COMEFLY OUTDOOR CO.(603908)

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牧高笛:第三季度收入下降17%,品牌业务压力加大
国信证券· 2024-11-08 12:01
牧高笛(603908.SH) 中性 第三季度收入下降 17%,品牌业务压力加大 第三季度收入下降 17%,非经项收益增加致净利润增加。公司主营业务包括 户外产品的自主品牌业务与 OEM/ODM 业务两大板块。2024 第三季度收入同比 下降 16.8%至 2.5 亿元,主要受自有品牌业务下滑,尤其是大牧品牌业务影 响。毛利率同比小幅提升 0.2 百分店至 28.3%。费用率合计增加 8.0 百分点 至 27.9%,主要系公司为提升产品力、品牌力、渠道力、运营力及组织力加 大投入,以及销售下滑刚性费用占比提升,销售/管理/研发费用率分别同比 上升 2.1/3.7/1.9 百分点至 11.5%/11.8%/3.7%。主要受费用率提升影响,剔 除非经项影响后净亏损 0.06 亿元,同比下降 151.6%;扣非归母净利率同比 -6.9 百分点至-2.6%。由于期内政府补贴、处置固定资产、以及理财产品和 远期合约等非经项收益增加,归母净利润实现同比增长 2.1%至 0.13 亿元, 净利率同比+1.0 百分点至 5.4%。库存方面,存货金额同比-5.6%至 5.3 亿元, 库存周转效率略提升,存货周转天数同比-8 天至 ...
牧高笛(603908) - 牧高笛投资者关系活动记录表(2024年11月6日)
2024-11-06 09:25
Group 1: Company Overview - Mobi Garden, established in 2003, is a leading outdoor brand in China, focusing on camping and hiking equipment [1] - The company operates two main business pillars: proprietary brand development and OEM/ODM manufacturing services [1][2] - The brand emphasizes a "people-oriented" development philosophy, aiming to provide high-quality outdoor gear for diverse outdoor scenarios [2] Group 2: Product Offerings - Mobi Garden's product line has undergone a comprehensive upgrade this year, introducing a series of hiking products centered around the "Cold Mountain" theme [2][3] - The product matrix covers three core categories: sleep systems, carrying systems, and apparel systems [3] - The company collaborates with leading material brands to create comprehensive outdoor solutions for consumers [3] Group 3: Market Strategy - Mobi Garden has established strong partnerships with major e-commerce platforms such as Tmall, JD.com, and Douyin, while also exploring new media and video live-streaming to enhance brand visibility [3] - The company aims to improve overall brand strength and customer loyalty through innovative product designs and targeted content [3] Group 4: Governance and Management - The company has established a robust governance structure and effective internal control systems in compliance with legal regulations [2] - A core management team with extensive industry experience has been formed to oversee product, brand, channel, and operational aspects [2]
牧高笛:静待市场回暖
天风证券· 2024-11-04 04:08
公司报告 | 季报点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------ ...
牧高笛:24Q3业绩承压,短期品牌业务费用投放较大
申万宏源· 2024-11-03 09:13
上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 11 月 02 日 牧高笛 (603908) ——24Q3 业绩承压,短期品牌业务费用投放较大 | --- | --- | |-----------------------------|------------------------------------| | 市场数据: | 2024 年 11 月 01 日 | | 收盘价(元) | 21.13 | | 一年内最高/最低(元) | 43.45/17.50 | | 市净率 | 3.4 | | 息率(分红/股价) | 5.68 | | 流通 A 股市值(百万元) | 1,973 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | | 注:"息率"以最近一年已公布分红计算 | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : | 年 09 月 30 日 | | 每股净资产(元) | 6.18 | | 资产负债率 % | 48.87 | | 总股本/ ...
