Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The acquisition of the Woolrich brand marks a significant milestone for the company, enhancing its presence in the outdoor segment and establishing it as a high-potential player in functional outdoor apparel [7]. - The company plans to invest 300-400 million RMB to establish a research and development center in Shanghai, aiming to integrate global supply chain resources and enhance product development capabilities [7]. - The report anticipates a gradual recovery in domestic consumption, projecting a turnaround for the company in 2025, supported by the confidence shown by major shareholders through a recent capital increase [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 5,254 million RMB, with a year-on-year growth rate of 21.8%. However, revenue is expected to decline by 3.6% in the first three quarters of 2024 [6][12]. - The net profit attributable to the parent company is forecasted to be 698 million RMB for 2023, with a significant decline of 25.2% expected in the first three quarters of 2024 [6][8]. - The company expects net profits of 549 million RMB in 2024, 651 million RMB in 2025, and 752 million RMB in 2026, corresponding to price-earnings ratios of 11, 10, and 8 respectively [7][12].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has acquired the outdoor brand Woolrich, aiming to introduce it to the Chinese market, enhancing its multi-brand matrix [1][10] - A new R&D center and headquarters in Shanghai are planned, with an investment of approximately 300 to 400 million RMB, expected to improve operational efficiency and R&D capabilities [2] - The main brand HAZZYS is performing well, with a projected revenue growth of 10-15% year-on-year for early 2025, while the main brand's revenue decline has narrowed to single digits [3] - The company anticipates stable revenue growth in 2025, driven by successful channel expansion and optimization of store structures [3] - Inventory turnover has slowed, with an increase of 28.6 days to 287.8 days, but cash flow management is expected to improve as operations normalize [4] Financial Summary - The company is projected to achieve net profits of 550 million, 637 million, and 732 million RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 10 times for 2025 [4] - Revenue for 2024 is estimated at 5.196 billion RMB, with a slight decline of 1.1% year-on-year, followed by an expected growth of 11.3% in 2025 [5] - The company’s total assets are projected to reach 7.655 billion RMB by 2025, with a net profit margin of approximately 11% [11]

为进一步提升报喜鸟控股股份有限公司（以下简称"报喜鸟"或"公司"） 行业竞争力和国际影响力，公司持续推进和深化多品牌战略，择机适时推进品牌 收购，报喜鸟与 Woolrich International Limited、Woolrich Inc.、Woolrich Europe S.p.A、WOOLRICH OUTDOOR FOUNDATION 和 John Rich and Sons Investment Holding Company（前述五个交易主体统称"Woolrich 集团"）签订《关于收购 Woolrich 品牌全球（欧洲除外）知识产权的收购协议》。近日，公司与 Woolrich 集团已完成相关知识产权的交割。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：本次资产收购约定总对价为 5,083.38 万欧元（以合同签署当日汇 率和税率计算，折合人民币约 38,372.41 万元。该金额包含本次交易的知识产权 作价、为期五年的产品采购与品牌咨询服务作价及交易双方在中国应依法缴纳的 相关税费等），占公司最近一期经审计净资产的 8.84%。根据 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——006 报喜鸟控股股份有限公司 关于拟投资建设上海研发中心暨报喜鸟长三角总部 的公告 4、项目用地面积：项目总占地面积约 10-15 亩。 5、项目建设周期：自签订土地出让合同之日起两年内完成建设。 三、对外投资的目的、存在的风险和对公司的影响 一、对外投资概述 报喜鸟控股股份有限公司（以下简称"公司"）结合长期战略发展规划，为更 好地引入优质研发资源，提升产品创新能力和市场响应速度，同时借助长三角区 域的经济辐射力，进一步拓展国内外市场，增强品牌竞争力和行业影响力，公司 拟在上海西虹桥商务区购置地块建设上海研发中心暨报喜鸟长三角总部。