Revenue and Profitability - Revenue for Q1 2024 reached ¥1,352,909,154.08, an increase of 4.84% compared to ¥1,290,475,906.50 in the same period last year[5] - Net profit attributable to shareholders decreased by 2.09% to ¥250,232,447.93 from ¥255,586,126.25 year-on-year[5] - Net profit excluding non-recurring gains and losses increased by 6.93% to ¥234,976,735.16 from ¥219,758,210.21 in the previous year[5] - Operating profit for the quarter was ¥321,533,195.61, slightly up from ¥320,757,163.73, indicating a stable performance[29] - Net profit before tax was ¥321,500,742.81, compared to ¥320,496,586.09 in the previous year, showing a marginal increase[29] - The company reported a net profit of ¥257,526,932.68 after tax, compared to ¥259,876,943.93 in the same quarter last year[29] - The net profit attributable to the parent company was approximately ¥250.23 million, a decrease from ¥255.59 million in the previous period, representing a decline of about 2.6%[31] - The total comprehensive income attributable to the parent company was approximately ¥250.23 million, compared to ¥255.59 million in the previous period, indicating a decrease of around 2.1%[31] - The company reported a basic and diluted earnings per share of ¥0.17, down from ¥0.18 in the previous period, indicating a decrease of approximately 5.6%[31] Cash Flow and Financial Health - Operating cash flow net amount dropped significantly by 88.29% to ¥17,524,605.83 from ¥149,651,136.62 year-on-year[5] - The net cash flow from operating activities was ¥17.52 million, significantly lower than ¥149.65 million in the previous period, reflecting a decline of approximately 88.3%[34] - Cash inflows from operating activities totaled ¥1.24 billion, an increase from ¥1.17 billion in the previous period, marking a growth of about 5.7%[34] - Cash outflows from operating activities increased to ¥1.22 billion, compared to ¥1.02 billion in the previous period, representing a rise of approximately 19.4%[34] - The net cash flow from investing activities was approximately ¥468.90 million, up from ¥132.09 million in the previous period, indicating a significant increase of about 254.5%[36] - The net cash flow from financing activities was approximately ¥78.22 million, a turnaround from a negative cash flow of ¥2.67 million in the previous period[36] - The cash and cash equivalents at the end of the period reached approximately ¥2.36 billion, compared to ¥1.67 billion at the end of the previous period, reflecting an increase of about 41.5%[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,034,198,062.15, a slight decrease of 0.30% from ¥7,055,130,923.81 at the end of the previous year[5] - Total current assets amount to 4,579,166,591.66 RMB, slightly up from 4,559,113,104.71 RMB at the beginning of the period[23] - Total liabilities decreased to ¥2,306,209,576.34 from ¥2,584,800,826.33, indicating improved financial health[25] - The total equity increased to ¥4,727,988,485.81 from ¥4,470,330,097.48, reflecting a growth of 5.8%[25] - The company maintained a stable long-term debt level at ¥47,427,622.87, unchanged from the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,891[12] - Major shareholder Wu Zhize holds 25.20% of shares, totaling 367,777,954 shares[12] - Major shareholder Wu Tingting holds 12.72% of shares, totaling 185,564,542 shares[12] - The company has a significant number of pledged shares, with Wu Zhize pledging 86,750,000 shares and Wu Tingting pledging 97,850,000 shares[12] - The company has not reported any changes in major shareholders or their relationships during the reporting period[17] Expenses - Total operating costs amounted to ¥1,030,618,369.04, up from ¥996,570,336.19, reflecting a year-over-year increase of 3.4%[29] - Research and development expenses totaled ¥21,578,618.85, a decrease from ¥22,000,890.90, indicating a focus on cost management[29] - Sales expenses increased to ¥489,485,222.59 from ¥449,436,103.83, reflecting a rise of 8.9% year-over-year[29] Government Subsidies and Investment Income - The company received government subsidies amounting to ¥19,301,042.91, a decrease of 59.55% compared to ¥47,713,527.64 in the same period last year[11] - Investment income fell by 81.73% to ¥1,364,358.07 from ¥7,469,074.83 year-on-year due to fewer project exits[11] - The total cash inflow from investment activities was approximately ¥571.19 million, compared to ¥229.05 million in the previous period, representing an increase of about 149.0%[34] - The company’s financial expenses increased by 534.41% to -¥10,593,351.82, primarily due to increased interest income from bank deposits[11]