牧高笛:三季度业绩承压,代工业务表现好于品牌
东方证券· 2024-11-01 10:57
核心观点 ⚫ 公司发布 24Q3 季报,前三季度实现收入 10.8 亿,同比下降 6.49%,实现归母净利 润 0.92 亿,同比下降 15.99%,其中 24Q3 收入和归母净利润分别同比增长-16.8% 和 2.1%,扣非归母净利润为-0.06 亿。 ⚫ 代工业务表现好于品牌。拆分来看,前三季度自主品牌业务实现营业收入 6.1 亿, 同比下降 8.9%;代工业务(OEM/ODM)实现营业收入 4.7 亿,同比下降 3.07%。 ⚫ 品牌业务拆分来看:1)分门店类型:前三季度小牧直营店、小牧加盟店、大牧线上 和大牧线下收入分别同比增长-26.8%、6.3%、-15.2%和-5.7%。2)分渠道:前三 季度线上和线下销售收入分别同比下降 15.7%和 4.9%。 ⚫ 盈利能力方面,24Q3 毛利率同比增长 0.2pct 至 28.3%,费用率有所增加,其中 24Q3 销售、管理和研发费用率分别同比增长 2.1、3.7 和 1.9pct。另一方面,24Q3 公司有效税率为 25.4%,同比大幅下降 11.8pct,其他收益为 0.26 亿,去年同期为 0.01 亿,以上两项增厚了当季盈利能力。 ⚫ 全新品牌形象 ...
牧高笛:自有品牌建设持续投入,期待长期竞争力提升
国盛证券· 2024-11-01 10:56
Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024Q1-Q3 decreased by 6% YoY to RMB 1.08 billion, while net profit attributable to the parent company dropped by 16% YoY to RMB 90 million [1] - In 2024Q3, revenue fell by 17% YoY to RMB 250 million, but net profit attributable to the parent company increased by 2% YoY to RMB 10 million [2] - The company continues to invest in its own brand development, with domestic brand revenue declining by 9% YoY to RMB 611 million in 2024Q1-Q3 [3] - OEM export business revenue decreased by 3% YoY to RMB 469 million in 2024Q1-Q3, but maintained a relatively high gross margin of 27.6% [4] Financial Performance - Gross margin for 2024Q1-Q3 increased by 0.3 percentage points YoY to 28.6%, while net margin decreased by 1.0 percentage points YoY to 8.6% [1] - In 2024Q3, gross margin rose by 0.2 percentage points YoY to 28.3%, and net margin increased by 1.0 percentage points YoY to 5.4% [2] - Inventory turnover days improved by 8.0 days YoY to 196.7 days in 2024Q1-Q3 [4] - Operating cash flow for 2024Q1-Q3 was RMB 160 million, approximately 1.8 times the net profit attributable to the parent company [4] Business Segments - Domestic brand revenue in 2024Q1-Q3 was RMB 611 million, with offline sales performing better than online [3] - The company upgraded its Cold Mountain product line and developed differentiated products for various customer groups and outdoor scenarios [3] - OEM business revenue in 2024Q1-Q3 was RMB 469 million, with a gross margin of 27.6% [4] - The company's tent production capacity ranks among the top in China, with 1.74 million units produced in 2023 [4] Future Outlook - The report forecasts net profit attributable to the parent company of RMB 90 million, RMB 100 million, and RMB 114 million for 2024-2026, respectively [5] - The company's PE ratio for 2024 is estimated at 22x [5] - The report expects the company's long-term competitiveness to improve through continuous investment in brand building and product innovation [4] Financial Projections - Revenue is projected to be RMB 1.383 billion, RMB 1.517 billion, and RMB 1.679 billion for 2024-2026, respectively [6] - EPS is forecasted to be RMB 0.97, RMB 1.07, and RMB 1.22 for 2024-2026, respectively [6] - ROE is expected to be 15.6%, 17.1%, and 19.1% for 2024-2026, respectively [6]
牧高笛:牧高笛户外用品股份有限公司关于2024年前三季度主要经营数据的公告
2024-10-30 08:55
证券代码:603908 证券简称:牧高笛 公告编号:2024-062 牧高笛户外用品股份有限公司 关于2024年前三季度主要经营数据的公告 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个别及连带责任。 牧高笛户外用品股份有限公司(以下简称"公司")根据上海证券交易所《上 市公司行业信息披露指引第十二号-服装》的相关规定,现将公司品牌运营业务 2024年1-9月主要经营数据(未经审计)公告如下: | 2023年末数量 | 报告期末数量 | 报告期内新开 | 报告期内关闭 | 品牌 | 门店类型 | (家) | (家) | (家) | (家) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 直营 | 1 | 0 | 0 | 1 | 大牧 | | | | | | 小计 | 1 | 0 | 0 | 1 | | | | | | | 直营 | 18 | 10 | 0 | 8 | | | | | | | 小牧 | 加盟 | 190 | 209 | 28 | 9 | ...