2025 年 3 月 20 日，公司召开第八届董事会第十五次会议，审议通过了《关于拟投资 建设上海研发中心暨报喜鸟长三角总部的议案》，同意投资建设上海研发中心暨 报喜鸟长三角总部项目，项目总投资额约 3-4 亿元人民币，建设成为一个集研发 设计中心、智慧零售研究中心、职业教育培训中心等功能为一体的报喜鸟长三角 总部基地，同时董事会授权公司经理层具体组织实施本项目，包括但不限于签署、 修订并执行相关协议。 本次投资事 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025-007 报喜鸟控股股份有限公司 关于召开2025年第一次临时股东大会的通知公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2025年第一次临时股东大会 2、会议召集人：董事会。公司第八届董事会第十五次会议决议召开2025年 第一次临时股东大会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的相关规定。 4、会议召开的时间： 现场会议召开时间：2025年4月15日（星期二）下午14:00 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间：2025年4月15日 9:15—9:25、9:30—11:30和13:00—15:00； （2）通过深圳证券交易所互联网投票系统投票的时间：2025年4月15日9:15- 15:00期间的任意时间。 8、现场会议召开地点：浙江省温州市永嘉县瓯北镇双塔路2299号报喜鸟研 发大楼四楼会议室。 7、出席对象： （1）截止2025年4月8日下午收 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——005 报喜鸟控股股份有限公司 第八届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 3 月 17 日以专人送 达或邮件形式发出了召开第八届董事会第十五次会议的通知，会议于 2025 年 3 月 20 日在报喜鸟研发大楼十一楼会议室以现场结合通讯方式召开，应出席董事 7 名，实际出席董事 7 名。会议的召集、召开程序及出席的董事人数符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定，合法、有效。会议由 公司董事长兼总经理吴志泽先生主持。公司监事会成员及高级管理人员列席了会 议。 二、董事会会议审议情况 三、备查文件 1、公司第八届董事会第十五次会议决议。 特此公告。 报喜鸟控股股份有限公司 董事会 经全体出席会议的董事审议表决，形成以下决议： 1、审议通过了《关于拟投资建设上海研发中心暨报喜鸟长三角总部的议案》； 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 本 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry [5] Core Insights - The high-end outdoor sports market remains vibrant both domestically and internationally, with a notable shift in China's consumer market towards a more competitive landscape where strong brands outperform [4][25] - The report highlights the competitive advantages and moats of leading brands, recommending investments in Anta Sports (02020, Buy), Li Ning (02331, Buy), and Xtep International (01368, Buy), while suggesting to pay attention to Biyinlefen (002832, Buy) and Baoxini (002154, Buy) [4][25] Summary by Sections Financial Performance - Amer Sports reported a revenue of $5.183 billion for 2024, an 18% year-on-year increase, exceeding the guidance of 16-17% [7][8] - The adjusted operating profit margin for 2024 was 11.1%, up 1.3 percentage points year-on-year, also above the guidance of 10.5-11% [7][8] - In Q4 2024, revenue reached $1.636 billion, a 23% increase year-on-year, with a gross margin of 56.1%, up 3.7 percentage points [9][19] Segment Performance - Functional apparel drove overall revenue growth in Q4 2024, with revenue of $745 million, a 33% increase year-on-year [12][14] - Outdoor apparel revenue was $594 million, up 13% year-on-year, primarily driven by Salomon brand [12][14] - Revenue from ball sports and racquet sports reached $296 million, a 22% increase year-on-year [13][14] Regional Insights - The Greater China region remains a key growth engine, with Q4 revenue increasing by 54% year-on-year, followed by the Asia-Pacific region at 52% [16][19] - The Americas and EMEA regions saw revenue growth of 15% and 8% respectively [16][19] Future Guidance - For 2025, Amer Sports projects a revenue growth rate of 13-15%, with specific guidance for functional apparel at 20%, outdoor apparel in the low double digits, and ball sports in the low to mid double digits [21][22] - The company anticipates an operating profit margin of 11.5%-12% for 2025, leaning towards the lower end of the range due to macro uncertainties [21][22] Store Expansion Plans - Amer Sports plans to open 200 stores for the Arc'teryx brand in North America, 75-100 in Europe, 75-100 in the Asia-Pacific region (excluding China), and 150-200 in China by 2025 [24][22]