买入（维持） 报喜鸟（002154） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4,313 | 5,254 | 5,972 | 6,773 | 7,681 | | 同比（ % ） | (3.11) | 21.82 | 13.67 | 13.42 | 13.41 | | 归母净利润（百万元） | 458.77 | 697.85 | 805.88 | 929.43 | 1,069.26 | | 同比（ % ） | (1.20) | 52.11 | 15.48 | 15.33 | 15.04 | | EPS- 最新摊薄（元 / 股） | 0.31 | 0.48 | 0.55 | 0.64 | 0.73 | | P/E （现价 & 最新摊薄） | 17.65 | 11.6 ...

| --- | --- | --- | --- | |-------|-----------------------------------------------|----------------------------------------------------------------|-------------------------------------------------------------| | | 上海 深圳 北京 | | | | 地址 | 上海市静安区新闸路 669 号博华广场 20 层 | 深圳市福田区益田路 6003 号荣超商 务中心 B 栋 27 层 | 北京市西城区金融大街甲 9 号 金融 街中心南楼 18 层 | | 邮编 | 200041 | 518026 | 100032 | | 电话 | （ 021）38676666 | （0755 ） 23976888 | （010）83939888 | | | E-mail：gtjaresearch@gtjas.com | | | 证 券 研 究 报 告 [Table_MainInfo] 股 票 研 究 | --- | --- ...

| --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------------------------------------------------|-----------------------|-------------------|----------------------------------|---------------------------------------| | | [Table_Title] 报喜鸟（ | 002154.SZ | ） | | | [ 公司评级 Table_Invest] | 证券研究报告 \n买入 | | | | ...

证券研究报告：纺织服饰 | 公司点评报告 总股本/流通股本（亿股）14.59 / 11.77 公司基本情况 总市值/流通市值（亿元）81 / 65 资产负债率(%) 36.6% 第一大股东 吴志泽 股票投资评级 个股表现 资料来源：聚源，中邮证券研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 24Q1 收入稳健增长，政府补助下降影响业绩增长 ⚫ 事件点评 ⚫ 受消费景气度及基数压力 24Q1 收入平稳增长。公司 24Q1 收入实 现平稳增长，我们认为主要在于：1）24Q1 国内服装限额社零同比增 速为 2.5%，服装消费较为平稳；2）公司 23Q1 基数较高，带来一定的 增长压力。展望未来，公司报喜鸟、哈吉斯等品牌实现门店稳健扩张， 截至 23 年年末门店分别较上年同期净增 40 个/13 个，稳健门店扩张 +大店策略有望驱动收入增长。 毛利率稳定提升，净利率高位微降。公司 24Q1 毛利率为 67.8%， 同比上升 1.7pct;公司 24Q1 销售费用率、管理费用率、研发费用率分 别为 36.2%/6.2%/1.6%，同比变动 ...

2024Q1 扣非归母净利润稳健增长，期待渠道持续扩张 | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,313 | 5,254 | | 5,913 | 6,638 | 7,328 | | 增长率 yoy （ % ） | -3.1 | 21.8 | | 12.6 | 12.3 | 10.4 | | 归母净利润（百万元） | 459 | 698 | | 806 | 921 | 1,043 | | 增长率 yoy （ % ） | -1.2 | 52.1 | | 15.5 | 14.3 | 13.2 | | EPS 最新摊薄（元 / 股） | 0.31 | 0.48 | | 0.55 | 0.63 | 0.71 | | 净资产收益率（ % ） | 11.8 | 16.3 | | 17.0 | ...