牧高笛:牧高笛户外用品股份有限公司关于召开2024年第三季度业绩说明会的公告
2024-10-30 08:53
重要内容提示: https://roadshow.sseinfo.com/) 证券代码:603908 证券简称:牧高笛 公告编号:2024-063 牧高笛户外用品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 会议召开方式:上证路演中心网络互动 投资者可于 2024 年 11 月 08 日(星期五) 至 11 月 14 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@mobigarden.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 牧高笛户外用品股份有限公司(以下简称"公司")已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告,为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况,公司计划 于 2024 年 11 月 15 日 下午 14:00-15:00 举行 2024 年第三季度业绩 说明会,就投资者关心的问题进行交流。 一、 说明会 ...
牧高笛(603908) - 2024 Q3 - 季度财报
2024-10-30 08:53
Revenue and Profit Performance - Revenue for the third quarter was RMB 245.67 million, a decrease of 16.79% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 13.28 million, an increase of 2.06% year-on-year[2] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter was RMB -6.47 million, a decrease of 151.56% year-on-year[2] - Total revenue for the first three quarters of 2024 was RMB 1,080,303,106.61, a decrease of 6.5% compared to RMB 1,155,256,067.16 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was RMB 92,425,137.44, a decrease of 16.0% compared to RMB 110,021,354.27 in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were RMB 1.23, a decrease of 25.5% compared to RMB 1.65 in the same period of 2023[17] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1.13 billion, a decrease of 9.94% compared to the end of the previous year[4] - Equity attributable to shareholders of the listed company as of the end of the reporting period was RMB 576.63 million, an increase of 1.65% compared to the end of the previous year[4] - The total monetary funds as of September 30, 2024, are RMB 156,109,369.70, compared to RMB 167,305,986.61 as of December 31, 2023[12] - The total accounts receivable as of September 30, 2024, are RMB 153,054,568.50, compared to RMB 143,156,365.17 as of December 31, 2023[12] - The total inventory as of September 30, 2024, is RMB 528,445,907.77, compared to RMB 595,452,251.06 as of December 31, 2023[12] - The total current assets as of September 30, 2024, are RMB 910,682,974.55, compared to RMB 1,016,343,080.12 as of December 31, 2023[12] - The total non-current assets as of September 30, 2024, are RMB 217,053,664.61, compared to RMB 235,817,135.38 as of December 31, 2023[13] - The total assets as of September 30, 2024, are RMB 1,127,736,639.16, compared to RMB 1,252,160,215.50 as of December 31, 2023[13] - The total short-term borrowings as of September 30, 2024, are RMB 82,489,822.06, compared to RMB 185,230,733.73 as of December 31, 2023[13] - Total liabilities as of the end of Q3 2024 were RMB 551,103,715.85, a decrease of 19.5% compared to RMB 684,914,330.74 at the end of Q3 2023[14] - Total equity attributable to the parent company as of the end of Q3 2024 was RMB 576,632,923.31, an increase of 1.7% compared to RMB 567,245,884.76 at the end of Q3 2023[14] - Total assets as of the end of Q3 2024 were RMB 1,127,736,639.16, a decrease of 9.9% compared to RMB 1,252,160,215.50 at the end of Q3 2023[14] Cash Flow - Cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB 163.73 million, a decrease of 33.13% year-on-year, mainly due to a decline in revenue and increased payment for goods[8] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was 