证券代码：002154 证券简称：报喜鸟 公告编号：2025-003 一、股东股份质押展期的基本情况 | | 是否为控股 | | 占其所 | 占公司 | 是否 | 是否 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质押展 | | | | 为补 | 质押起始 | 质押到期 | 展期后质 | | 质押用 | | 名称 | 大股东及其 | 期数量（股） | 持股份 | 总股本 | 为限 | 充质 | 日 | 日 | 押到期日 | 质权人 | 途 | | | | | 比例 | 比例 | 售股 | | | | | | | | | 一致行动人 | | | | | 押 | | | | | | | 吴志泽 | 是 | 19,750,000 | 5.37% | 1.35% | 否 | 否 | 2024 年 2 | 2025 年 2 | 2026 年 2 | 招商证券股 | 个人资 | | | | | | | | | 月 26 日 | 月 25 日 | 月 25 日 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [4][7][44]. Core Views - The company has a solid growth foundation in the men's apparel sector, with its core brands, Baoxini and HAZZYS, expected to maintain steady growth. Additionally, other brands like LAFUMA and Kaimiqi are anticipated to open up long-term growth opportunities [6][7][40]. - The company's multi-brand strategy effectively broadens its customer base and supports stable development, with a focus on enhancing brand strength and channel efficiency [6][9][29]. Financial Performance and Forecast - Revenue and profit projections for the company are as follows: - Revenue (in million RMB): 2022: 4,313; 2023: 5,254; 2024E: 5,194; 2025E: 5,656; 2026E: 6,260, with growth rates of -3.11%, 21.82%, -1.14%, 8.91%, and 10.68% respectively [5][44]. - Net profit (in million RMB): 2022: 459; 2023: 698; 2024E: 575; 2025E: 661; 2026E: 738, with growth rates of -1.20%, 52.11%, -17.62%, 15.02%, and 11.58% respectively [5][44]. - The company’s return on equity (ROE) is projected to be 11.66% in 2022, increasing to 14.21% by 2026 [5]. Brand and Market Position - Baoxini and HAZZYS are the company's core brands, contributing nearly 70% of total revenue. As of the first half of 2024, their revenue shares are 32.02% and 35.58% respectively, with HAZZYS showing significant growth [16][26]. - The company has a well-established brand matrix, including mature brands like Baoxini and HAZZYS, as well as rapidly developing brands like LAFUMA and Kaimiqi, which enhance its market competitiveness [6][13]. Channel Development - The company has seen a steady increase in its direct sales channel, which accounted for 42% of revenue as of the first half of 2024, with a gross margin returning to over 78% [36][42]. - The number of offline stores has been stable, with a total of 1,772 stores as of the first half of 2024, including 816 direct stores and 956 franchise stores [38][39]. Competitive Positioning - The company is positioned favorably against comparable firms in the men's apparel sector, with its valuation being relatively low compared to peers like Jiumuwang and Biyinlefen [7][44]. - The report highlights the company's competitive advantages, including its multi-brand operation, extensive channel coverage, and focus on product development [7][44].

奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价 ——轻工制造及纺服服饰行业周报 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | | | | 上市公司数 | 154 | | --- | --- | | 行业总市值(亿元) | 8,987.57 | | 行业流通市值(亿元) | 7,726.31 | 1、《关税预期 price in，关注 AI 眼镜 和线下特卖行业机遇》2025-02-10 2、《24 年全球 AI 眼镜销量超 200 万台，嘉益、匠心、索菲亚、台华等 披露业绩预告》2025-01-27 3、《李宁重获中国奥委会合作，海 澜京东奥莱线下特卖供需两旺》 2025-01-20 轻工制造 证券研究报告/行业定期报告 ...