F. 证券 报喜鸟（002154.SZ） 2024 年 04 月 27 日 股价走势图 《2023 年多品牌顺利拓店，乐飞叶高 增且实现扭亏 —公司信息更新报告》 -2024.4.14 | --- | --- | --- | |----------------|---------------------------|---------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（联系人） | | | zhoujiale@kysec.cn | zhangshuangning@kysec.cn | | | 证书编号： S0790522030002 | 证书编号： S0790122070037 | 分品牌看，主要品牌 2024Q1 收入均实现增长，预计报喜鸟、哈吉斯收入增长 0-5%，宝鸟增长 15-20%。（1）报喜鸟：预计加盟发货高单增长、电商下降 10-15%、 直营持平略降，流水方面，预计报喜鸟 1-2 月流水低单增长，3 月单位数下降。 （2）哈吉斯：预计加盟好于直营、电商下降 10-15%，流水方面，预计哈吉斯 1-2 月合计流水中单增长， ...

报喜鸟（002154.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,313 | 5,254 | 6,110 | 6,920 | 7,509 | | | | 增长率 yoy （ % ） | -3.1 | 21.8 | 16.3 | 13.3 | 8.5 | 股票信息 | | | 归母净利润（百万元） | 459 | 698 | 816 | 951 | 1,061 | 行业 | 纺织服装 | | 增长率 yoy （ % ） | -1.2 | 52.1 ...

Investment Rating - The report maintains a "Buy" rating for the company [14][9]. Core Views - Short-term retail recovery is expected to improve stock prices, while long-term growth potential is validated, emphasizing opportunities for bottom-line positioning [9][6]. - The company reported a significant increase in revenue and net profit for Q4 and the entire year, with Q4 revenue at 1.59 billion and net profit at 143 million, reflecting year-on-year changes of 24.5% and 92% respectively [6][9]. - The company plans to distribute a cash dividend of 365 million, with a payout ratio of 52% and a dividend yield of 4% [6][9]. Revenue Summary - Direct sales showed the best performance with a year-on-year growth of 45%, while group purchases benefited from good orders, growing by 11% [7]. - E-commerce revenue decreased by 5% due to discount control and reduced participation in online promotions, but the e-commerce gross margin improved by 1.8 percentage points to 69.5% [7][8]. - The company experienced a 20% year-on-year revenue increase for its main brand, benefiting from a low base and improved franchise deliveries [7]. Profit Summary - Q4 net profit margin increased by 3.1 percentage points, driven by improved gross margin and reduced impairment losses [8]. - The gross margin for Q4 rose by 4.7 percentage points to 64.9%, with the overall gross margin for the year increasing by 2 percentage points [8]. - The reduction in impairment losses was attributed to optimized inventory structure, with the proportion of inventory over three years old decreasing from 10% in 2022 to 7% in 2023 [8]. Outlook Summary - Short-term retail conditions are expected to improve, with the company projected to achieve net profits of 800 million, 910 million, and 1.04 billion for 2024-2026, respectively [9]. - The company is expected to maintain a price-to-earnings ratio of 11, 9, and 8 for the same period, indicating a favorable valuation [9].

Investment Rating - The report maintains a "Buy" rating for the company [9][22]. Core Insights - The company achieved a revenue of 5.25 billion in 2023, representing a year-on-year growth of 22%. The net profit attributable to the parent company was 700 million, up 52% year-on-year [5][12]. - The company focuses on a multi-brand strategy, emphasizing both mature and growth brands, and aims for high-quality, stable, and sustainable development [8][21]. Financial Performance - The company reported a gross margin of 64.7%, an increase of 2 percentage points year-on-year, and a net profit margin of 13.9%, up 2.8 percentage points [4]. - The revenue for Q4 2023 was 1.59 billion, a 24% increase year-on-year, with a net profit of 140 million, up 92% [5]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 360 million, with a dividend payout ratio of approximately 52% [19]. Brand Performance - The revenue breakdown by brand for 2023 shows significant growth: Baoxing 1.04 billion (+16%), Haji Si 1.76 billion (+24%), and Le Fei Ye 260 million (+41%) [2][4]. - The company is enhancing its brand image through various initiatives, including partnerships and digital marketing strategies [6][18]. Store Expansion - As of the end of 2023, the company operated 817 stores under the Baoxing brand, with a year-on-year increase of 13 stores [7]. Future Projections - The company expects net profits for 2024-2026 to be 820 million, 950 million, and 1.1 billion respectively, with corresponding EPS of 0.56, 0.65, and 0.75 yuan per share [12][27].