1,088,087,983.33, compared to 1,176,862,345.89 in the same period of 2023[19] - Net cash flow from operating activities for the first three quarters of 2024 was 163,726,444.27, down from 244,833,757.88 in the same period of 2023[19] - Cash received from tax refunds in the first three quarters of 2024 was 27,765,764.72, up from 23,824,839.31 in the same period of 2023[19] - Cash received from other operating activities in the first three quarters of 2024 was 49,601,040.38, significantly higher than 17,205,212.73 in the same period of 2023[19] - Cash paid for goods and services in the first three quarters of 2024 was 700,395,258.31, compared to 682,035,430.74 in the same period of 2023[19] - Net cash flow from investing activities for the first three quarters of 2024 was 64,901,393.90, down from 71,254,121.78 in the same period of 2023[20] - Cash received from borrowing in the first three quarters of 2024 was 445,108,208.39, compared to 723,370,122.05 in the same period of 2023[20] - Net cash flow from financing activities for the first three quarters of 2024 was -214,982,039.00, an improvement from -273,374,218.40 in the same period of 2023[20] - The net increase in cash and cash equivalents for the first three quarters of 2024 was 11,228,129.88, down from 45,267,584.39 in the same period of 2023[20] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was 148,322,702.48, compared to 150,454,722.73 in the same period of 2023[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 12,601[9] - Ningbo Damu Enterprise Management Consulting Co., Ltd. holds 47,092,574 shares, accounting for 50.44% of the total shares[9] - Zhejiang Jiatuo Investment Management Co., Ltd. holds 9,336,740 shares, accounting for 10.00% of the total shares[9] Expenses and Investments - The decrease in net profit after deducting non-recurring gains and losses was mainly due to a decline in revenue and increased investment in product, brand, channel, operational, and organizational capabilities[7] - Total operating costs for the first three quarters of 2024 were RMB 974,240,740.05, a decrease of 3.6% compared to RMB 1,010,904,149.94 in the same period of 2023[16] - R&D expenses for the first three quarters of 2024 were RMB 24,214,737.31, an increase of 34.6% compared to RMB 17,984,702.44 in the same period of 2023[16] - Sales expenses for the first three quarters of 2024 were RMB 87,150,135.32, a decrease of 3.6% compared to RMB 90,371,470.04 in the same period of 2023[16] Government Subsidies and Other Income - Government subsidies received during the reporting period amounted to RMB 25.97 million[5] - Other comprehensive income for the first three quarters of 2024 was a loss of RMB 4,880,941.25, primarily due to foreign currency translation differences[17]
牧高笛:牧高笛户外用品股份有限公司关于2023年员工持股计划第一个锁定期届满暨解锁条件成就的提示性公告
2024-10-22 07:54
证券代码:603908 证券简称:牧高笛 公告编号:2024-061 牧高笛户外用品股份有限公司 关于 2023 年员工持股计划第一个锁定期届满 暨解锁条件成就的提示性公告 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个别及连带责任。 牧高笛户外用品股份有限公司(以下简称"公司")于 2023 年 8 月 11 日召开 第六届董事会第十次会议,审议通过了《关于<牧高笛户外用品股份有限公司 2023 年员工持股计划(草案)>及其摘要的议案》等相关议案,并于 2023 年 8 月 28 日召开 2023 年第一次临时股东大会,审议通过上述相关议案。具体内容分 别详见公司于 2023 年 8 月 12 日、2023 年 8 月 29 日披露于上海证券交易所网站 (www.sse.com.cn)等指定媒体的相关公告。 任。 公司 2023 年员工持股计划(以下简称"本员工持股计划")所持有的公司股 票第一个锁定期已于 2024 年 10 月 17 日届满,根据《关于上市公司实施员工持 股计划试点的指导意见》《上海证券交易所上市公司自律监管指引 ...