management expenses by 8.91% compared to 2023 [1] - The total number of stores decreased to 3,373 by the end of 2024, a net reduction of 358 stores from the end of 2023 [1] Strategic Shift - Peacebird has shifted from growth driven by scale to improving profitability, with a focus on reducing the number of stores and cutting marketing expenses [2] - The company has moved away from frequent collaborations and fast fashion strategies, instead focusing on high-quality apparel, with 70% of its product line being high-quality items in 2023 [2] New Retail Format - Peacebird introduced a new retail format called "collection stores," combining its four major brands under one roof, with 63 collection stores by the end of 2024, an increase of 53 stores [3] Inventory Management - Inventory increased from 1.509 billion yuan in 2023 to 1.736 billion yuan in 2024, with inventory turnover days rising from 183.0 to 191.8 days [3] Brand Performance - The women's clothing brand PEACEBIRD has seen a decline in revenue contribution, dropping to 37.34% in 2024, while the men's clothing brand PEACEBIRD has taken the lead with 41.52% [3] - The brand 乐町 has also experienced a decline, with revenue falling over 20% for three consecutive years, reducing its contribution from nearly 15% to 8.10% [3]

Investment Rating - The investment rating for the company is maintained as "Buy" [5][8]. Core Views - The company is expected to experience a revenue decline of 13% and a net profit decline of 39% in 2024, with projected revenues and net profits of 6.8 billion and 260 million yuan respectively [1]. - The company is focusing on its core product categories and implementing a "one brand" strategy to open collection stores, which is anticipated to improve store efficiency in the future [3][4]. - The company has completed its channel adjustments and is expected to see improvements in store efficiency moving forward [4]. Financial Performance Summary - For 2024, the company’s revenue is projected to be 6.8 billion yuan, a decrease of 13% year-on-year, while the net profit is expected to be 260 million yuan, down 39% year-on-year [1]. - In Q4 2024, the company’s revenue is expected to decline by 12% year-on-year, with a net profit decrease of 29% [2]. - The gross margin for 2024 is projected to increase by 1.1 percentage points to 55.2%, while the net profit margin is expected to decrease by 1.6 percentage points to 3.8% [1]. Channel and Inventory Management - The company’s online sales are expected to decline by 12% to 1.833 billion yuan in 2024, while offline direct sales are projected to decrease by 14% to 2.808 billion yuan [4]. - The company is actively managing its inventory, with a year-end inventory increase of 15% to 1.74 billion yuan and a cautious approach to asset impairment losses [5]. - The company’s cash flow remains stable, with a net operating cash flow of 860 million yuan in 2024, approximately 3.3 times its net profit [5]. Future Outlook - The company anticipates stable revenue growth in 2025, with projected net profits of 359 million yuan, 410 million yuan, and 466 million yuan for 2025, 2026, and 2027 respectively [5][7]. - The company’s long-term strategic goals are clear, despite short-term fluctuations in revenue and performance [5].

Core 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].